Page 24 - TURKRptFeb22

2.7 “Stockpiling”
On December 10, market regulators fined an unnamed automotive dealer in Izmir the upper limit of Turkish lira (TRY) 0.5mn ($36,000) for stockpiling.
Since 2019, Turkey has raided onion warehouses, launched competition probes against supermarket chains and pushed banks to extend loans, among other moves intended to master an unruly economy, an economy that has been sorely mismanaged by the Erdogan administration in the eyes of critics. Its latest move is a fight against buyers purchasing in bulk on speculation.
As the Turkish lira is in meltdown and inflation is booming all around, those who hold some lira are seen buying whatever they can find. Meanwhile, no-one wants to sell their goods since they know that they will not be able to replenish stocks with the money they earn.
On December 12, Demiroren News Agency reported that markets across Istanbul were applying quotas to many products, including oil, milk, sugar and cigarettes.
24 TURKEY Country Report February 2022 www.intellinews.com