Earlier quoted context omitted.
How did Turkey find its way to Eastern Europe?
It bridges Europe and Asia and geographically considered a part of both, according to wiki.
cool thing about Istanbul is it spans two continents, too.
Apple stopped sales in Turkey after the lira crashed 15% in a day
21–30 of 251 posts
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#22If they priced them in Bitcoin.....
That's the same thing as pricing in dollars. If you haven't noticed, Bitcoin is as valuable as the usd/btc pair. It's why every bitcoiner knows what the price of Bitcoin is every day.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#23We were just starting a startup, and bought all computers, monitors, chairs, desks etc. when $/TL was around 8.5. Now one dollar is 12.5 TL. At least our rent for 140m2 is around 1000$ in a very good spot.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#24Why don't they just sell in Euro/USD? That's what people did a few decades ago a bit further north, when the local currency wasn't trusted (even if it was rather stable). But yeah, inflation in Eastern Europe is pretty bad, and if you voted for a bunch of dumb assholes who don't care about you or the nation, you're multifucked.
How did Turkey find its way to Eastern Europe?
Part of the country is literally in Eastern Europe, the part west of the Bosphorous. Istanbul is half Europe, half Asia.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#25The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
I think it's a combination of the speed/magnitude this time. The TRY has been plunging for a good amount time now but it has been doing that regularly and with smaller adjustments. Having a 15% single day crash seems to have caught lots of people off-guard.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#26The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
I still have a 500,000 TL note from Turkey's hyperinflation days in the early 2000s. Back then it was just about enough to buy a loaf of bread. Looks like those days are coming back.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#27Question is - if/when the lira rises 15% (#1), will Apple respond as timely to adjust prices cheaper? Mindful that companies are quick to point to a reason to increase prices yet when that same reason goes the other way, not so quick (if ever) to adjust down.
Is Black Friday sales a thing in Turkey? As can imagine many who would of banked to buy then, only to get hit with the polar opposite in this instance.
#1 - (maybe in a day with things settling out, dunno about specific reasons for the crash but mindful the whole Omicron dram and market magnification/snowball effect could be factor here as been so with some share prices past few days).
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#28Why don't they just sell in Euro/USD? That's what people did a few decades ago a bit further north, when the local currency wasn't trusted (even if it was rather stable). But yeah, inflation in Eastern Europe is pretty bad, and if you voted for a bunch of dumb assholes who don't care about you or the nation, you're multifucked.
How did Turkey find its way to Eastern Europe?
Half of their "capital" is in Europe. They used to own some of the E.E. countries before the Ottoman fell.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#29Why don't they just sell in Euro/USD? That's what people did a few decades ago a bit further north, when the local currency wasn't trusted (even if it was rather stable). But yeah, inflation in Eastern Europe is pretty bad, and if you voted for a bunch of dumb assholes who don't care about you or the nation, you're multifucked.
Is like to hear about this from somebody living in Turkey but maybe shop prices must be in Lira. I don't even know if in my country it's mandatory for physical shops to display prices in Euro or if a price could be only in Dollars.
Re: Apple stopped sales in Turkey after the lira crashed 15% in a day
#30The Turkish lira has been plunging vs. the US dollar for 14 years straight. It has fallen by 90% in dollar terms. All foreign retailers must be constantly readjusting prices, right?
Yes, but price volatility is what matters.
For the same reason that low positive inflation is good, as long as the volatility around the inflation rate is low (so expected value of price is in tight ranges)