Apple sales in Turkey have resumed after the company suspended them due to a currency collapse in the country. However, local prices have increased by 25% to reflect the depreciation of the Turkish lira against the dollar.
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Apple has suspended sales from its local online store and there have been conflicting reports that it has also blocked the purchase of products from retail stores..
A self-inflicted economic crisis in Turkey occurred when President Erdogan announced a policy of low interest rates despite high inflation. This is the exact opposite of the usual response to inflation, which is to increase borrowing costs to slow down high demand that leads to rising prices.
The Washington Post reports that economists have described this policy as "crazy.".
On Wednesday, Apple responded to all of this by halting online sales of almost all of its products.
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Local news agency Report reports that sales have resumed, but at much higher prices.
Apple has resumed sales in Turkey after raising product prices by 25%.
The company was forced to suspend sales through its official website in the country due to the sharp depreciation of the lira, Report reported. Earlier this week, Apple products were sold in Turkey at a lower price than in the United States.
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The Turkish lira's exchange rate against the dollar has fallen by 80 percent since the beginning of the year.
Information source: 9to5mac.com
