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Over $11 Billion Approved for Imports by Venezuela's Foreign Currency Exchange Board

From January 1 to June 30, 2011, Venezuela’s Commission of Currency Administration (CADIVI) has authorized $11.8 billion in ordinary imports and exports through the Agreement of Payments of the Latin American Integration Association (ALADI).

CADIVI has approved 65.1 percent out of the total of currency requested for ordinary imports, which represents $9.4 billion allocated for the areas of this productive sector.

Over $2.3 billion have been approved by CADIVI as part of the ALADI agreement, which represents 16.1 percent out of the total of currencies for imports.

Medicines for human use, soy oil, wheat, infant formula, electrical appliances, immunology products, machinery and equipments, parts for vehicles, and others are some of the most demanded products in the import sector.

Venezuela currently has an exchange control that was implemented by the government in 2003 to limit capital flight.

YVKE/Press Office – Venezuelan Embassy to the U.S./ August8, 2011

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