CARACAS, Venezuela (AP) — Venezuela's airline lobby says the government will allow foreign carriers to repatriate the $3.8 billion in revenue that has been stuck inside the country due to currency controls.
The Venezuelan Airlines Association announced on Friday that the administration of President Nicolas Maduro will allow companies to take ticket revenue out of the country using the exchange rate in place at the time of the sale.
The association said the money would be released over the coming year.
The socialist country requires airlines to charge tickets in the local currency, and airlines had feared it would only be allowed to recover their earnings at a far weaker exchange rate.
The move comes days after the international airline lobby said 11 airlines have cut service to the country and more could follow.