Apple to raise App Store prices in Turkey in a couple of days following lira's crash
Apple will raise the prices on the App Store in Turkey in a couple of days following the Turkish lira's crash, the company announced. “When taxes or foreign exchange rates change, we sometimes need to update prices on the App Store in certain regions and/or adjust your proceeds,” the company said in its statement on Dec. 8.
Apple has announced that it will increase the prices of apps and in-apps purchases on the App Store in Turkey “in the next few days.”
On its Apple Developer website, the company said: “When taxes or foreign exchange rates change, we sometimes need to update prices on the App Store in certain regions and/or adjust your proceeds.”
After the Turkish lira nosedived 15 percent on Nov. 23 -- in its second-worst day ever – the company temporarily stopped selling products to customers in Turkey. After sales resumed, the prices of Apple products were increased by 25 percent.
The lira's slide has been driven by aggressive monetary easing which economists and opposition politicians say is reckless. Inflation jumped to a three-year high of 21.3% last month.
Despite its depleted reserves, the central bank intervened in markets twice last week over what it called unhealthy prices, keeping the lira below 14 to the dollar.
The central bank has cut its policy rate by 400 basis points since September, under pressure from President Recep Erdoğan, and is expected to ease policy again this month.
Speaking after a cabinet meeting on Dec. 8, Erdoğan said price increases in Turkey were being caused by greed and import prices, adding that he would not allow what he called the "major crime" of stockpiling in any institution.