“Not available at the moment”: Turks can not buy iPhones, other electronics by lira depth

ISTANBUL, November 24 (Reuters) – Turks trying to buy iPhones and other electronics received error messages online Wednesday, including from the Apple Incs (AAPL.O) local website, after a historic 15% drop in the lira the day before caused chaos for prices.

The currency fell to a record low on Wednesday, driven by concerns about broader downturns for the economy after President Tayyip Erdogan defended recent sharp interest rate cuts despite widespread criticism and calls for a reversal. read more

The lira has lost 43% of its value this year and more than 22% since the beginning of last week alone.

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In turn, goods priced in local currency have received an effective sharp discount compared to prices elsewhere, with retailers struggling to keep up with price adjustments in the midst of market turmoil.

A Turkish spokesman for Apple was not immediately available for comment.

Apple’s Turkish website stopped sales of most products, and displayed an “Not Available” message, a Reuters request showed. Local prices for telephones and computers were around 10% below US prices after the sudden weakening of the lira.

A sales representative at an Apple store in Istanbul said that people thought of electronics as an investment as much as goods to use.

“It’s pretty surreal with the economy and everything, but people look at it as a value store and flock to stores. They know they’ll be able to sell it a year later for more than what they paid,” the person said. requests anonymity.

Customers flocked to exclusive import brands, primarily electronics and cosmetics, said a Turkish e-commerce official.

The meltdown of the lira coincides with Black Friday sales and the start of new year discounts, which raises fears that some consumer goods will not be available or face large price increases.

“Most marketplaces ask their bestsellers to keep prices stable and refrain from increases, at least during the discount week. Since both sellers and the marketplace need each other, sellers commit,” an Istanbul-based e-commerce official told Reuters.

Caner, a graphic designer in Istanbul in the market for an electric scooter, said: “It’s the worst time to spend money, but it will not be a better time. Prices may look expensive now, but they are cheaper than the ones will be next week. “

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Edited by Jonathan Spicer, Kirsten Donovan

Our standards: Thomson Reuters Trust Principles.

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