Venezuela President granted special powers

Venezuela’s National Assembly has given President Nicolas Maduro wide-ranging special powers to rule by decree for the next 12 months.

Lawmakers gave the final approval on Tuesday to the Enabling Act, after the first reading on November 14, allowing the socialist President to rule by decree without having to seek parliamentary approval.

Maduro requested the special powers last month, arguing that the decree is needed to fight corruption and soaring inflation in the country.

The 50-year-old president accused the opposition of waging “economic warfare” against the country.

“The prices came down and with the Enabling Act, they will stay where they should,” he said.

Venezuela has been battered by a 54 percent inflation rate and a shortage of hard currency and basic goods.

Critics say the government-imposed fixed exchange rate and price controls are the main reasons for the problems.

On November 9, Maduro used his existing authority to force electrical appliance retailers to cut prices, sending troops to keep rising prices under control.

Maduro accused the retailers of pricing products over 1,000 percent of cost, saying, “This robbery of the people has to stop.”

The retailers’ prices were discounted up to 60 percent, and Maduro stated that the move would also be extended to other products such as cars, clothing and toys.

According to Maduro, the Venezuelan right-wingers backed by the United States have waged an economic war to bring down his government.

He went on to say that the plot is meant to cause food shortage, rising inflation, and the theft of government-supplied foreign exchange at the time when the country is facing serious economic problems.