Apple has temporarily stopped online sales of its devices in Turkey due to the worsening financial crisis in the country. However, it is not clear whether Apple stores in the country are still working.
Currently, the Turkish Apple Store website is still functional and displays complete product lists. But you will not be able to buy any of the listed devices because the website shows that it is “Currently not available”. Apple has not released an official statement in this regard, and it is not clear when the company will resume sales.
After Turkish President Tayyip Erdogan defended recent interest rate cuts and poor economic policies, the Turkish lira weakened by more than 15% on Tuesday. According to Reuters, the value of the lira fell by 42% this year and was a record low for the eleventh session in a row.
The Turkish currency has been recording a downward spiral since the beginning of 2018 CNBC, The economic downturn could be attributed to a combination of “geopolitical tensions with the West, current account 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 an “enemy,” rejecting economic orthodoxy to insist that raising rates actually worsens inflation, not the other way around.
Given that Thanksgiving is fast approaching, it is ironic that the turkey (a species that does not fly, just like the earth) also suffers from the namesake.
With the current crisis in Turkey, do you think other countries could be heading towards a similar fate? Let us know in the comments.
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