Girish Gupta

HOME

BY COUNTRY

Brazil
Colombia
Cuba
Ecuador
Egypt
Guyana
Iraq
Jordan
Lebanon
Mexico
United Kingdom
Venezuela

BY MEDIUM

Text
Photo
Radio
TV/Video

BY PUBLISHER

Al Jazeera
BBC
BuzzFeed
CBC
Christian Science Monitor
CNN
Daily Mail
Datum
Ecologist
Economist Intelligence Unit
Emerging Markets
Financial Times
Foreign Policy
France 24
Fusion
GlobalPost
Guardian
Independent
La Prensa (Panama)
LatinFinance
Mancunion
Monocle
National (Abu Dhabi)
New Internationalist
New Statesman
New York Times
New Yorker
NPR
PBS
PRI
Radio France Internationale
Reuters
RTE
Sky News
Sun
Sunday Times
Telegraph
TIME
Times of London
USA Today
Vice
WLRN

ABOUT

About
CV
Contact (PGP Key)

Twitter
Facebook
LinkedIn
Venezuela agrees to repatriate $3.8 bln airline revs -industry group
Mar. 28, 2014 — Caracas, Venezuela

Published by Reuters

Venezuela's government will allow foreign airlines to repatriate $3.8 billion in ticket sales revenues that had been stuck inside the country due to currency controls, Venezuela's airline industry association said on Friday.

The South American nation requires airlines to bill tickets in the local bolivar currency. For close to two years the state currency board has denied airline requests to convert ticket sales revenues into hard currency and repatriate the funds.

The Venezuelan Airlines Association, or ALAV, said the government had promised to recognize the full amounts of ticket sales revenues using the exchange rate in place at the time the fares were sold.

The group's president, Humberto Figuera, said the funds would be progressively released between now and the end of 2015.

Government officials had previously suggested airlines would have to repatriate the revenue at a considerably weaker exchange rate created through a newly launched currency platform, which would have implied losses of up to 90 percent.

The International Air Transport Association, or IATA, said in an interview this week that some airlines were considering ceasing operations because of the frozen funds and that the government had in the past promised to allow the funds to be repatriated.

Alternative solutions including payment in bonds or fuel were discussed but never implemented, IATA Chief Executive Tony Tyler said. Within the past year, 11 airlines that have been flying to Venezuela have reduced their operations by between 15 percent and 78 percent, he said.

Air Canada suspended its operations this month, citing security concerns related to street protests, and Venezuela immediately cut ties to the airline.

Major airlines flying to Venezuela include American Airlines , Lufthansa, Delta, Avianca and Copa.

(Reporting by Girish Gupta, writing by Brian Ellsworth; editing by Andrew Hay)

Filed from
Caracas, Venezuela






More...

Exclusive: Venezuela holds 5,000 Russian surface-to-air MANPADS missiles
May. 22, 2017


Venezuelan opposition activists march to Leopoldo Lopez' jail
Apr. 28, 2017


Venezuela says inflation 274 percent last year, economists say far higher
Apr. 20, 2017


Venezuelan protests against government leave three dead
Apr. 19, 2017


Venezuelans return to streets, roused by ban on opposition leader
Apr. 8, 2017


Venezuelan opposition, security forces clash in anti-Maduro protests
Apr. 6, 2017


Venezuela security forces battle anti-Maduro protesters
Apr. 4, 2017


Venezuela money supply up 200 pct in year, fastest rise on record
Apr. 3, 2017


Amid protests, Venezuela's Maduro seeks to defuse court row
Mar. 31, 2017


Venezuela begins republishing key economic indicator after hiatus
Mar. 23, 2017


Crisis-hit Venezuela halts publication of another major indicator
Mar. 21, 2017


Back in Venezuela, 'world's worst skier' proud of his performance
Feb. 26, 2017


Some poor Venezuelan parents give away children amid deep crisis
Dec. 15, 2016


Desperate to dump soon-worthless cash, Venezuelans flock to banks
Dec. 13, 2016


Inflation-hit Venezuela to pull largest bill from circulation
Dec. 11, 2016








© Girish Gupta