Friday, March 1, 2013

Venezuela and closing stores Zara by usury

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In these hard times for the country seem to be beaten half the world, when they are not puppets, are expropriations in Argentina or Bolivia or periodic reviews of pro lead us into the abyss, in which we are not, and make the look of visits foreign countries in ah .. What about Spanish?. We know that some governments are not free-market enthusiasts and liberalism in this sense is leading Venezuela. It turns out that the Venezuelan government has considered that Zara commits usury and therefore has decided to close its stores 72 hours.

As we are not here to talk about politics I will bite my tongue and thought, lover of economic liberalism and to give you information:

Earlier this month, the Chavez government announced that the official exchange rate of the country would increase from 4.3 to 6.3 bolivars per dollar. This is a devaluation of the local currency and 46% is justified by the need to confront "the outbreak of inflation and speculative suffering" the country.

The response of foreign companies on this measure has been increasing its prices to adapt to the new scenario. This has angered, and much, to the Venezuelan who has not hesitated to take the closure of all businesses that have chosen to apply their own pricing policy.

The Institute for the Defense of People's Access to Goods and Services (Indepabis) has issued this order after Inditex chain decided to raise their prices to match the deep devaluation of the bolivar and has closed for 72 hours of all stores in the country for what they have called "usury".

Zara, placed in communication with them, have said that all the country stores operate under franchise so they have little to say about it.

Via | Expansion

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