Apple suspends sales in Turkey after currency crash

Apple has temporarily stopped selling products to customers in Turkey as the lira nosedived 15 percent on Nov. 23 in its second-worst day ever. Apple has not so far released a statement with regards to its move, but social media users suggested that the company will revise the prices of its products.

Tuesday November 23 2021 11:30 pm

Duvar English

Apple has temporarily halted sales of its products in Turkey amid the lira's historic crash.

Turks trying to give online orders come across with a statement reading "It [the product] is not currently available."

Social media users suggested that the company will revise the prices of its products as the lira tumbled as far as 13.45 to the dollar on Nov. 23.

Apple has not so far released a statement with regards to its move.

Turkey's lira nosedived 15% on Nov. 23 in its second-worst day ever after President Recep Tayyip Erdoğan defended recent sharp rate cuts, and vowed to win his "economic war of independence" despite widespread criticism and pleas to reverse course.

Erdoğan has applied pressure on the Central Bank to pivot to an aggressive easing cycle that aims, he says, to boost exports, investment and jobs - even as inflation soars to near 20% and the currency depreciation accelerates, eating deeply into Turks' earnings.

Many economists called the rate cuts reckless while opposition politicians appealed for immediate elections.

After a meeting between Erdoğan and Central Bank Governor Şahap Kavcıoğlu, the bank issued a statement saying the moves in the currency market were "unrealistic and completely detached" from economic fundamentals.

There was no hint at an intervention to stem the meltdown. The central bank said it could only do so under certain conditions in "excessive volatility."