ESPACIO PUBLICITARIO
CARACAS, Monday February 25, 2013 | Update
 
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ECONOMY

Venezuelan state-run basic industries increase prices by 46.5%

Venezuelan steelmaker Sidor advised clients about the price raise following devaluation of the Venezuelan bolivar (File photo)
EL UNIVERSAL
Monday February 25, 2013  12:59 PM
While private enterprises are being pressured by the Venezuelan Government to avoid increasing prices upon devaluation of the bolivar, state-run industries are making adjustments in their prices based on the new foreign exchange rate.

This is the case of the Venezuelan basic industries in Guayana, northeast Venezuela, whose prices have been increased by 46.5%.

Entrepreneurs confirmed that Sidor adjusted prices up. They added that the price of the products paid prior to the devaluation but that have not been dispatched shall be recalculated based on the new forex rate, VEB 6.30 per US dollar.

rdeniz@eluniversal.com
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This is all there is

A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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