Industries call for further steps to boost domestic production
The Venezuelan Confederation of Industries (Conindustria) stressed that production will not be ensured by devaluating the currency. It is also important to secure the sale of US dollars
"It is important to highlight that the actions taken as part of the foreign exchange policy will not be enough to boost domestic production. It is vital to guarantee the proper flow of US dollars so that companies can keep up with their operations. This will also ensure consumers' access to goods and services," Conindustria remarked.
Although the entrepreneurs were confident that the adjustment of the foreign exchange rate was essential and could not be put off, they said it was important to adopt actions to increase companies' profitability.
Moreover, Conindustria warned that the new foreign exchange rate (VEB 6.30 per US dollar) will unavoidably have an impact on production costs, not only because of its implementation, but also because it comes along with a 20% increase in the tax unit.
Translated by Jhean Cabrera
A week into the beginning of the school year at the República del Ecuador school, in the San Martín neighborhood (downtown Caracas), and classes are taught only until 10 am. Thieves who broke into the school this summer caused major damage when they stole copper wiring and air-conditioning units, resulting in a power outage leaving classrooms in the dark(especially preschool classrooms, which are affected the most).