Turkey introduces fines on price hikes amid currency crisis

Turkey introduces fines on price hikes amid currency crisis

Turkish Interior Ministry ordered on Thursday tighter controls and fines on companies and stores that make high price increase during a currency crisis.

In a written statement, the ministry said that they have ordered governors to impose measures against those who "take advantage" of volatile exchange rates to hike prices.

Stockpiling will also be subject to fines, according to the statement.

Companies will not be able to delay supplying goods to the market and those who violate these orders will be fined judicially and administratively.

The Turkish government has asked 114 companies to explain their excessive price increase of goods after inspecting more than 69,000 products at nearly 4,000 companies, Turkish Trade Ministry said on Monday.

The government has recently been calling on Turkish people to report stores with hike prices.

Ankara has been taking subsequent measures against the economic recession.

Turkish Treasury and Finance Minister Berat Albayrak announced an economic measure to give a 10-percent discount in prices of goods.

Turkey's inflation soared to a 15-year high of almost 25 percent in September, amid a currency crisis as the Turkish lira has declined around 40 percent this year.

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