Due to the economic situation in Turkey, Apple decided to stop selling its products

Due to the economic situation in Turkey, Apple decided to stop selling its products

When you visit the Turkish version of the Apple Store Online right now, everything appears to be working well until you try to add a purchase to your cart. While Apple has not commented officially on the matter, it appears that sales in Turkey have been paused owing to the economic turmoil.

In reaction to the country’s deepening economic crisis, Apple has banned sales of practically all of its products in Turkey. Turkey’s inflation rate is almost 20%, according to CNBC, and the country’s lira currency has fallen by as much as 15% today.

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 continued contentious interest rate cuts amid rising double-digit inflation. He labeled the move as part of an “economic war of independence,” rejecting calls from investors and analysts to change course.

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

Turkey’s currency has been in a downward slide since early 2018, thanks 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.

It’s 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.

 

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  • Due to the economic situation in Turkey, Apple decided to stop selling its products
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