Turkish trade minister condemns speculation, stockpiling

Turkish Trade Minister Ruhsar Pekcan on Thursday condemned speculation and stockpiling in the wake of recent financial volatility.

The value of the Turkish lira has fallen some 20 percent in August as a result of underlying economic weaknesses and a diplomatic spat with the United States. The fall has led to a rise in the cost of imported goods and materials, leading many retailers, including BİM, a discount supermarket chain close to the government, to raise prices. BİM this week raised the prices of 350 items by an average of between 25 and 30 percent.

“On the agenda are some speculators who have seen recent temporary fluctuations in the financial markets as an opportunity and who have carried out behaviours that have disrupted the market price generation for various products and product groups through price rises out of line with the balance between supply and demand and stockpiling,” Pekcan said on Twitter

“As the Trade Ministry we will continue to follow developments moment by moment and to take precautions to prevent the disruption of balance in the markets,” Pekcan said.

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