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CARACAS, Monday January 28, 2013 | Update
 
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ECONOMY

Delayed economic steps lead to inflation, shortage in Venezuela

US dollar sale has slipped from USD 140 million to USD 80 million per day

Shortage was reported at 16.2% by the end of the year and escalated in January (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Monday January 28, 2013  11:55 AM
After two months of uncertainty concerning the economic actions to be taken by the Venezuelan Government, Vice-President Nicolás Maduro informed that President Hugo Chávez had approved several memorandum accounts in connection with economic decisions that will be fully explained by the relevant ministers.

Without delving into the contents or dates, the senior official just stated that the economic steps will focus on the budget, the handling of gold reserves, control of speculation and resources for housing program Great Mission Housing Venezuela. He added that the economic measures are intended to stimulate exports, as well.

Although the Venezuelan Government was closed to reach its goals in 2012 in terms of economic growth and inflation, it faces a fiscal gap and problems in goods supply. Failure to deal promptly with such imbalances has resulted in high prices and shortage early in January 2013.

Economist Asdrúbal Oliveros has indicated that delays to make economic decisions are expressed in the respective indicators, for instance, growing inflation which stood at 3.5 in December 2012. Moreover, shortage was reported at 16.2% last December and continues escalating.

Oliveros added that there have been different reports concerning the sale of US dollars, which slipped from USD 140 million early in 2012 to USD 80 million by the end of the year.

marmas@eluniversal.com

Translated by Jhean Cabrera
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