Lira collapse: Apple stops selling products in Turkey

Apple has temporarily stopped selling products to customers in Turkey as the Turkish lira continues to crash.

According to CNBC, the Turkish lira crashed to a record low of 13.44 to the dollar on Tuesday.

While the online Apple Store remains available for customers in the country, Apple is not accepting any new orders in Turkey, not allowing shoppers to add any items to their digital shopping bag. The website reports nearly all devices as unavailable.

Apple has not announced an official halt to sales.

The value of the Turkish lira has dropped 45 per cent compared to the US dollar over the course of the year.

A Turkish lira is equivalent to approximately $0.078 at the current rate, and its value has been steadily falling since last week.

Turkey’s currency has been in a downward slide since early 2018 due to geopolitical tensions with the West, current account deficits, shrinking currency reserves.

There is no word on when Apple might resume sales in Turkey. Meanwhile, the inflation rate is close to 20 per cent, dramatically increasing the price of goods.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)