Venezuelan President Reaffirms Determination to Curb Price Hikes

Edited by Juan Leandro
2013-11-14 13:36:10

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Caracas, November 14 (RHC) – The Venezuelan government is continuing to inspect businesses that are overcharging for goods and has closed down over 50 websites that have been promoting the black market exchange rate.

The Institute for the Defence of the People’s Access to Goods and Services (Indepabis) has been inspecting a range of chain stores and has forced those that are charging well above normal profit levels to sell at a fair price.

 Addressing an official event in El Pao, in the western state of Cojedes, Venezuelan President Nicolas Maduro affirmed his government's determination to control prices, saying that despite a campaign by the country's conservative right-wing forces to discredit his government's efforts, he will not back down.

Maduro added that a bill regulating prices, costs and revenue is ready to be submitted to congress.

The measures come as Venezuela has been facing shortage of staples and a staggering rate of inflation that has stayed above 20 percent for six years. The government says these economic problems are a direct consequence of an “economic war” waged by business sectors linked to the bourgeois opposition.


 



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