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01:35
Türkiye fines businesses 9.6 mln USD for price hikes in 2024
STORY: Türkiye fines businesses 9.6 mln USD for price hikes in 2024
SHOOTING TIME: Recent footage
DATELINE: Sept. 17, 2024
LENGTH: 00:01:35
LOCATION: Ankara
CATEGORY: ECONOMY
SHOTLIST:
1. various of the announcement of the Turkish Trade Ministry (courtesy of Turkish Trade Ministry)
2. various of the officers of the Turkish Trade Ministry checking the prices in some markets, stationery shops, and fresh vegetable storage in Türkiye (courtesy of ihlas news agency)
STORYLINE:
The Turkish Trade Ministry said Monday that it has imposed fines of some 327.4 million Turkish liras (about 9.6 million U.S. dollars) in 2024 on businesses guilty of excessive price increases and stockpiling.
From the beginning of this year till Sept. 15, the ministry has conducted price gouging inspections and sector-based inspections on 46,368 real and legal persons and imposed fines on 1,274 of them, according to a statement released by the ministry.
In particular, for price gouging inspections, 691 out of the 45,318 real and legal persons inspected have been fined 197.6 million Turkish liras, it said.
Meanwhile, for sector-based inspections, 68 out of the 202 real and legal persons in the auto sector inspected have been fined 75.1 million Turkish liras, 392 out of the 538 in the real estate sector inspected with 30.2 million Turkish liras, and 123 out of the 310 in the jewelry sector inspected with 24.6 million Turkish liras, it said.
The inspections were made to ensure price stability in the country and establish a fair domestic market, it noted.
Türkiye has been struggling with rising inflation and one of the worst cost-of-living crises of its history. Since June 2023, the central bank has raised its key interest rate from 8.5 percent to 50 percent, tightening monetary policy.
The country's annual inflation rate moderated to 51.97 percent in August, marking its lowest level in a year. The figure, released by official data in early September, came in slightly below market expectations.
Xinhua News Agency correspondents reporting from Ankara.
(XHTV)
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