Apple halts product sales in Turkey amid economic crisis [Update]

Apple halts product sales in Turkey amid economic crisis

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

Apple has stopped sales both in-store and online …

Update November 24, 2021: Apple has also stopped selling products in its retail stores in Turkey, as first pointed out by macReports. According to the report, those who visit Apple Stores in Turkey are told that “sales will resume after the exchange rate stabilizes.”

macReports has also shared a handful of photos from the chaos in the Apple Stores, where long lines have formed.

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

Turkish President Recep Tayyip Erdogan has repeatedly defended interest rate cuts:

The sale was triggered after Turkish President Recep Tayyip Erdogan defended his central bank’s continued controversial interest rate cuts amid rising double-digit inflation. He described the move as part of a “war of economic independence” and rejected calls from investors and analysts to change course.

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

Turkey’s currency has been in decline since the beginning of 2018, thanks to a combination of geopolitical tensions with the West, balance of payments deficits, declining foreign exchange reserves and rising debt – but most importantly, a refusal to raise interest rates to cool inflation.

It is 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.

Thanks, Ali!

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