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Apple stopped sales in Turkey after the lira crashed 15% in a day

reuters.com

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Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#71

Post by GekkePrutser »

hourislate wrote: post #32

Hyper inflation drives people to buy goods that can be resold later for more. This happened in CCCP while it was falling apart. People would show up with all their money every morning at their local stores, buying whatever was available no matter what it was. They could resell it later for more money (effort to preserve the value of the currency they held). Apple products are a safe bet as they typically hold on to t…

Even here in Europe this is a thing now because they seem intent on making our money worthless with negative interest rates. As a consumer I have very little financial confidence left.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#72

Post by umeshunni »

johaugum wrote: post #62
throwaway4good wrote: post #38

Earlier quoted context omitted.

Is the cost of living (food, rent, price of a coffee at a bar ...) in lira going up at the same pace? Or is the inflation only felt in imported goods suchs computers, gasoline ...

Ostensibly, goods imported and bought with USD will have their prices inflated, while locally produced goods and services should remain more or less unchanged. This also means that exported goods are effectively cheaper for international buyers, so export volume goes up.

> while locally produced goods and services should remain more or less unchanged.

What usually happens is that since oil is denominated in USD, the price of fuel and transportation rises when a currency weakens and that increases the price of locally produced goods as well.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#73

Post by delabay »

crate_barre wrote: post #33

So, is Turkey and Venezuela the two major countries that are actively going through a currency crisis? What are they doing that’s so different from everyone else? Drop interest rates, print more money. I don’t know what Erdogan’s plan is, but unless they find strong export partners, devaluing the currency isn’t going to work out. We expect everything coming out of Turkey to be cheaper now, but who’s buying (importing…

You're forgetting Lebanon

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#74

Post by harpiaharpyja »

eterm wrote: post #69
hourislate wrote: post #32

Hyper inflation drives people to buy goods that can be resold later for more. This happened in CCCP while it was falling apart. People would show up with all their money every morning at their local stores, buying whatever was available no matter what it was. They could resell it later for more money (effort to preserve the value of the currency they held). Apple products are a safe bet as they typically hold on to t…

It's very odd to write CCCP in an otherwise english paragraph in latin alphabet. YOu would be better understood to write USSR or better just write Soviet Union. (For those unfamiliar, CCCP is SSSR in cyrillic alphabet).

If you stop to think about it yes it is pretty odd, but enough people do this that I don't have to think twice when I see it. You'd definitely wouldn't see it in formal writing, but informally it's not uncommon. A quirk of cross-cultural transmission maybe?

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#75

Post by pengaru »

Through this lens "supply chain problems" starts looking like a rather convenient scapegoat for preventing consumers from purchasing your wares before their currency becomes realized as worth less and your prices go up accordingly.

This is effectively what's happened with my inability to buy an IKEA table for months... it was constantly out of stock, and it's still out of stock, but its price has increased 15% from when I first attempted buying.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#76

Post by ulzeraj »

bserge wrote: post #3

Why 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.

Probably some forced course laws that demands prices be defined in local currency.

If you ever lived in countries with irresponsible central banks like Brazil or Argentina you'll notice there are often laws to dissuade you from using the crappy local currency.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#77

Post by CoastalCoder »

eterm wrote: post #69
hourislate wrote: post #32

Hyper inflation drives people to buy goods that can be resold later for more. This happened in CCCP while it was falling apart. People would show up with all their money every morning at their local stores, buying whatever was available no matter what it was. They could resell it later for more money (effort to preserve the value of the currency they held). Apple products are a safe bet as they typically hold on to t…

It's very odd to write CCCP in an otherwise english paragraph in latin alphabet. YOu would be better understood to write USSR or better just write Soviet Union. (For those unfamiliar, CCCP is SSSR in cyrillic alphabet).

I grew up in the US in the 1970s and 1980s. We usually used the term "USSR", but I think most of us recognized "CCCP" as the Russian equivalent.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#79

Post by csomar »

yusucan wrote: post #43
csomar wrote: post #28

Earlier quoted context omitted.

Half of their "capital" is in Europe. They used to own some of the E.E. countries before the Ottoman fell.

No it's not. Istanbul is not the capital, Ankara is.

That's why I put it in quotes. Ankara is the political capital while Istanbul is the financial, industrial, and anything really capital.

Re: Apple stopped sales in Turkey after the lira crashed 15% in a day

#80

Post by ryanlol »

Zenst wrote: post #27

Question 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 - (ma…

If Turkey is anything like eastern Europe, I’d be pretty confident that the people buying Apple stuff don’t have their salaries or bank accounts denominated in Lira.

For example in Ukraine anything that matters is priced in USD

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