Apple suspends online sales in Turkey after currency crash

Apple suspended online sales of its production in Turkey after the lira slumped to successive record lows against major currencies over the past week.

The Apple Store remained available to customers in Turkey but was not accepting orders saying items such as mobile phones, computers and watches were not available.

The Turkish lira has slumped to record lows against the dollar and euro since the central bank extended a series of rate cuts last Thursday and President Recep Tayyip Erdoğan said the decreasing borrowing costs were part of a new economic model to boost exports, jobs and economic growth.

The lira was trading at 12 per dollar early on Thursday afternoon. It crashed by more than 15 percent to an all-time low of 13.52 per dollar on Tuesday in a 12-straight day of declines, the longest losing streak in two decades.

 

 

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