Shortage likely to escalate in Venezuela amid drought of US dollars
The Venezuelan Confederation of Industries said the alarms have already set off in some sectors
"If delays in the delivery of authorizations, certificates, licenses, and foreign currency continue, shortage will exacerbate in the country in the next weeks, just when consumption reaches its highest point in the year," the confederation noted in a press release.
Conindustria informed that today the Foreign Exchange Administration Commission (Cadivi) takes nearly 180 days to authorize sales of US dollars to enterprises. The confederation also reported delays in different ministries on the issue of Certificates of Non-Production (CNP), a prior requisite to apply for US dollar through Cadivi.
Conindustria said the alarms have already gone off in some sectors, including the agro-industry.
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.