Anti-speculation Law Comes into Effect in Venezuela
- Submitted by: manso
- 07 / 27 / 2011
By. Dayami Interián García.11:32Caracas, Jul 19 (Prensa Latina) The Law on Fair Costs and Prices, recently promulgated as enabling act by President Hugo Chavez, takes effect Tuesday to fight speculation, an initiative that stirs up disagreements between the government and the opposition.
Once enforced, the law has 90 days to fix cost structures with the participation of private and state sectors, as well as the population.
According to Vice President Elias Jaua, the new regulation is vital to get the economy into shape, and ensure the transition towards socialism.
The idea is not to make the private sector go bankrupt, as many people say. The objective is to inform the people about import and production costs, profits, and fair prices to access goods and services, with the objective of neutralizing capitalist expressions, he told reporters on Monday.
Speculation is considered one of the main causes of the high Consumer Price Index in Venezuela, which is currently at around 23 percent.
The law also represents the continuity of the pro-inclusion efforts carried out by the Chavez government in the past twelve years, Jaua said.
"This government has returned Venezuelans their purchasing capacity, and rights to food, health, and education, which we must defend, because that is crucial in a democracy," he stressed.