Venezuelan president announces measures to stabilize, optimize economy

Venezuelan President Nicolas Maduro on Wednesday announced a string of measures to stabilize and optimize the country's economy and fight the "economic war" launched by opposition groups. The Venezuelan government would adopt measures to balance the real economy and crack down on economic speculations, said the president in a nationally broadcast speech. Maduro, who came to power in April with a slight majority and rules over a divided Venezuela, had accused the right-wing opposition of waging an "economic war" deliberately "sabotaging" the Venezuelan economy. The president said his government would kickstart a special operation during the Christmas season to guarantee fair prices in textiles, shoes, electrical appliances, vehicles, personal hygiene products and toys. He also pledged to stabilize a special compensation fund to guarantee the supply of food and goods for the Christmas season and the first half of 2014. In addition, Venezuela will tighten control on the foreign exchange system to "optimize the investment of every dollar belonging to the country," he said. The country will also stimulate national savings, especially those in Venezuelan national currency bolivars, to boost the financial sector. Venezuela has one of the highest inflation rates among Latin American countries, staying above 20 percent for the past six years.