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| Venezuela ends toilet paper shortage | Venezuela ends toilet paper shortage |
| (about 5 hours later) | |
| Venezuela's National Assembly has backed plans to import 39 million rolls of toilet paper, in an effort to relieve a chronic shortage. | Venezuela's National Assembly has backed plans to import 39 million rolls of toilet paper, in an effort to relieve a chronic shortage. |
| Lawmakers voted to approve a $79m credit for the country's ministry of commerce, which will also be used to buy toothpaste and soap. | Lawmakers voted to approve a $79m credit for the country's ministry of commerce, which will also be used to buy toothpaste and soap. |
| The products are currently in short supply in Venezuelan shops. | The products are currently in short supply in Venezuelan shops. |
| The oil-rich nation relies on imports, but currency controls have restricted its ability to pay for foreign goods. | The oil-rich nation relies on imports, but currency controls have restricted its ability to pay for foreign goods. |
| President Nicolas Maduro, who won a narrow majority in April's presidential elections, maintains that the country's periodic shortages of basic goods are the result of a conspiracy by the opposition and rich sectors of society. | |
| Mr Maduro has vowed to uphold the legacy of his late predecessor, Hugo Chavez, whose "21st-Century socialism" involved sweeping nationalisation and extensive social programmes. | Mr Maduro has vowed to uphold the legacy of his late predecessor, Hugo Chavez, whose "21st-Century socialism" involved sweeping nationalisation and extensive social programmes. |
| But analysts say that the government's attempts to impose state control on the economy have created huge imbalances that have led to the shortages. | But analysts say that the government's attempts to impose state control on the economy have created huge imbalances that have led to the shortages. |
| "Price controls, for example, act as a disincentive to local producers, forcing them to cut output," says the survey organisation Consensus Economics. | "Price controls, for example, act as a disincentive to local producers, forcing them to cut output," says the survey organisation Consensus Economics. |
| "The resulting scarcity forces up inflation, defeating the entire purpose of price controls in the first place." | "The resulting scarcity forces up inflation, defeating the entire purpose of price controls in the first place." |
| Venezuela's inflation is the highest in Latin America and is currently running at about 25%. | Venezuela's inflation is the highest in Latin America and is currently running at about 25%. |
| The currency, the bolivar, has been devalued repeatedly in recent years, most recently by 32% in February. | The currency, the bolivar, has been devalued repeatedly in recent years, most recently by 32% in February. |