National post office sued for unfair competition over gold sale

ISTANBUL

The jewelers have been raising objections against the banks and the post office, which are recently empowered to sell and buy gold coins. AA photo

Istanbul jewelers have filed a complaint to the Istanbul Commercial Courts against the Turkish post office (PTT), claiming the institution is causing unfair competition by buying and selling gold coins stamped with the PTT logo. 

“The PTT pretends like the gold coins it sells are guaranteed by the state,” the chamber’s petition says, asking the PTT to stop buying and selling gold completely or removing the PTT stamps on the coins. “It causes unfair competition by stepping outside of its field of expertise,” the statement said.

Last month the chamber sued Turkey’s banking watchdog, Banking Regulation and Supervision Agency (BDDK), citing competitiveness concerns regarding a recent regulation that empowered Turkish lenders to buy and sell gold coins.

The Ankara Chamber of Jewelers also mobilized its members in Ankara and other Anatolian cities to strike back at the PTT by not selling its gold coins.