Fine of 710 million TL for exorbitant prices

Minister of Trade Ömer Bolat stated that exorbitant prices, hoarding and unfair trade practices are being fought, and stated that since the beginning of the year administrative fines totaling 710 million lira have been imposed for activities that disrupt the market and harm consumers.

Within the framework of the “Business World Consultation Meeting”, Bolat met with representatives of non-governmental organizations from the business world at the Haliç Congress Center.

‘The Turkish economy is also negatively affected’

Bolat stated that despite the positive macroeconomic trend, the wave of global inflation also negatively affected the Turkish economy:

“In addition to global factors, the geopolitical risks, seismic disasters and currency attacks that we have been exposed to from time to time, especially in recent years, and their price rigidity have made us face high inflation.

In October, the annual consumer price index was 61.36 percent and the annual domestic producer prices were 39.39 percent. On a monthly basis in October, the consumer price index was 3.43 percent and domestic producer prices were 1.94 percent. Data from September and October of this year indicate that the rise in the inflation rate has slowed.

‘WE TAKE MEASURES AGAINST INFLATION TO INCREASE INCOME’

Our government is aware of the problem of inflation and has taken measures to increase income from day one to protect the low and fixed income segments from the effects of the high cost of living and to ensure that the purchasing power of all segments of society are not affected by the inflation rate.

We will get rid of this problem of high inflation with the monetary, credit and fiscal policies decisively implemented by our Ministry of Treasury and Finance and the Central Bank. In the Medium-Term Program covering the years 2024-2026, the objectives of the roadmap and the reform measures to be taken are clearly established. In fact, in line with global trends, we see that in our country a deceleration of the upward trend in inflation has begun.”

Minister Bolat said: “Those who see inflation as a big gain for them in the short term should not forget the danger of market loss, decreased demand due to declining purchasing power and capital meltdown in the medium term. Furthermore, another risk is the danger of competition from low-priced imported products. In other words, the producer and the seller should not take shortcuts. “Today should no longer be a period of looking at each other and constantly increasing prices understanding opportunism, but of making profits by lowering prices.” he said.

EMPHASIS ON ADDITIONAL PRECAUTIONS

Bolat stated that they fight decisively against exorbitant prices, hoarding and unfair commercial practices:

“In addition to continuous inspections, we are quickly implementing the necessary legal regulations. In this context, as a result of the inspections carried out by our Ministry of Commerce and the Unfair Price Evaluation Board and the Advertising Board to hundreds of thousands of companies, from retail markets to automotive companies, from real estate companies to companies in the services, which engage in exorbitant price increases, hoarding and misleading and deceptive practices towards consumers, imposing administrative fines.

The total administrative fines imposed in 2023 for activities that disrupt the market and harm consumers reached 710 million Turkish lira. The inspections carried out by our Ministry of Commerce aim to ensure that a competitive, fair and stable market structure is maintained. Additional measures may be implemented if necessary. “The government will never tolerate practices that disrupt the natural functioning of the market, create unfair competition and deceive the consumer.” (AA)