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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

#111

Post by colechristensen »

pengaru wrote: post #75

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 w…

Well there was an incredible increase in the price of wood for a while there (futures tripled normal prices for a while there) from both the supply and demand side (not to mention labor and shipping concerns). If you're Ikea you can either double your prices or severely limit production.

You say "convenient scapegoat", but I think people were going to be mad about something regardless of how Ikea responded.

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

#112

Post by kadoban »

rdtwo wrote: post #68
Kognito wrote: post #4

This is a few days out of date now. Sales have already resumed with prices adjusted accordingly.

How long did it take them? Could you have gone in bought a ton of stock at old prices and gotten at least some of your 15% back? Apple stuff resells pretty well

If you knew in advance that it was going to crash, there's better ways to profit more directly. If you didn't, seems unlikely you'd be ready to capitalize.

Besides, not sure how it works in Turkey, but most places at least: retailers can cancel orders for little to no reason, if you bought a bunch of crap right before such an event, I bet they'd cancel it.

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

#113

Post by trentearl »

reaperducer wrote: post #61
qsort wrote: post #47

Earlier quoted context omitted.

I mean, it's not Apple's fault Turkey's currency is unstable. Why would it be their responsibility to take the exchange risk? I wouldn't be surprised if in response to future events like this they stopped accepting payments denominated in TRY altogether.

It's been a few years since I was in Turkey, but at the time, most stores took Euros. And street vendors even preferred it. However, whether Apple is allowed to use Euros for the retail prices in store or not may be a legal matter. There are plenty of countries where it's illegal not to price and sell in the government's preferred currency.

I’ve lived in turkey for 3 years and I’ve only seen this with expensive imported bicycles.

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

#114

Post by simonh »

anticodon wrote: post #99
dekhn wrote: post #53

Earlier quoted context omitted.

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?

Freezing, not stealing, because the chances those assets would be used for the actual benefit of Venezuelans is pretty much zero. They will be returned when Venezuela has a legitimate government.

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

#115

Post by mrighele »

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.

I don't know about shop prices, but it used to be possible to make contracts in EUR or USD, especially when loans in those currencies were involved.

For example if a company would build a shopping center using loans in EUR, and then would rent the shops in EUR.

This practice has been banned, I think at the time of the previous currency crisis (2018) and now prices must be in local currency

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

#116

Post by colechristensen »

harpiaharpyja wrote: post #74
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).

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?

I think it's more often subtle morality/superiority signaling by calling an entity by a different name.

Think Republicans referring to the "Democrat party" instead of the "Democratic" or people using "CCP" instead of "China".

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

#117

Post by pas »

can16358p wrote: post #95
johaugum wrote: post #62

Earlier quoted context omitted.

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…

Sure, but the added value is local, which helps exports.

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

#118

Post by colechristensen »

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 don't get runaway inflation if the value of your imports is somewhere in the neighborhood of the value of your exports (a fairly large imbalance is fine).

You do get runaway inflation when your import needs far exceed your export ability, you print money but prices rise continually faster than you print, regardless of how fast you print.

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

#119

Post by mrtksn »

rdtwo wrote: post #68
Kognito wrote: post #4

This is a few days out of date now. Sales have already resumed with prices adjusted accordingly.

How long did it take them? Could you have gone in bought a ton of stock at old prices and gotten at least some of your 15% back? Apple stuff resells pretty well

The USD$ went from 9.50 to 12.50 in a month and I believe the last adjustment they did was at 8.5. Apple had 2 days of no online sales but the sales in the shops continued until the inventory depleted.

I was also going to grab a Macbook Pro when the price dropped below the US price but I wasn't decisive enough and missed the opportunity. I bet a lot of people bought MacBooks just to re-sell.

An interesting detail, in Turkey they are allowed to sell laptops with only Turkish keyboard layouts due to some law on protecting the language. Only German and Arabic layouts are excepted due to some trade agreements.

On the iPhones, the Turkish prices are never good due to very high taxation(about half of the price is tax). Turkey even pioneered the IMEI registration process where you can't use foreign device for longer than a few month in Turkey. If you like to bring a device from abroad, you need to register the device and pay a hefty registration fee and you can do it only once in two years. Officially, the registration is to prevent terrorist from using the devices as burners. The fee was 10 liras at the beginning but now it's over 2000.

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

#120

Post by Aperocky »

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/when the lira rises 15%

Turkey currently have negative forex, it won't happen.

A fiat currency that have lost all market confidence, it's not going anywhere but down.

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