Strike-hit Venezuela swaps about $103 mln domestic debt

www.forbes.com Reuters, 01.24.03, 6:09 PM ET

CARACAS, Venezuela, Jan 24 (Reuters) - Venezuela's government on Friday swapped 191 billion bolivars or about $103 million in domestic public debt to extend their maturities and alleviate a fiscal crisis during an opposition strike, the Central Bank said.

Venezuelan Central Bank said the government exchanged National Public Debt notes maturing on Saturday in a voluntary operation for issue coming due between three and a half months and one year later.

About one trillion bolivars or $540 million in National Public Debt notes had been offered in the exchange.

Finance Minister Tobias Nobrega earlier this week announced the government would carry out domestic debt exchanges as part of a plan to counter the impact of the opposition strike against President Hugo Chavez.

Venezuela on Wednesday suspended currency exchange trading as it struggled to stem capital flight and the sharp slide in its bolivar currency amid economic and political uncertainty. The local currency closed Tuesday trading at 1,853 bolivars to the U.S. dollar.