Apple presses the pause button in Turkey after the Turkish lira fell to a historical low, Reuters. Cupertino’s Turkish online store has only been available for browsing since Wednesday, and sales at local Apple stores have also been temporarily halted.
Thus, people in the country are currently unable to purchase iPhones and other Apple electronic devices, among other things. The reason for the temporary measure may be that the prices of Apple products in Turkey were about 10% lower than consumer prices in the United States. Until the exchange rate stabilizes, sales will pause, after which purchases at higher prices can continue. Before the downtime, many tried to buy as much assets as possible for direct investment purposes, as their electronic instruments are relatively valuable.
The lira has fallen a total of 43 percent this year, and has fallen 22 percent this week alone. The decline has been going on for years, and now the ongoing currency crisis has just reached its new chapter. Behind this, the main concern remains Turkey’s monetary policy, as interest rates have been cut to 15 percent in recent months with inflation at 20 percent. Interest rates were also cut last week – Mentionsed Wallet.
Turkish head of state Recep Tayyip Erdogan He stuck to his low interest rate policy on Monday, so the current weakness may have gained momentum.
