CARACAS, Wednesday February 13, 2013 | Update
DEVALUATION | Soaring production costs

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

Wednesday February 13, 2013  05:11 PM
The Venezuelan Confederation of Industries (Conindustria) stated in a press release that the devaluation enforced on Wednesday will not result in higher domestic production per se.

"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
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