After the Turkish currency Lira plunged 15% against the dollar on Tuesday, Apple temporarily suspended online sales of some devices in the official Turkish store.
Currently, Apple products such as iPhone and Mac Apple’s official store You can see the products on the website in Turkey. However, at this time, customers cannot add devices to their virtual shopping cart.
However, consumers can view and purchase such products from popular domestic e-commerce sites such as Hepsiburada and Trendyol. Apple hasn’t officially announced that it has temporarily suspended domestic sales, and it’s unclear when consumers will be able to buy the company’s products again.
The Epoch Times has contacted an Apple spokesperson for comment.
It was after the Turkish lira plunged 15% on Tuesday after President Recep Tayyip Erdogan, who has led the country since 2003, said it would not be deterred by rising inflation and defended the recent sharp rate cuts. “Economic war of independence.”
The currency has fallen 45% this year. This includes a nearly 26% drop from the beginning of last week. This is primarily in response to a series of rate cuts by central bank governor Sahap Kavcioglu.
Prime Minister Erdogan has pressured central banks to lower interest rates, with a strong belief that they will boost domestic exports, investment and employment. But critics fear that this will further erode Lira and cause further inflation, which is now close to 20 percent in the country.
Many economists called rate cuts reckless and urged the president to turn around, but opposition politicians called for an early election scheduled for 2023.
Soaring inflation has already had a dramatic impact on everything from the cost of basic Turkish commodities to rental prices, the latter jumping to new heights. Average prices can be seen in some areas. Shoot 100%— And hundreds of people struggled to pay the rent.
As a result of rising inflation and subsequent rising commodity costs, Turkey’s population has risen to about 85 million, local currency salaries have been significantly devalued, and many have a second job to lift themselves and their families. I keep looking for.
“There has been no such catastrophe in the history of the Republic,” said Kemal Kiridalogl, leader of the opposition Republican People’s Party. “At this point, you are a fundamental national security issue for the Republic of Turkey,” Kiridalogl said, referring to Prime Minister Erdogan.
The central bank, which has cut interest rates by a total of 400 points since September, has not yet commented on the plunge in lira.
Former central bank vice-president Semi-Tumen, who was dismissed by the president last month for another last-minute leadership review, called for an immediate return to policies that protect Lira’s values.
“This irrational experiment with no chance of success must be abandoned immediately and we must return to quality policies that protect the value of the Turkish lira and the prosperity of the Turkish people.” He said on Twitter.
On Monday, Prime Minister Erdogan defended his policy and vowed to stick to it while maintaining that high interest rates did not lower inflation levels. This is an unorthodox view that he has repeated over the years.
“I reject policies that shrink and weaken our country and condemn the people for unemployment, hunger and poverty,” he said after the cabinet meeting.
Reuters contributed to this report.
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Katabella Roberts is a reporter currently based in Turkey. She focuses primarily on the United States and covers the news and business of The Epoch Times.