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News Link • Economy - International

Ford's Venezuela Operations Are Paralyzed Because Of Currency

• http://www.businessinsider.com, Eyanir Chinea
Like other private businesses in Venezuela, carmakers have been complaining that the socialist government's currency controls are preventing them from importing essential products due to restrictions and delays in purchases of dollars.

Workers, who spoke to Reuters on condition of anonymity, said the plant in the central city of Valencia would be paralyzed until the end of May.

Transport Minister Haiman El Troudi confirmed the stoppage at the plant but said it should reopen in two weeks after a meeting between Ford representatives and government officials that resolved some "critical bottlenecks."

The minister said state currency board Cencoez would release $20 million in debt to Ford this week.

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