Colombia to Fight Venezuelan Contraband After Devaluation

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 today.

“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 in an interview on Caracol Radio.

President Hugo Chavez’s government said last week it will devalue the bolivar 32 percent to 6.3 bolivars per dollar starting Feb. 13.

To contact the reporter on this story: Oscar Medina in Bogota at omedinacruz@bloomberg.net

To contact the editor responsible for this story: Matthew Bristow at mbristow5@bloomberg.net

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