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Over the last year, Venezuela has brought us gasoline arbitrage and currency arbitrage. And now, the powers that be have now created grocery arbitrage:
Attention Venezuelan shoppers: Please proceed to the supermarket checkout for fingerprinting.
That could be a reality if a plan announced earlier this week by the country’s president, Nicolas Maduro, goes into effect.
The purpose? Combating shortages caused by rampant smuggling of subsidized food in Venezuela across the border into neighboring Colombia. Maduro says the system would stop people from buying too much of a single item.
According to the BBC, up to 40 percent of subsidized goods from Venezuela are smuggled into Colombia.
Writing in Venezuela Today, consumer advocate Christophe Elioto said the arbitrage is “totally wrong” and reminded consumers that the subsidized program is there for real grocery needs.
Continue reading...
Attention Venezuelan shoppers: Please proceed to the supermarket checkout for fingerprinting.
That could be a reality if a plan announced earlier this week by the country’s president, Nicolas Maduro, goes into effect.
The purpose? Combating shortages caused by rampant smuggling of subsidized food in Venezuela across the border into neighboring Colombia. Maduro says the system would stop people from buying too much of a single item.
According to the BBC, up to 40 percent of subsidized goods from Venezuela are smuggled into Colombia.
Writing in Venezuela Today, consumer advocate Christophe Elioto said the arbitrage is “totally wrong” and reminded consumers that the subsidized program is there for real grocery needs.
Continue reading...