Nerkh

Definition of "Nerkh"

The system of controlling prices followed by the Ottomans during the 1300 to 1920. The Ottoman government used to fix prices of essential commodities in the light of market conditions, cost of production and demand by consumers. The prices were fixed in consultation with members of respective guilds. Office of the qadi used to keep a register, known as qadi sicilli or sicilli shari‘ah, which showed the prices fixed during a particular period. The office of the muhtasib used to monitor prices in the market and ensure that the fixed prices are not violated by individual traders.