Apple has halted sales of almost all of its products in Turkey in response to the worsening economic crisis in the country. As reported CNBC, inflation in Turkey is almost 20%, while the country’s lira currency has plummeted to 15% today.
Product sales stopped
Currently, if you visit the Turkish version of the Apple Store Online, everything seems fully functional until you actually try to add a product to your shopping cart. While Apple has not publicly commented on this situation, it appears that the company has stopped sales in Turkey due to the economic crisis.
Turkish President Recep Tayyip Erdogan has repeatedly defended rate cuts:
The sell-off was triggered after Turkish President Recep Tayyip Erdogan defended his central bank’s ongoing and controversial interest rate cuts amid rising double-digit inflation. He labeled the move as part of an “economic war for independence,” rejecting calls from investors and analysts to change course.
An inflation through the skies
As CNBC reports, at this point two years ago, the lira was trading at 5.6 to the dollar. This week it reached a new low of $ 13.45 per dollar on Monday. Meanwhile, inflation in Turkey is close to 20% as of Tuesday.