Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Venezuela Using Low-Priced Appliances to Counter Recession
Jan 18, 2010
 Printable format
 Email this Article
 Search

A shipment of Chinese home appliances will be sold cheaply in Venezuelan government stores to stop speculation by retailers after the country's currency was devalued last week, President Hugo Chavez said.

"A boat is coming from China. It brings refrigerators, television sets, and washing machines we'll be selling at low prices, as we already do with food products in the Mercal chain," Chavez said of the government-owned supermarkets opened in 2003.

Since announcing the devaluation of the Venezuelan bolivar, Chavez has launched an anti-speculation drive throughout the country, urging people to report any price gouging to the police. The devaluation is designed to counter a recession that struck last year amid falling oil prices and production in Venezuela, Latin America's largest oil producer.

It was also intended to tackle rising inflation brought on by a string of nationalizations of foreign firms and banks. But the devaluation has sent shoppers rushing to the stores.

The bolivar is now trading at 4.30 to the dollar for "non-essential" goods -- double the past rate -- and at 2.60 bolivars to the dollar for basic goods, in an election-year move aimed at favoring the poor.

"We, the government, will import whatever is needed to be imported. We'll not let speculating shopkeepers raise prices to the detriment of the public," Chavez said. Another aim of the devaluation, government officials said, is to slash imports by 40 percent and stimulate local production.

(Source: AFP)

Back to Daily News

 

Daily News

...........................................................

Aug 29, 2014: Adaptive Frequency Drive Increases Trane Chiller Efficiency

Aug 29, 2014: Vitamix President Receives Entrepreneur of the Year Award

Aug 28, 2014: LG Heat Pump Clothes Dryer Earns Emerging Technology Award

Aug 28, 2014: Early Snowthrower Demand Boosts Toro Sales

Aug 27, 2014: Sustainability Standard Launched for Household Portable and Floor Care Appliances

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows