Another attempt to trump the Laws of Supply and Demand;
Venezuelan President Nicolás Maduro announced the enactment soon of the Law on Costs and Fair Prices set to lay down the rules providing for a 30% profit ceiling for all economic activities.
Further on, the president announced the merger of Institute for the Defense of People in the Access to Goods and Services (Indepabis) and the Superintendence of Fair Costs and Prices (Sundecop) into the Superintendence of Fair Prices, which will be headed by Andreína Tarazón. The president also designated Karlín Granadillo as the Costs, Estimates, and Profits Supervisor. General Luis Motta Domínguez was also designated as the Fair Prices Supervisor.Maduro also decreed an official exchange rate of 6.3 Bolivars to the US Dollar. But the markets are buying them at almost double that rate--over 11 VEB--with JP Morgan predicting an eventual rate of 17. Surprise, surprise, Venezuelans are finding that they can't import goods from overseas.