Erdogan promised a “high price” for those who artificially inflate prices in the republic and announced new punitive measures.
The Turkish parliament will discuss this week a bill on penalties against those who artificially inflate prices in the country amid high inflation, Ekonomim writes.
Earlier, Turkish President Recep Tayyip Erdogan promised a “high price” to those who artificially inflate prices in the country and announced new punitive measures.
Violators of the regulation on the inadmissibility of exorbitant increase in the selling price of goods or services by manufacturers, suppliers and retailers will be fined from 100 thousand liras to one million (3 - 31 thousand dollars).
Activities that create shortages in the market, violating market equilibrium and free competition, as well as activities that prevent consumers from accessing goods will also be subject to sanctions. Violators will have to pay fines ranging from one to 12 million liras (about $373,000).
Those who fail to deliver or install goods on time will pay a fine of 2.2 thousand liras (68 dollars), and those who evade the sale of goods or services will be fined at least 2.2 thousand liras, but not less than 10% of the total selling price of the goods or services, including all taxes.
Turkey's annual inflation rate reached 69.80 percent in April, the country's Statistics Institute (TUIK) said. This is the highest since November 2022, when inflation was 84.39%.