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Maduro Urges People to Remain Calm Amid Government Crackdown on Speculators

Caracas, November 12 (RHC) – Venezuelan President Nicolas Maduro has called on the Venezuelan people to remain calm and provide support to the government's crackdown on opposition-aligned business sectors.

Maduro asked Venezuelans on tv on Monday not to gather outside stores, stating that the fair prices that were set by the government on Friday last would remain.

On Monday, consumers flocked to privately owned appliance stores seeking to take advantage of the lower price tags.

Speculative practices were discovered last week in chain stores selling electronic and household appliances. These stores, including the country’s largest electronic appliance chain Daka, were found to be marking-up products 1200% over import costs, charging consumers what President Madruo called “grotesque prices”. The government has also informed citizens that those who bought domestic or electric appliances at the speculative prices have the right to get their money back.

Maduro also proposed that if granted temporary law-making powers by parliament he will implement price control on sectors across the Venezuelan economy. Furthermore, the Venezuelan President proposed tougher sanctions against price speculation, including prison sentences, saying that such dealers “are robbing the people”.   

Maduro confirmed that a reforms will take effect this week tackling shortages and speculation in the marketplace.

Edited by Juan Leandro
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