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Venezuela's National Assembly has given final approval to special powers for President Nicolas Maduro, BBC reports.
Under the measures Mr Maduro will be able to govern without consulting Congress for 12 months.
After signing the bill, he promised to keep prices down and conduct a "ground-shaking" anti-corruption offensive.
The president says the aim of the new powers is to tackle the economic crisis. However, critics fear he may use them against the opposition.
Venezuela is facing shortages of food and other essential goods, as well as power cuts and about 54% inflation.
Mr Maduro has already forced retailers to slash prices by up to 60%, as part of his fight against what he calls "economic sabotage".