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Colombia fights contraband in Venezuela devaluation

Tuesday, February 12, 2013

The Colombian government is studying how to curb the smuggling of subsidized or price-controlled goods from Venezuela after its neighbor devalued its currency, Finance Minister Mauricio Cardenas said.

“We can’t allow that, due to the devaluation in Venezuela, the Colombian market is inundated with contraband, putting at risk very important sectors in our economy,” Cardenas said.

President Hugo Chavez’s government said last week it will devalue the bolivar 32 percent.

Source: Bloomberg