Plunging Lira Prevents Turks from Buying iPhones, Electronics

Apple iPhones and other electronics are out of reach for people in Turkey after the lira continues dropping, losing 40% in value since the start of 2021, 20% since the beginning of last week, and a historic 15% in a single day, according to multiple reports.

Turks trying to buy iPhones and other devices got online error messages on Wednesday (Nov. 24) from Apple’s website and other eCommerce sites. The 15% drop in the lira on Tuesday (Nov. 23) caused an upheaval in prices.

The lira slid to a record low on Wednesday (Nov. 24) as unease spread over the deeper implications for the broader economy following President Tayyip Erdogan’s defense of recent rate cuts despite flak and cries for an about-face.

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Merchandise priced in the local currency has been steeply discounted and merchants are scrambling to manage the price adjustments amid market pandemonium.

People thought of electronics investments as much as items to use, an Istanbul Apple store sales rep told Reuters.

“It is pretty surreal with the economy and all, but people see it as a store of value and flock to stores. They know they’ll be able to sell it a year later for more than what they paid,” the sales rep said, requesting anonymity.

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The lira’s fallout comes at a time when stores and shoppers are geared up for Black Friday sales, followed by discounts in the new year, fueling foreboding that merchandise could be in short supply and available goods would be priced high.

Most marketplaces are asking their big sellers to keep the prices steady and refrain from increases, at least during the discount week. As both the sellers and the marketplace need each other, sellers oblige,” an unnamed eCommerce official based in Istanbul said.