Apple stops selling its technology in Turkey due to the collapse of the local currency

Apple temporarily suspended sales of its devices in Turkey on Tuesday morning as the country's economic crisis deepened. The Turkish lira fell 15% a day after President Erdogan said he would not back down from controversial monetary policy that saw the country's central bank cut interest rates amid rising inflation.

The Turkish Lira exchange rate began to fall since the beginning of 2018 due to an unfortunate combination of various factors: geopolitical tensions, a deficit in the balance of payments, shrinking foreign exchange reserves, rising external debt and the government's refusal to raise interest rates to curb inflation.

Today, the Apple online store in Turkey seems to work, but no device can be added to the virtual basket and, accordingly, nothing can be bought. Over the past year, the Turkish lira has fallen by about 45%.

It is currently unknown when Apple will resume sales of its technology in Turkey. Market analysts have yet to predict how the country's economic situation will affect other tech companies doing business in Turkey. The situation is worrisome as inflation in the country is close to 20%. And with President Erdogan still refusing to raise interest rates, the Turkish lira may continue to fall.

A source: appleinsider