A $300 Million Debt
Cadivi delinquent before the national banking system
The chairman of the Currency Administration Commission (Cadivi), Manuel
Barroso, reported that the managing entity owes $300 million to the
financial system. This amount corresponds to the money which credit
card users spend abroad, which has been regulated by the government for
the past six and a half years. Some banks have prohibited the use of
credit cards abroad because of the government's delays in paying up.
The banking institutions are not inclined to use their assets to pay
Visa, MasterCard, Diners Club and American Express operators.
Trade
Minister Eduardo Saman announced that institutions which block the use
of credit cards without justified reason -- overdrafts or failure to
pay -- will be fined. Venezuelan credit card holders may not spend mor
than $2,500 per year on consumption, according to regulations laid down
by Cadivi. The government is studying increasing the amounts based on
duration and destination.
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