Venezuela has temporarily shuttered 619 retail stores for price gouging in the wake of the devaluation of the country's currency last week, official news agency ABN said Thursday. "Many of the store owners had hiked their prices up to 80 percent," said Public Defence Institute director Valentina Querales.
She said about 1,000 shops were inspected this week to make sure their prices were fair, adding that 619 were closed down. In addition to being shuttered, the shops accused of speculation must also pay a fine. On Monday, when the devaluation of the bolivar kicked in, the government closed 70 stores for price gouging, including the supermarket Caracas, owned by the French-Colombian Exito group.
On Friday, Chavez announced the bolivar would trade at 4.30 to the US dollar for "non-essential" goods - double the previous rate - and a rate of 2.60 bolivars against the dollar for basic goods. The Venezuelan leader warned Sunday that any price speculation by shopkeepers would trigger business seizures, and called on the National Guard to help people fight price hikes.
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