New law on combating overpricing in Turkey

According to the latest news, a bill consisting of 23 articles on amendments to the Commercial Code has been submitted to the Presidium of the Grand National Assembly. The bill provides for an increase in fines as part of the fight against price gouging and the accumulation of stocks in warehouses for the purpose of speculation. The purpose of the bill is the natural functioning of the market and the fight against unfair competition that misleads consumers.

The head of the parliamentary group of the ruling Turkish party, Abdullah Guller: "The amount of the fine for overcharging will range from 100,000 to 1 million liras; the amount of the fine for stockpiling will range from 1 million liras to 12 million liras for each violation. We also present to the Ministry the right to impose penalties in the form of closure for up to 6 days on manufacturers, suppliers and retail enterprises that have been caught accumulating stocks at least 3 times during a calendar year."

Guller said that the bill will be adopted after the completion of work in the Commission on Industry, Trade, Energy, Natural Resources, Information and Technology and in the General Assembly.