Apple froze almost all sales of its products in Turkey amid the rapidly deteriorating economic crisis in the country, according to the Turkish version of the company’s online store.
If you go to the Apple Store Online from a Turkish IP, everything looks good until you try to put an item in your digital shopping cart. So far, Apple has not said a word about the evolving situation in Turkey, where inflation in Turkey has risen to nearly 20% as the national currency, the pound, fell sharply by at least 15% on Tuesday, according to a CNBC report.
The Turkish lira depreciated as criticized market policies continued
The value of The Turkish lira fell to a new record low of $ 13.44 a dollar on Tuesday, which was previously unthinkable and far beyond what seemed like a solid “psychological” barrier of £ 11 a dollar. “It’s crazy where the pound is, but it’s a reflection of the insane monetary policy settings that Turkey is currently pursuing,” Tim Ash, a senior emerging markets strategist, said in the report. The sell-off came as a result of the defense of Turkish President Recep Tayyip Erdogan against the ongoing controversial cuts in his central bank’s interest rates, which were made during a record high rise in double-digit inflation. He said the action was part of an “economic war for independence”, rejecting calls from global analysts and investors to succumb to economic pressure.
Inflation on Tuesday, which reached 20%, sent the prices of some basic goods (such as food) to new inexplicable levels, with approximately 85 million Turks suffering from increasingly devalued wages. This is a terrible time for the people of Turkey and could have consequences lasting for years or more. And while we hope, the bottom from Tuesday will remain the inflation limit, all eyes are on the main market policies for which analysts and other experts say they are to blame.
It was an evolving story and was regularly updated when new information became available.