Business group calls for immediate price reduction

ISTANBUL

The Independent Industrialists and Businessmen Association (MÜSİAD) has called on its members and the business world to reduce their prices in the wake of the decrease in foreign exchange rates.

“We will show our determination in the fight against inflation by announcing our members, who have taken the responsibility and revised their prices downwards due to the easing of the pressure of the exchange rate on costs, through our social media accounts,” it said in a statement.

MÜSİAD, which was founded in 1990, has more than 11,000 members representing over 60,000 enterprises.
“We are proud that our call has been responded quickly. Our members have started supporting our call with price reductions,” said MÜSİAD head Mahmut Asmalı.

“I believe that our campaign will keep snowballing, and not only MÜSİAD members but all the firms operating in our country will join it,” he added.

Turkish Lira gained nearly 44 percent against foreign currencies this week, floating around 11.45 against the U.S. dollar and 13.03 against euro on Dec. 24.

Apple also announced that it would reduce the prices of its products around 25 percent.

Many automotive brands have started decreasing car prices between 10 percent and 40 percent, according to media reports.

The Construction Contractors Confederation (İMKON) has called on suppliers to lower material costs. The cost of iron has contracted from 14,150 liras per ton to 10,000 liras per ton since Dec. 20, İMKON head Tahir Tellioğlu told daily Hürriyet.

Gasoline prices were lowered 1.63 liras per liters to around 11.61 liras in Istanbul and 11.69 liras in Ankara, however, those reductions will not be reflected on pump prices because of a regulation that adds the deduction to the special consumption tax.