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Forex board owes importers over USD 10 billion, say industries

Carlos Larrazábal, the new president of the Venezuelan Confederation of Industries (Conindustria), said in the international congress of the industrial sector that the Foreign Exchange Management Committee (Cadivi) owes between USD 10 billion and USD 15 billion to the importers of the country.

"The situation of the authorization of foreign currency is a serious problem for the sector at the present time. Currently, Cadivi owes the importers between USD 10 and USD 15 billion. It has delayed payments since September 2008," he said. Larrazábal will be sworn in on Tuesday as the new head of the Venezuelan industrial sector.

Larrazabal urged the "government to clarify what is going to happen with foreign currency authorizations, Cadivi's procedure to pay its debts. The suppliers are cutting lines of credit," he warned. At the same time, he said that the uncertainty about the exchange rate affects the cost structure of the industrial and importing sectors.

Freddy Campos

On the Cover

Venezuelan government gives aid to farmers hit by rains

02:57 PM. HEAVY RAINS. Venezuelan Executive Vice-President Elias Jaua reported that the government is designing plans to support farmers, cattlemen and peasants of the state of Mérida who have been hit by heavy rains that have caused crop losses.