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.