Apple temporarily halted online sales of its devices in Turkey amid the country’s worsening financial crisis. However, it isn’t clear if Apple stores in the country are still operational.
Currently, the Turkish Apple Store website is still functional and displays complete product listings. But you will not be able to actually buy any of the devices listed since the website shows that it is “Currently Not Available.” Apple has not released an official statement regarding this, and it is unclear when the company will again resume sales.
Following Turkish President Tayyip Erdogan’s defense of recent interest rate cuts and shoddy economic policies, the Turkish lira stumbled by more than 15% on Tuesday. According to Reuters, the lira’s value fell by 42% this year and has been plumbing record lows for an eleventh straight session.
Turkey’s currency has been seeing a downward spiral since early 2018. According to CNBC, the economic downturn could be attributed 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.”
Erdogan has long described interest rates as “the enemy,” rejecting economic orthodoxy to insist that raising rates actually worsens inflation, rather than the other way around.
With Thanksgiving approaching soon, it’s ironic that the turkey’s (the non-flying kind, just like the country) namesake is suffering as well.
With the current crisis in Turkey, do you think that other countries could also be headed towards a similar fate? Let us know in the comments.
Update: Apple has resumed sales of its products in Turkey. However, prices of all its products have been significantly hiked due to inflation.[Via MacRumors]