Turkish President Threatens Heavy Penalties On Defying New Measures To Curb Inflation

Posted by African Examiner Europe, Latest Headlines Monday, February 14th, 2022

(AFRICAN EXAMINER) – Turkish President Recep Erdogan announced on Monday that heavy penalties will be imposed on those who do not comply with the government’s new economic measures to curb the skyrocketing prices.

Erdogan said this to reporters in Istanbul before departing for the United Arab Emirates (UAE).

“With the inspection teams we have established, we will impose severe penal sanctions on those violating the steps we have taken.’’

The Turkish president stressed that relevant ministries would regularly carry on audits with all their inspectors.

On Saturday, Erdogan said his government lowered the value-added tax (VAT) on basic food products from eight per cent to one per cent.

The VAT was to ease the burden of Turkish citizens amid the soaring cost of living caused by high inflation.

In line with the decisions, starting Monday, grocery stores and supermarkets are expected to cut the prices of the designated products, including white and red meat, beans, lentils, chickpeas, and babies’ foods, according to media reports.

Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January.

NAN