Technology

Apple halts product sales in Turkey amid economic crisis

Apple has halted sales of nearly all of its products in Turkey in response to a worsening economic crisis in the country. As reported by CNBC, inflation in Turkey is nearly 20%, while the country’s lira currency has plummeted by as much as 15% today.

Currently, if you visit the Turkish version of the Apple Store Online, everything appears fully functional until you actually try to add a product to your shopping cart. While Apple has not publicly commented on this situation, it appears the company has halted sales in Turkey due to the economic crisis.

Turkish president Recep Tayyip Erdogan has repeatedly defended rate cuts:

The sell-off was triggered after Turkish President Recep Tayyip Erdogan defended his central bank’s continued contentious interest rate cuts amid rising double-digit inflation. He labeled the move as part of an “economic war of independence,” rejecting calls from investors and analysts to change course.

As CNBC reports, at this point two years ago, the lira was trading at 5.6 to the dollar. This week it has hit a new low of 13.45 to the dollar on Monday. Meanwhile, inflation in Turkey is near 20% as of Tuesday.

Turkey’s currency has been in a downward slide since early 2018, thanks to a combination of geopolitical tensions with the West, current account deficits, shrinking currency reserves, and mounting debt but most importantly, a refusal to raise interest rates to cool inflation.

It’s unclear how long Apple plans to limit sales of its products in Turkey in response to this economic situation. Again, the company has not yet publicly commented on the matter.

Source
9to5mac

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