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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.jpg

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!)

Article Link: Apple Temporarily Halts Sales in Turkey After Currency Crash
 

RalfTheDog

macrumors 68000
Feb 23, 2010
1,632
590
Lagrange Point
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.
 

incoherent_1

macrumors 6502a
Oct 19, 2016
918
1,631
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.
 

Unsupported

macrumors 6502a
Jul 23, 2020
611
666
a land far, far away...
Has Apple nothing to say about human rights in Turkey?

Is it only about the money?

🤔

 

julesme

macrumors 6502
Oct 14, 2016
422
1,487
San Jose
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.

If you think the US dollar will see a 40% devaluation in a single year, I’ve got a bridge to sell you. As a bonus, a bridge makes for a fantastic inflation hedge!
 
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