Speculation

Venezuela’s consumer protection agency isn’t wishing price speculators a merry Christmas.

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In this interview, investigator and former Mining and Basic Industries Minister, Victor Alvarez, argues that the government must implement an economic stabilisation plan with social welfare before it is too late.

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The Venezuelan Central Bank has announced the creation of a new currency exchange entity known as SIMADI, which will allow dollars to be sold and purchased legally according to “market rates”. The new mechanism will operate alongside SICAD I and SICAD II, which will continue to sell dollars at an exchange rate set by the government. 

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Amidst the ongoing “economic war” in Venezuela, 200 people from various political collectives marched to Fedecamaras headquarters to place a spotlight on how the largest business confederation may be contributing to scarcity, inflation and speculation in Venezuela. 

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Now installed in 11 major supermarket chains nationwide, the biometric system initiated by the Venezuelan government to combat scarcity has produced immediate results. 

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A report from teleSur's Rachael Boothroyd from Caracas on Venezuelan government markets that sell food at subsidized prices to the population. A recurring problem is the re-sale of such produce by speculators on the black market; in fact, an estimated 40% of food imports wind up in the hands of smugglers. The government is taking measures to address the problem.

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International and local private media have accused the Venezuelan government of infringing “freedom of expression and information” by restricting newspapers’ access to official exchange rate dollars, and therefore their ability to import paper. The government however says the dollars have been supplied, and blames speculating paper import companies.

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From today, Venezuelan citizens and residents who have legally acquired dollars will be able to open foreign currency accounts in public Venezuelan banks. They will also be able to use those accounts to purchase cars overseas, following a decree that President Nicolas Maduro signed yesterday.

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As the Venezuelan government continues to crack down on hoarding and speculation, this week a small protest against consumerism took place in Merida. In many parts of the country there have been large lines outside stores forced to lower prices and supermarkets where scarce goods appear, while nationwide the consumer protection body Indepabis is regularly inspecting businesses for price infractions.

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Despite the Western media’s outrage, there are legitimate reasons for the occupation of stores by Venezuela’s military.

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