GFM: the government will extend the mandatory promotions until the end of June 2024

By: Trademagazin Date: 2023. 11. 22. 13:56

In order to further reduce inflation, the government will extend the mandatory campaign until the end of June 2024, the Ministry of Economic Development (GFM) announced on Wednesday.

According to the ministry’s statement, in the difficult economic situation caused by the war and the failed sanctions, the government is doing everything to protect families and restore economic growth. Sanctions and multi-price speculation pushed inflation sky high and reached a level that was beyond the central bank’s tools. In order to protect families, jobs and the economy, the government has taken over the task and responsibility of fighting inflation from the central bank – stressed the GFM.

In the announcement, it was highlighted: 2023 is the year of breaking inflation, and 2024 is the year of restoring growth. In order to curb the price increase, the government, on the recommendation of the Ministry of Economic Development, among other measures, introduced mandatory promotions from June 1, 2023, then increased its rate to 15 percent from August, and significantly expanded the range of products designated for mandatory promotions.