Venezuela Finmin says forex market closed until Feb.5

www.forbes.com Reuters, 01.27.03, 9:13 PM ET

CARACAS, Venezuela, Jan 27 (Reuters) - Venezuela's Finance Minister said on Monday that the government had extended its suspension of foreign exchange trading until Feb. 5 as it studies how to implement currency curbs to counter an eight-week opposition strike.

"The suspension that was scheduled to be lifted Wednesday will be prolonged one week precisely so we can fine tune this process, until Wednesday, Feb. 5," Tobias Nobrega told local television in an interview.

Venezuela's government, whose vital oil income has been slashed by the strike against President Hugo Chavez, last week suspended currency trading for five days. The government said the measure was intended to halt the slide of the bolivar and slow capital flight.

The opposition strike, started on Dec. 2 to force Chavez to resign and call elections, has driven Venezuela's economy deeper into recession, sent the bolivar tumbling against the U.S. dollar and cut into the nation's international reserves.