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Venezuela to Regulate Car Prices to Combat Record Inflation

Venezuela’s President Nicolas Maduro said he’ll sign legislation today to regulate the price of new and used cars in the country’s latest measure to combat record inflation.

The law will allow the government to set car prices, require manufacturers to provide weekly production figures, ensure that used car prices don’t exceed new car costs and provide licenses to individuals to import a vehicle using an account in euros or dollars with a state bank, Maduro said yesterday in a national address.