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Venezuela president granted decree powers for war on economy

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Venezuela president granted decree powers for war on economy

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Venezuela’s parliament has granted President Nicolas Maduro special decree powers which enable him to pass laws for 12 months without congressional approval.

The successor to the late Hugo Chavez says he needs them to wage a so-called economic war in order to regulate the economy and stamp out corruption.

Critics say it is a blatant power grab.

Maduro says he has already planned his first laws: one will limit business profit margins to 15 percent and another will create a new state body to oversee dollar sales by Venezuela’s currency control board.