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Aug 14 2018

Turkish firms are hoarding goods illegally – business group

Some Turkish companies have begun to hoard goods illegally amid a slide in the lira and accelerating inflation, the head of a leading business group said.

Action will be taken against such companies, which are seeking to profit from economic difficulties,said Faik Yilmaz, head of ISTESOB, an association representing Turkish producers and craftsmen, according to Dunya newspaper

Turkey’s inflation rate has surged to almost 16 percent and producer prices are increasing at a rate of 25 percent after heavy losses for the lira this year.