Target set for $44 million in daily foreign exchange by end of June

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Monday, June 23, 2003 By: VHeadline.com Reporters

Venezuela Today's Washington D.C. Bureau reports that the Venezuelan government has officially announced a target of $44 million in daily foreign disbursement by the end of June. The target announcement comes on the heels of recent comments by Ford Motors that it may have to take the drastic step of shutting down its Venezuelan production for one week in August because of a failure to receive enough foreign currency for payments to suppliers.

Sources in the government say the exchange commission is currently issuing $26.4 million per day for foreign currency transactions and that Ford has already received $36.5 million in 75 separate applications. 

Ford had to halt production June 2-6 due to having receiving far less than its requested amount of disbursements, but government officials stress that the situation is "in the process of being corrected" with the anticipation of an end to any problems relating to foreign disbursements in the near future.