Increasing Penalties for Hoarding Encouraged
The government is gearing up to crack down on exorbitant prices with new measures. Changes to penalties for stockpiling are in the works, aimed at ramping up deterrence by increasing the lower limits of punishment.
Currently, the lower limit for penalties against exorbitant price hikes stands at 10 thousand liras, as stipulated in a law passed in 2020. By the beginning of 2024, this amount had risen to 52 thousand 500 lira due to inflation. The new bill proposal calls for this figure to be raised to 80 thousand lira.
The upper limit, on the other hand, has climbed from 100 thousand lira to 525 thousand lira as a result of rising prices. The government plans to bump this ceiling up to 800 thousand liras through the upcoming regulation. Amendments to commercial laws concerning exorbitant price increases are on the horizon.
The proposed legislation, made up of 12 articles, is expected to grant the Ministry of Commerce the authority to impose temporary closure penalties of up to 15 days as part of deterrent measures. The temporary closure penalties will be implemented in phases. Additionally, the bill will address the extension of commercial cooperative registration procedures set to expire at month’s end.
