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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

#51

Post by lotsofpulp »

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…

>What are they doing that’s so different from everyone else? Drop interest rates, print more money.

Having an even more dysfunctional government with leaders that cannot be trusted. Currency is only worth as much as the people using it can produce desired goods/services.

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

#52

Post by adam_arthur »

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…

Erdogan has been pushing for lower rates despite high inflation. Also believe he fired a few of the central bank chiefs.

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

#53

Post by dekhn »

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 their problems come from nationalizing their oil industry and subsidizing local oil, although that's not the entire explanation.

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

#55

Post by mrtksn »

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…

Apple usually lags a bit in both directions. During the previous fluctuations Apple again had a period of extremely cheep prices, then raised the prices to match the dollar value and once the lira stabilised a bit they adjusted the prices again. In general, Apple gives quite a bit of buffer before adjusting the prices.

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

#56

Post by can16358p »

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…

I don't think so, and I don't remember that ever happening. Turkish Lira has always been devaluating. Black Friday is a thing here (with a different name but basically the same thing) but things were already at a skyrocketed price that only some items just went down to a "still expensive but sane" level.

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

#57

Post by tastyfreeze »

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…

Lebanon as well.

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

#58

Post by davedx »

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.

I worked for an e-commerce site that sold cars in Turkey in Euros. Sometime in 2018 I think it was, Erdogan made a new law that said everything had to be traded in Lira.

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

#59

Post by ehsankia »

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…

> will Apple respond as timely to adjust prices cheaper?

Well in one case you have arbitrage and are actively losing money, in the other case you are potentially losing sales due to the product being too expensive. So no I don't expect as Swift of an action.

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

#60

Post by can16358p »

rvense wrote: post #42
dreamcompiler wrote: post #26

Earlier quoted context omitted.

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.

I have a 50 lira bill from 2011 - I think was it about 20 euros at the time? Should have exchanged it sooner.

Just keep it and it will have antique value sooner than you expect.
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