Apple recently closed its business in Turkey due to concerns about the sharp drop in the exchange rate of the Turkish lira against the US dollar. According to MacRumors, Apple has resumed sales of products in Turkey. Due to inflation, Apple has also substantially increased the prices of all products in the country. According to reports, now that Apple has reopened its online store sales business in Turkey, retail stores may also have opened.
Earlier this week, customers were waiting outside two Apple Stores in Istanbul, Turkey. Customers with service appointments were allowed to enter, while customers who wished to purchase products were turned away. In terms of price, the iPhone 13 mini, originally priced at 10999 New Turkish Lira (about $885), has now risen to 13999 New Turkish Lira (about $1,126).
A few days ago, there were reports that due to the depreciation of the Turkish Lira, Apple temporarily suspended sales of its products in Turkey. Apple employees told customers that once the Turkish economy stabilizes, normal sales will resume. Although Apple’s official online store is now operating in Turkey, due to currency fluctuations, it is difficult to add any devices to the shopping cart or purchase.
The Turkish lira is currently equivalent to approximately $0.078. It has depreciated by nearly 40% this year and 20% in the last week alone. In the past year, the lira has fallen by 45% against the U.S. dollar. The inflation rate is close to 20%, and Turkish President Erdogan refuses to raise interest rates. This means that the decline may continue.
New Turkish policy caused the inflation
The Washington Post reports that economists have described the policy as “insane.”
The Turkish lira suffered a historic crash Tuesday, dropping by more than 15 percent against the dollar. This is coming after President RecepTayyip Erdogan gave an evening speech. In his speech, he defended an unorthodox economic policy that economists have dubbed “insane” and “irrational.”
Many laid the blame on the policies of Erdogan, who has pushed Turkey’s central bank to keep interest rates low […]
According to Tim Ash, the current position of the lira is “insane”. He wrote “Insane where the lira is, but it’s a reflection of the insane monetary policy settings Turkey is currently operating under,”
Semih Tumen, a former Turkish central bank deputy governor who lost his job in October, wrote on Twitter “We need to abandon this irrational experiment, which has no chance of success, and return to quality policies that will protect the value of the Turkish lira and protect the welfare of the Turkish people,”