ESPACIO PUBLICITARIO
CARACAS, Friday December 28, 2012 | Update
 
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ECONOMY

"Inflation is a pain in the neck," BCV President concedes

"No country can anticipate any step," the official cautioned

Merentes: “Speculation must be fought" (TV screen capture)
EL UNIVERSAL
Friday December 28, 2012  12:23 PM
Nelson Merentes, the president of the Central Bank of Venezuela (BCV) thins that while prices have slowed down in 2012, "inflation continues being an economic problem."

For this reason, he suggested an increase of public and private production. "Speculation must be fought (...) There is the need to be more efficient in food distribution."

The Venezuelan government set an inflation goal of 20-22% this year. Through November, the national annualized price index stood at 18%. Government authorities did not disclose the year results.

Merentes promised to keep on striving in 2013 towards one-digit inflation. However, he warned, "the public will feel less inflationary pressure only after 10 years with one-digit index."

On a potential economic upregulation, the BCV president commented that "no country in the world can anticipate measures. Whoever anticipates it makes a mistake. Economy has its own rules."
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The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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