Turks can’t buy iPhones and other electronics after Lira Plunge

  • The Turkish lira plunged to record lows after President Recep Tayyip Erdogan defended recent sharp interest rate cuts.
  • The lira has lost 43% of its value this year and more than 22% since the start of last week alone.
  • Turks trying to buy iPhones online received error messages from Apple Inc.’s local website.

We are so sorry! We encountered a system failure and were unable to receive your email this time.

Turks trying to buy iPhones and other electronic devices received error messages online on Wednesday, including from the local Apple Inc website, after a historic 15% plunge in the lira the day before caused price chaos.

The currency slipped again towards a record low on Wednesday, spurred by concerns about the broader repercussions for the economy after President Recep Tayyip Erdogan defended recent sharp interest rate cuts despite widespread criticism and calls for a pullback.

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

In contrast, goods priced in local currency have seen an effective steep discount to prices elsewhere, as retailers struggle to keep up with price adjustments amid market turmoil.

A Turkish spokesman for Apple could not be reached for comment.

A Reuters inquiry showed that Apple’s Turkish website halted sales of most products, and a message “Currently not available” appeared. Domestic prices of phones and computers are about 10% lower than US prices after the sudden depreciation of the lira.

A salesperson at the Apple Store in Istanbul said that people think of electronics as an investment as much as items to use.

“It’s so surreal about the economy and everything, but people see it as a store of value and they’re flocking to stores. They know they’ll be able to sell it after a year for more than they paid for,” this person said, asking to remain anonymous.

Worst and best time to buy

An official of a Turkish e-commerce company said customers are flocking to high-end imported brands, especially electronics and cosmetics.

The collapse of the lira coincided with


Black Friday

Sales and discounts start in the new year, raising fears that some consumer goods may not be available or face significant price hikes.

“Most of the markets are asking big sellers to keep prices stable and refrain from increases, at least during the week of discounts. Since sellers and the market need each other, sellers are obligated to do so,” an e-commerce official in Istanbul told Reuters. .

It is the worst time to spend money, but there will never be a better time. Prices may seem expensive now, but they are cheaper than they are now. It will be next week,” said Kaner, a graphic designer in Istanbul at a market for electric scooters.

In general, shopkeepers in Istanbul were pessimistic.

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

Erkoment Tepe, the hairstylist, said he kept his shop lights off but his electricity bill is 800 lira ($63).

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

Add a Comment

Your email address will not be published. Required fields are marked *