Apple Temporarily Halts Sales in Turkey After Currency Crash

Apple appears to have temporarily halted sales of devices in Turkey as the country's economic crisis deepened on Tuesday morning. The lira dropped 15 percent after Turkish President Tayyip Erdogan staunchly defended recent rate cuts, reports Reuters.

turkey apple store
Right now, Apple's Turkey storefront is up and operational, but no devices are able to be added to a virtual cart or purchased at this time because of the volatility.

A Turkish lira is equivalent to approximately 0.078 U.S. dollars at the current time, and its value has been steadily falling since last week. Over the course of the last year, the Lira has dropped 45 percent vs. the dollar.

There is no word on when Apple might resume sales in Turkey, but inflation is close to 20 percent and with Erdogan continuing to refuse to raise interest rates, the downward slide may continue.

(Thanks, Can!)

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Top Rated Comments

goodcow Avatar
6 days ago at 11:22 am

This is what will happen in the United States if the fed keeps printing money & further devalues the dollar. It's a main force driving people to adopt crypto assets.
The main thing driving people to adopt crypto is hoping for a ponzi scheme lottery ticket.
Score: 158 Votes (Like | Disagree)
DHagan4755 Avatar
6 days ago at 11:16 am
This is what will happen in the United States if the fed keeps printing money & further devalues the dollar. It's a main force driving people to adopt crypto assets.
Score: 80 Votes (Like | Disagree)
RalfTheDog Avatar
6 days ago at 11:30 am
Turkey? That's perfect timing for Thanksgiving.
Score: 40 Votes (Like | Disagree)
Localcelebrity Avatar
6 days ago at 12:24 pm
Geez the amount of unfounded rhetoric and nonsense in this thread is… yikes.
Score: 30 Votes (Like | Disagree)
incoherent_1 Avatar
6 days ago at 11:59 am

The main thing driving people to adopt crypto is hoping for a ponzi scheme lottery ticket.
The main thing driving people to call crypto a Ponzi scheme is a lack of understanding of its benefits.

Sure, there are some edge-cases of idiotic blockchain projects out there, but the power of financial assets and contracts on a block chain is undeniable.
Score: 30 Votes (Like | Disagree)
RalfTheDog Avatar
6 days ago at 11:43 am

Holy smokes! Apple you are a trillion dollar company. Save turkey economy ??
You can't do it if the country is following moronic economic policies. When you get inflation, you raise interest rates. That reduces inflation and it gives you future ammunition for the time when your economy slows down. Instead of raising rates, they are cutting them. This is causing other countries to not hold their currency and companies not to want to deal with their country.
Score: 27 Votes (Like | Disagree)

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