APPLE stops selling iPhones in Turkey as economy collapses

Corporate computer giant Apple Inc has stopped selling its iPhones and other electronic products in Turkey, following the countries currency collapse, which saw the Turkish Lira do an historic plunge of 15% the day before causing havoc in prices.

According to Greek media reports, banks have also halted giving out loans,  currency exchanges have shut as Turks rushed to exchange their Turkish Lira for US and EU dollars which is the preferred currency of the market.

While the online Apple Store remains available for customers in the country, Apple is not accepting any new orders in Turkey, not allowing shoppers to add any items to their digital shopping bag. The website reports nearly all devices as unavailable.

There is no word on when Apple might resume sales in Turkey. Meanwhile, the inflation rate is close to 20 per cent, dramatically increasing the price of goods.

With the Lira tumbling as far as 13.45 to the US dollar on Tuesday, plumbing record lows for an 11th straight session, before trimming some of those losses to close 10.2 per cent lower at 12.7015, the currency has lost 42 per cent of its value this year, including a more than 22 per cent decline since the beginning of last week with blame pointed on President Erdogan's rate cuts and interference with the country's central bank.