Fedecamaras warns many businesses may be forced to close

www.vheadline.com Posted: Wednesday, March 05, 2003 By: Robert Rudnicki

According to the Venezuelan Federation of Chambers of Commerce & Industry (Fedecamaras) vice president Albis Munoz, many Venezuelan businesses will be forced to close due to their inability to buy raw materials from abroad.

Fedecamaras claims that the problem is being caused by currency controls imposed by the government around six weeks ago ... and the subsequent delay in restoring companies' ability to purchase foreign currencies.

"About 25% of Venezuelan companies are at risk," Munoz says, accusing the government of using the currency controls to punish businesses that supported the 2-month opposition-led work stoppage that fizzled out early last month.

The Fedecamaras vice president also insists that now is the time to preserve the few jobs that remain and not to punish opposition businessmen.