Venezuelans flocked to shopping centers in Caracas, the country's largest c...
CARACAS - Venezuelans flocked to shopping centers in Caracas, the country’s largest city, on Friday to take advantage of the first “Black Friday” discounts in recent memory, as socialist President Nicolas Maduro’s government loosens controls in the face of an economic crisis.
“My sister saw it on social media and said, ‘Look, there are 70% discounts at the Sambil,’ and we came running,” said Elizabeth Diaz, a 42-year-old bank worker from the city of Los Teques some 35 km from Caracas’ Sambil mall, where she was waiting in line outside a toy store to buy gifts for her three grandchildren.
In January, the government said it would make price controls more “flexible” and loosen a complex, longstanding system of currency controls. That has led to a wider circulation of foreign currency, as Venezuelans turn to the dollar to protect their earnings against a fast-devaluing local bolivar. “Sales are down 50% so far this year, so we decided to do Black Friday to get people excited and boost sales,” said Rosmary Mogollon, 42, who works at a shoe store in Maracaibo, Venezuela’s second-largest city, which has been hard-hit by blackouts and gasoline shortages this year.
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