The Turkish lira is under heavy pressure.
The situation is gradually becoming precarious for foreign companies.
Apple is now pulling the rip cord.
Instanbul - US technology group Apple * drastically raised prices for its latest iPhones in Turkey overnight.
The iPhone 12 cost 10,999 Turkish lira on Thursday evening - then 13,999 lira on Friday morning (1020 euros at the current rate).
That is 3000 lira more and more than the current minimum wage in Turkey of 2825 lira (205 euros).
The price of the iPhone * 13 rose from 11,999 Lira to 14,999 Lira - an increase of 25 percent.
"The lira has plummeted by ten to 15 percent, so you have to raise the prices," said customer Emirhan when leaving an Apple store in Istanbul.
The Turkish currency crashed 13 percent against the dollar on Tuesday alone.
Apple then suspended online sales and increased prices.
Turkish lira under heavy pressure
The lira fell after President Recep Tayyip Erdogan said he would withstand the pressure and raise the key interest rate.
The Turkish head of state wants to stimulate loans and investments through low interest rates and, against the background of strong economic growth, may be re-elected as president in 2023.
According to the prevailing economists, however, higher key interest rates are an important tool in the fight against high inflation.
In Turkey, the inflation rate was recently around 20 percent.
(AFP / utz) * Merkur.de is part of IPPEN.MEDIA.
