'Mask and Hand Sanitizer Hoarding Ban' Notice Validity Extended Until Year-End

Ministry of Economy and Finance Revises 'Notice on Prohibition of Hoarding Masks and Hand Sanitizers'

(Photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] The Ministry of Economy and Finance announced on the 28th that it will extend the expiration of the "Notice on the Prohibition of Hoarding of Masks and Hand Sanitizers" until the end of the year.

This notice was established and enacted on February 5th of this year under the "Price Stabilization Act" to prevent hoarding of masks and other items amid the spread of the novel coronavirus infection (COVID-19) and to promote market supply.

It targets producers and sellers of masks and hand sanitizers, including regulations necessary for enforcement and investigation such as criteria for determining hoarding and the operation of a hoarding report center.

Through this revision, the Ministry of Economy and Finance extended the validity period of the notice from September to December of this year, considering that COVID-19 confirmed cases continue to occur steadily despite improvements in the supply and demand conditions of masks and other items.

Additionally, to prevent producers and others from unintentionally becoming violators of the hoarding prohibition as production and inventory of masks increase, economic factors such as ▲a sudden surge in production due to new or expanded production facilities and ▲price and demand trends have been added to the criteria for determining hoarding.

The government plans to continue strengthening enforcement against hoarding through close cooperation among related agencies and to promote tougher penalties for violations of the hoarding prohibition through amendments to the "Price Stabilization Act."

This content was produced with the assistance of AI translation services.