Over 4,000 companies have registered their pricing structures with the Venezuelan government’s Automated Price System (Sisap) as part of the latest phase in the new Law of Fair Costs and Prices. The law allows the Venezuelan state to set prices across a range of economic sectors in a bid to ensure access to goods and services for the Venezuelan people and to combat hoarding and price speculation by private companies.
Since confronting Italian company Parmalat over its hoarding of milk last week, and fining Swiss transnational Nestle for the same, the Venezuelan institution Indepabis has announced that it is going on the offensive to get hoarded milk to the people.
On Thursday those involved in the fight against price speculation in Venezuela held an educational forum in Caracas to help consolidate the 500 popular “Committees against Speculation” established to support government efforts against unfair pricing practices.
Venezuela’s National Assembly approved, in the first round of discussion, a new reform to the Law against Illicit Exchange on Tuesday in order to curb speculation after the Bolivar currency fell further in the parallel market.
After officially devaluing the national currency last Friday, the Venezuelan government announced a series of measures to increase the country’s exports, substitute its imports, boost electricity production, and combat price speculation, as purchasing frenzies sprung up in several major cities on Monday. However, union leaders have reacted with concern to the devaluation and recommended wage increases.