Venezuela chems get more US currency for imports – agency

19 October 2011 21:59  [Source: ICIS news]

CARACAS (ICIS)--Venezuela's chemical industry is getting more US dollars, which it needs to import raw material, a government agency said on Wednesday.

From January-September, the Comision de Administracion de Divisas (Cadivi) has authorised that the chemical industry receive $1.42bn (1.02bn), up 54.7% from the same time in 2010 and up 90.1% from the same time in 2009, the agency said.

Altogether, Cadivi has authorised that the chemical industry receive $1.51bn from 1 January-17 October 2011, it said.

Cadivi manages the nation's currency exchange control system and allocates US dollars and other foreign currency.

Since 2003 Venezuela has had stringent currency exchange controls limiting access to US dollars.

Meanwhile, chemical companies have had to import more and more raw materials in recent years as there is now a reported shortage of resins and similar materials in Venezuela.

Asoquim, the industry group for the chemical sector in Venezuela, declined to comment.

($1 = €0.72)

By Carlos Camacho

By: Staff Reporter
+44 20 8652 3214

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