Ministry intervenes in ‘simit’ price hike with new regulation

ANKARA

The Trade Ministry has weighed in on the recent hike in prices of "simit," often called “Turkish bagel," following a regulation introduced by the Confederation of Tradesmen.

With the ministry’s approval, the regulation, aimed at determining prices of simit has taken effect after its publication in the Official Gazette.

Under the amended regulation, simit prices can now be adjusted with the consent of the ministry, similar to bread prices.

The process entails collaboration between provincial directorates of commerce, the union of relevant chambers and representatives from the chamber issuing the tariff and the relevant municipality.

A committee from these entities will evaluate tariff proposals for simit prices. Once the proposal is formed, it undergoes scrutiny from the ministry, whose positive outlook is necessary for final approval.

However, in cases where the ministry does not approve, the board of directors may submit a revised tariff proposal with justifications, for approval without convening with the committee.