AGL 40.50 Increased By ▲ 0.30 (0.75%)
AIRLINK 128.95 Decreased By ▼ -0.16 (-0.12%)
BOP 6.35 Decreased By ▼ -0.25 (-3.79%)
CNERGY 4.12 Increased By ▲ 0.09 (2.23%)
DCL 8.63 Increased By ▲ 0.18 (2.13%)
DFML 42.29 Increased By ▲ 1.04 (2.52%)
DGKC 87.76 Increased By ▲ 0.76 (0.87%)
FCCL 33.60 Increased By ▲ 0.25 (0.75%)
FFBL 66.75 Increased By ▲ 0.85 (1.29%)
FFL 10.70 Increased By ▲ 0.16 (1.52%)
HUBC 112.70 Increased By ▲ 2.00 (1.81%)
HUMNL 15.82 Increased By ▲ 0.59 (3.87%)
KEL 4.79 Increased By ▲ 0.01 (0.21%)
KOSM 7.89 Increased By ▲ 0.06 (0.77%)
MLCF 41.95 Increased By ▲ 0.05 (0.12%)
NBP 61.10 Increased By ▲ 0.60 (0.99%)
OGDC 189.20 Increased By ▲ 6.40 (3.5%)
PAEL 25.50 Increased By ▲ 0.14 (0.55%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 149.01 Increased By ▲ 1.20 (0.81%)
PRL 25.10 Increased By ▲ 0.54 (2.2%)
PTC 16.37 Increased By ▲ 0.13 (0.8%)
SEARL 70.58 Increased By ▲ 0.08 (0.11%)
TELE 7.35 Increased By ▲ 0.05 (0.68%)
TOMCL 36.01 Decreased By ▼ -0.29 (-0.8%)
TPLP 8.06 Increased By ▲ 0.21 (2.68%)
TREET 16.25 Increased By ▲ 0.95 (6.21%)
TRG 51.50 Decreased By ▼ -0.20 (-0.39%)
UNITY 27.30 Decreased By ▼ -0.05 (-0.18%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,916 Increased By 73.7 (0.75%)
BR30 30,464 Increased By 427.5 (1.42%)
KSE100 93,220 Increased By 699 (0.76%)
KSE30 28,975 Increased By 188.7 (0.66%)

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 Wednesday. "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 on Friday, 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. But the devaluation has sent shoppers rushing to the stores. Announced Friday and starting Wednesday, the bolivar will now trade 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 favouring the poor.

Copyright Agence France-Presse, 2010

Comments

Comments are closed.