Venezuela dropped from FTSE All-World Index

Reuters, 05.05.03, 1:34 PM ET

NEW YORK, May 5 (Reuters) - The FTSE Group said on Monday it removed Venezuela from its FTSE All-World Index because the Latin American country's currency is not widely available to international investors in the country.

Since foreign exchange is not available to international investors wishing to sell on the Caracas stock exchange <.IBC>, Venezuela is in breach of ground rules written for the management of the index.

"Many fund mangers have marked the value of Caracas-listed shares held to zero," said Peter Leahy, Co-Chairman of of the FTSE Americas Regional Committee.

"These exchange controls make Venezuela effectively uninvestable," he said.