A new article addressing the current currency fluctuations on consumer sales prices is introduced to the “Misleading Commercial Practices” section of the Regulation on Commercial Advertisement and Unfair Commercial Practices’ (“Regulation“) Annex titled “Examples of Unfair Practices” (“Annex“).
The article, added to “Misleading Commercial Practices” section of the Annex reads:
“To increase the sale price of a good or service offered to the consumer without a valid reason and indicating that the sale price increase is a result of changes such as input cost and the exchange rate, even though the sale price is unaffected by these changes [is a misleading commercial practice].”
As per article 77/13 of the Law on the Protection of the Consumer No. 6502, discovered unfair commercial practices must be ceased provisionally or permanently, and the perpetrators will be fined up to TRY 5,000.00. If the unfair practice occurred nationwide, the administrative fine is TRY 50,000.00.
The introduced article takes measures against the unfair applications arising from the current currency fluctuations and prevents the concern increasing among the consumers. The article prevents the increase of sale price by commercial enterprises whose input cost is not in foreign currency or is unaffected by the increase in exchange rate to protect consumers.