Turkish lira can’t buy iPhone and other electronics after fall

  • The Turkish lira has fallen to a record low after President Tayyip Erdogan defended the recent cut in interest rates.
  • The lira has lost 43% of its value this year and more than 22% since the beginning of last week.
  • Turks trying to buy an iPhone received error messages online from Apple Inc.’s local website.

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Turks trying to buy iPhones and other electronics received online disturbance messages on Wednesday, including from Apple Inc.’s local website, a day before a historic 15% drop in the lira sent prices plummeting.

The currency returned to record lows on Wednesday amid fears of widespread damage to the economy after defending the recent sharp rate cuts, despite widespread criticism and calls for change from President Tayyip Erdogan.

The lira has lost 43% of its value this year and more than 22% since the beginning of last week.

As a result, local currency prices have seen an effective sharp drop in prices compared to other places, with retailers struggling to maintain price adjustments amid market turmoil.

Apple spokesmen were not immediately available for comment.

A Reuters inquiry revealed that Apple’s Turkish website had stopped selling most products, with the message “currently unavailable”. Local prices for phones and computers were 10 percent lower than US prices after the sharp fall in the lira.

“People are thinking of electronics as an investment as much as consumer goods,” said a sales representative at the Istanbul Apple Store.

“It’s very unrealistic with the economy and everyone, but people see it as a value store and come to the stores. They know they can sell it a year later at a higher price. He asked, “This person said, requesting anonymity

The worst and best time to buy

An official from a Turkish e-commerce company said consumers were turning to high-end imported brands, mainly electronics and cosmetics.

Consistent with the melting of the lira.


Friday

With sales and the start of the New Year’s discount, there are fears that some items will simply not be available or that prices will rise sharply.

An Istanbul-based e-commerce official told Reuters: “Most marketplaces are asking their big sellers to keep prices stable and avoid rising, at least during the discount week. Because sellers and markets The two places need each other, so the sellers are bound by it. ” .

Kenner, a graphic designer at the electric scooter market in Istanbul, said: “This is the worst time to spend money, but there will be no better time. Prices may seem expensive now, but they are cheaper. Next It’s going to be weeks. “

Overall, shopkeepers in Istanbul were sad.

“We are waiting for a surprise. What are we going to do?” “A fisherman,” said Sami. “We live in a rented house. There is gas, there is electricity, there is water. I don’t know how to deal with it.”

Ercument Tepe, a hairdresser, said she had turned off her shop’s lights but still had an electricity bill of 800-lira ($ 63).

“I close the shop at night without a single customer during the day, but the bill is 800 lira. It’s impossible not to go crazy,” he said.

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