Russia’s Tanking Ruble Causes iPhone 6 Price To Surge Another 35 Percent
Russia has a ruble problem and it doesn't appear to be getting any better. Since the start of 2014, the ruble has lost 57 percent of its value versus the U.S. dollar, and the Bank of Russia has raised interest rates from 10.5 percent to 17 percent according to CNN Money.
Apple has a presence in Russia via its online store, and the falling ruble has also had affect on its business operations. "Due to extreme fluctuations in the value of the ruble, our online store in Russia is currently unavailable while we review pricing,” said Apple in a statement last week. “We apologize to customers for any inconvenience.”
The closure of Apple’s Russian store was short-lived, and it is now back online. However, pricing for the popular iPhone 6 has skyrocketed to account for the wide delta between the ruble and the U.S. dollar.
Before the store closed last week, the base 16GB iPhone 6 sold for 39,990 rubles ($716) – the same phone costs $649 unlocked from U.S. store. When the Russian store reopened this morning, the price was 53,990 rubles ($968), making for a 35 percent increase in price. But keep in mind; Apple already raised prices by 25 percent back in November due to currency fluctuations, so Russians that were to purchase an iPhone 6 today would be paying 70 percent more than they would have at the beginning of November.
But even with a base price that is so closes to hitting $1,000 the iPhone 6 looks like a relative bargain compared to the Tonino Lamborghini Group Tauri 88, which well set you back over $6,000.