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Dear Sir or Madam
The Turkish export industry is currently selling on new record high. The prices are on a 10 years low. Even if you compare with Iran and Uzbekistan the prices are lower. The last 4 weeks the raw material prices went up with 15 %. At the same time the USD went up with 10 % in value against Turkish Lira and 6 % against the EURO. Consequently we are seeing an increase in EURO but not as much as it would be without this monetary side effects.
The Turkish central bankers has raising the interest rate in order to stabilize the Turkish Lira. This is not good for the export industry. The costs for loans and financing of raw material increased significantly. At the same time farmers still do not like today prices and do not want to sell. The state is trying to support farmers with several purchasing programs for sultanas as well.
Some currency brokers see the EURO / USD parity coming soon. The general picture is firmer and we suggest to book long term.
Thank you!
Mit freundlichen Grüßen
Best Regards
Sascha Hönig