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Saturday, Oct 25, 2014
Business News

Venezuela cuts dollar allowance for Florida trips


Published:   |   Updated: January 24, 2014 at 11:19 AM

CARACAS, Venezuela — President Nicolas Maduro’s government is slashing by more than half the amount of U.S. dollars Venezuelans traveling to Florida can buy and take with them under decade-old currency controls.

Travelers just to Florida will be allowed to charge a maximum of $700 annually on their Venezuelan credit cards and will be allowed to buy no more than $300 in cash. That compares with limits of $2,500 in credit and $500 in cash they were previously allowed for trips to Florida, an amount that will be maintained for the remaining 49 U.S. states.

The restrictions published Friday in the Official Gazette follow a partial devaluation of the bolivar that has made it costlier for Venezuelans to travel abroad and which the government hopes will help safeguard a dwindling local dollar supply.

Venezuelans have been flocking to South Florida and other easil accessed international destinations to shuttle abroad as much hard currency as they can under the rigid foreign currency exchange system.

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