Apple suspends product sales in Turkey amid economic crisis
Apple has halted sales of almost all of its products in Turkey in response to the deepening economic crisis in the country. As reported by CNBC, inflation in Turkey is around 20%, while the country’s pound has fallen 15% today.
Currently, if you visit the Turkish version of the Apple Online Store, everything seems fully functional until you actually try to add a product to your cart. Although Apple has not publicly commented on this situation, it appears that the company has halted sales in Turkey due to the economic crisis.
Turkish President Recep Tayyip Erdogan has repeatedly defended rate cuts:
The sale was triggered after Turkish President Recep Tayyip Erdogan defended his central bank’s controversial interest rate cuts amid double-digit inflation. He called the decision a “war of economic independence”, rejecting calls from investors and analysts to change course.
As CNBC reports that two years ago at this point the lira was trading at 5.6 to the dollar. This week, it hit a new low of 13.45 to the dollar on Monday. Meanwhile, inflation in Turkey hovers around 20% on Tuesday.
The Turkish currency has been declining since early 2018, thanks to a combination of geopolitical tensions with the West, current account deficits, reduced foreign exchange reserves and growing debt – but most importantly, a refusal to increase interest rate to curb inflation.
It is not known how long Apple plans to limit sales of its products in Turkey in response to this economic situation. Again, the company has yet to comment publicly on the matter.
Thank you, Ali!