October 11, 2018 / 6:50 AM / 2 months ago

Turkey says to introduce tighter controls, fines for steep price hikes

ANKARA, Oct 11 (Reuters) - Turkey ordered governors across the country to impose tighter controls and fines on those carrying out steep price hikes due to economic developments, the interior ministry said on Thursday.

Minister Suleyman Soylu sent a notice to governors in all 81 provinces asking for measures to be taken against those “taking advantage” of volatile exchange rates to hike prices, the ministry said.

President Tayyip Erdogan has previously called on Turks to report stores excessively hiking prices, vowing to raid them if necessary. On Tuesday, Finance Minister Berat Albayrak announced a plan to cut prices by 10 percent in an attempt to combat rising consumer prices. (Reporting by Ece Toksabay and Tuvan Gumrukcu; Editing by David Dolan)

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