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Turkey tightens control over prices in the country

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Turkish government asked the municipality authorities to introduce stricter controls and fines on businesses, which increase prices more dramatically because of the country’s economic difficulties.

In recent months, the Turkish economy has been hit by a currency crisis and the price of the Turkish lira has fallen by 40%, while inflation has reached almost 25%, the highest value for the past 15 years. And while prices in Turkey are rising, the President Recep Tayyip Erdogan has called on Turks to report stores and retailers that excessively increase prices.

At the same time, Finance Minister Berat Albayrak on Tuesday announced a plan for a “voluntary” price cut of 10% in an attempt to respond to rising consumer prices.

Earlier, the Turkish Interior Minister Suleyman Soylu sent notifications to the mayors of all 81 Turkish provinces, demanding to take measures against those who “take advantage” of volatile exchange rates to raise prices.

“It has been found that some businessmen, companies and shops have increased prices sharply in recent days, causing sharp price increases”, says the ministry.

Previously, the government also banned companies from imposing arbitrary price increases if they were not affected by an increase in input prices or interest rates.

The depreciation of the Turkish lira was triggered by the conflict between Turkey and the United States, and worries about Erdogan’s influence on the country’s monetary policy. However, according to Ankara, the problems in the country’s economy are triggered by an “economic war” against Turkey.