Türkiye slams businesses with $9.6M in fines for stockpiling, price violations

The Turkish Ministry of Trade continues its inspections in 81 provinces without slowing down, to ensure price stability and combat exorbitant prices in Türkiye.

As of September 15, 2024, the Ministry of Trade inspected 46 thousand 368 real and legal persons, fining 1,274 of them a total of ₺327.4 million ($9.6 million) for violations and stockpiling.

Inspections increased in various sectors

The automotive, real estate and jewelry sectors announced an increase in inspections in 2024. Specifically, the automotive sector fined 68 companies involved in stockpiling goods valued at ₺75 million ($2.2 million). 538 inspections in the real estate sector resulted in fines of ₺30.1 million ($888,171) for 392 individuals. Among the 310 individuals inspected in the jewelry sector, 123 received fines totaling ₺24.6 million ($724,622).

Unfair Price Evaluation Board decisions 

At the Unfair Price Evaluation Board meeting numbered 2024/3 held on July 24, 2024, 48 companies were imposed with an administrative fine of ₺30.1 million ($885,397) during inspections of in-state traders and poultry companies.

The Ministry of Trade emphasized that inspections will continue to maintain price stability.