The Ministry of Trade published an amendment to the Regulation on the Principles and Rules in Retail Trade (“Retail Trade Regulation“), which was published and entered into force on November 28, 2018. The amendment regulates new installment payment periods for mobile phones priced at TRY 3,500 or more.
The amendment to the Retail Trade Regulation re-establishes installment periods for certain products. Accordingly, installment periods are capped at three months for TVs and audio and video systems and at six months for computers, tablets and mobile phones priced at TRY 3,500 or more. The amendment will enter into force on January 31, 2019.
Until January 31, 2019, mobile phones priced at TRY 3,500 or more may continue to be sold with installment periods up to 12 months.
The Ministry of Trade has taken into regard the varying prices of the mobile phones placed in the market and accordingly re-established the instalment periods based on certain price limits. Retailers, producers and retailers should review the principles and rules set forth under the Retail Trade Regulation and conduct their businesses in compliance with the relevant provisions.