Turkish President Tayyip Erdogan resolutely cut interest rates during the period of rising inflation, causing the Turkish lira to collapse by 15% in a single day. Apple (AAPL-US) on Tuesday (23rd) urgently suspended sales in Turkish online malls to avoid local economic problems. Stable risks.
Apple has not announced that Turkey will officially stop selling, and the Turkish online platform can also display a complete list of products. However, consumers cannot add products to their shopping carts.
Turkish President Alduan defended the central bank’s recent interest rate cut resolution on Monday and vowed to succeed in the “War of Economic Independence”, claiming that interest rate hikes are the killer of rising prices. The market complains that Turkey’s monetary policy is becoming increasingly out of control and unpredictable.
Affected by the economic turmoil, the Turkish lira plunged by 15% in a single day. According to Reuters, the exchange rate of the lira against the US dollar once hit a record low of 13.44 lira to the US dollar.
Eldan believes that interest rate cuts can promote exports, investment and employment, but Turkey’s inflation rate is currently close to 20%.
