Apple Temporarily Stops Sales in Turkey Due to Economic Crisis

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Apple Temporarily Stops Sales in Turkey Due to Economic Crisis

Apple temporarily halted online sales of its devices in Turkey amid the country’s worsening financial crisis. However, it is not clear if Apple stores in the country are still in operation.

At present, the Turkish Apple Store website is still functional and displays complete product listings. However, you will not actually be able to purchase any of the listed devices as the website shows that it is “Currently unavailable.” Apple has not released an official statement on this, and it is unclear when the company will resume sales again.

Following Turkish President Tayyip Erdogan’s defense of recent interest rate cuts and sloppy economic policies, the Turkish lira stumbled by more than 15% on Tuesday. According to Reuters, the value of the lira fell by 42% this year and has reached record lows for an eleventh session in a row.

Turkey’s currency has been experiencing a downward spiral since the beginning of 2018. According to CNBC, the economic downturn could be attributed 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.”

Erdogan has long described interest rates as the “enemy” and rejected economic orthodoxy to insist that a rise in interest rates actually exacerbates inflation, rather than the other way around.

As Thanksgiving soon approaches, it’s ironic that the turkey’s (the non-flying kind, like the country) namesake is also suffering.

Do you think with the current crisis in Turkey that other countries may also be heading for a similar fate? Tell us in the comments.

[Via MacRumors]

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