Venezuelan Central Bank (BCV) authorizes $1.3 billion for April

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Tuesday, April 01, 2003 By: Robert Rudnicki

The Central Bank of Venezuela (BCV) has authorized $1.32 billion dollars to be issued by the Currency Administration Commission (Cadivi) throughout the month of April in a bid to limit the effects of seven weeks of foreign currency trading suspensions.

The news was officially confirmed in a statement issued by Planning & Development (Cordiplan) minister Felipe Perez to Cadivi president Edgar Hernandez Behrens.

This should allow around $60 million a day to be issued during the 22 working days on the month, which is back near pre-strike levels. According to Hernandez, Cadivi is doing everything possible to get the process up and running as quickly as possible.

Urgent foreign currency applications will be dealt with first, including those relating to airlines, exporters, importers, foreign debt payments and insurance and foreign investments.