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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

#91

Post by School-Cotton »

pmontra wrote: post #29
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.

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.

Even if you have to quote prices in lira, could they internally model the price in euros or dollars and adjust the lira price multiple times a day if necessary? I’ve heard that this is what most shopkeepers did during the hyperinflation in Yugoslavia (with German marks as the reference currency).

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

#92

Post by mixmastamyk »

CoastalCoder wrote: post #77
eterm wrote: post #69

Earlier quoted context omitted.

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.

Yes, believe it was on their jackets at the Olympics. That’s where I learned it.

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

#93

Post by kube-system »

FpUser wrote: post #90
kube-system wrote: post #86

Earlier quoted context omitted.

> 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. I certainly don’t ask to have my wage lowered in months where inflation is negative. I’m not sure why anyone would ever negotiate against themselves. Apple will lower price…

>"I certainly don’t ask to have my wage lowered in months where inflation is negative." 1) How often does that happen? 2) This is very hypocritical. People ask for things what benefit them. Why the fuck they should worry about corporations. If corps have problems it is up to them go and "ask".

1. Most recently in the US, half of 2015 and most of 2009.

2. That’s my point. Apple is looking out for Apple. I look out for me. If Apple can get a higher price, they’re going to stick with it if they can. Same as I would with a higher wage.

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

#94

Post by mrtksn »

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.

> This also means that exported goods are effectively cheaper for international buyers, so export volume goes up.

That's Erdogan's theory. However in reality nothing stays cheap because anything Turkey produces has large component of imports, be it energy, parts or machinery etc. because the country is not a petrostate.

The only thing that can stay cheap is the labour but that labour can stay cheap only if it sees huge drop in life quality since the stuff the people consume(petrol, cars, electronics etc.) see huge price increases.

You simply can't keep the wedge of a worker at 5000 when the iPhone prices increase from 7000 to 11000, car prices jump from 200K to 300K and gas from 6 to 9.

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

#95

Post by can16358p »

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.

This is not true for Turkish Lira because EVERYTHING is dependent on foreign currencies at some point. For example local agricultural goods shouldn't be affected, but all the machines in production line are imported, all their servicing equipment are imported. If one simply goes unofficial (e.g. Finding someone to service their machines totally in Turkey), even iron is based on foreign currencies as almost everything is either imported or owned by a foreign company (as the government sold everything to non-Turkish entities). Fuel is also imported and is directly correlated with foreign currencies. At the end of the day, everything, even local goods, is tied to foreign currencies.

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

#96

Post by Keyframe »

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.

Same reason you cannot pay in euros in US. Lira is a legal tender. Company can peg prices internally to a spot rate to whatever, but if exchange turns to fast volatility, what else can you do?

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

#97

Post by qeternity »

samstave wrote: post #35
qeternity wrote: post #16

Earlier quoted context omitted.

Right, because although the Lira is the most volatile currency, a 15% one day move is a black swan. For bitcoin, it happens every couple of months.

what do you think btc's 'black swan' will be?

It doesn't matter. Bitcoin's normal price discovery is volatile to the degree that only black swans are in fiat currencies.

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

#98

Post by JanisL »

samstave wrote: post #35
qeternity wrote: post #16

Earlier quoted context omitted.

Right, because although the Lira is the most volatile currency, a 15% one day move is a black swan. For bitcoin, it happens every couple of months.

what do you think btc's 'black swan' will be?

Its not a real black swan because it's so painfully obvious to anyone who's looked at it in depth but the demise of Tether will have an enormous impact on BTC.

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

#99

Post by anticodon »

dekhn wrote: post #53
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…

Um. Please go do a little research about Venezuela's situation before proposing a simple, wrong solution. They have badly mismanaged their financial and political situation for a long time and are not equipped to make the necessary changes to remedy this (whether the answer be "print more money"). If you'd like to know more about their situation, I recommend reading "The Prize" and "The Quest". Much of the root of th…

Wouldn't stealing all the foreign assets of Venezuela by US and UK also affect the Venezuela economy?

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

#100

Post by isbvhodnvemrwvn »

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.

Soeme of developers in Ukraine are paid in USD or EUR for this reason.
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