Parliament approves harsher fines on stockpiling, exorbitant prices

ANKARA

The Turkish parliament has passed a law that introduces harsher fines for stockpiling and exorbitant prices.

Producers, suppliers and retail businesses that violate the provision in the law on the exorbitant increase in the sales price of goods or services will be imposed administrative fines between 100,000 to 1 million Turkish Liras for each violation.

If producers, suppliers and retail businesses engage in practices that disrupt the balance of the markets and the competition that prevents consumers from accessing goods, they will be fined between 1 million liras to 12 million liras.

The Trade Ministry is authorized to impose a six-day closure penalty on businesses that violate the law three times within one year.

The total amount of administrative fines to be levied within a year will depend on the size of the enterprises. Accordingly, the fines to be imposed on small and medium-sized companies will not exceed 20 million liras and 200 million liras, respectively. The administrative fine to be imposed on large companies will be limited to 1 billion liras.

The law says it aims to protect a fair, transparent and competitive environment in the trade industry.

Trade Minister Ömer Bolat welcomed the legislation of the bill and thanked lawmakers for supporting the law.

“With these new regulations, we will continue our fight for the economic development of our country more determinedly,” Bolat wrote on the social media platform X.