In an effort to deter opportunists from making unfair price hikes to goods and services in the face of a seriously devalued Turkish lira, the government has warned that such acts would be punished.
Legislation already in place “punishes through fines, closure of the workplace and imprisonment, those who are trying to deceive by overcharging on products after taking advantage of the increase in the foreign exchange”, said Deputy Prime Minister and Minister of Foreign Affairs Kudret Ozersay. He added: “The legislation gives authority to the government and we’re not afraid of anyone”.
Twelve officers in the Trade Department have been appointed as price and quality control officers.
Ozersay told Turkish Cypriot news agency TAK that “price and quality control officers have been appointed as of Thursday”, adding that “the government may declare some products and services as regulated and controlled”. He further said that “those who do not comply with the maximum price or maximum profit practice on the products declared as controlled products and those who violate the law will be punished”. He added: “In case of a conviction, then a fine up to 10 times the minimum may be imposed or up to 3 years imprisonment or up to 30 days closure of their workplace or all these penalties combined”, the deputy PM said.