Apple stops product sales in Turkey amid economic crisis [Update]
Apple has stopped selling 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 close to 20% while the country’s lira has plummeted by as much as 15%.
Apple has stopped selling both in-store and onlineâ¦.
Update November 24, 2021: Apple has also stopped selling products in its retail stores in Turkey, as first from macReports. According to the report, those who visit Apple stores in Turkey are told that “sales will resume after the exchange rate stabilizes”.
macReports also shared a handful of pictures from the chaos in Apple stores with long lines forming.
If you are currently visiting the Turkish version of the Apple Store Online, everything will appear fully functional until you actually try to add a product to your shopping cart. Although Apple has not publicly commented on this situation, the company appears to have stopped selling 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 ongoing controversial rate cuts amid rising double-digit inflation. He described the move as part of an “economic war of independence” and rejected calls from investors and analysts to change course.
As CNBC The lira was reportedly trading at 5.6 per dollar at the time two years ago. This week it hit a new low of 13.45 against the dollar on Monday. Meanwhile, inflation in Turkey is close to 20% on Tuesday.
The Turkish currency has been on a downtrend since early 2018, thanks to a combination of geopolitical tensions with the West, current account deficits, shrinking currency reserves and rising debt – but most of all a refusal to raise interest rates to cool inflation.
It is unclear how long Apple plans to restrict sales of its products in Turkey in response to this economic situation. Again, the company has not yet commented publicly on the matter.
Thanks very much, Ali!
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