New Regulations Against Price Gouging and Stockpiling by AK Party Group Chairman Abdullah Güler

AK Party Group Chairman Abdullah Güler Announced New Regulations Against Exorbitant Prices and Stockpiling

AK Party Group Chairman Abdullah Güler announced that they will submit a Draft Law Amending the Turkish Commercial Code and Some Laws to the Turkish Grand National Assembly (TBMM) containing measures to be taken regarding exorbitant price increases and stockpiling.

What Do the Proposed Changes Include?

Güler stated the following about the content of the proposal: “Exorbitant price increases and stockpiling disrupt economic balances and cause hardship for the citizens. Therefore, we are increasing the fines for combating exorbitant price increases and stockpiling activities. We are introducing new regulations regarding stockpiling. In our proposal, there is a provision for the closure of businesses engaged in stockpiling for up to six days. We are increasing the fine amount for exorbitant price increases from 100,000 to 1 million TL, and the fine amount for stockpiling from 1 million TL per violation to 12 million TL. Additionally, producers, suppliers, and retailers identified three times within a calendar year for engaging in stockpiling will face closure for up to six days. To protect consumers, we are adding a regulation to our proposal that allows the Advertising Board to swiftly block access in case deceptive advertisements are published on the internet.”