GM has asked Venezuela’s currency board, known as Cadivi, to improve the slow and irregular access to foreign currency, leading daily El Universal reported Wednesday.
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“Up until now I can say that the flow of dollars has not been regular,” El Universal quoted Pablo Ross, the president of GM’s Venezuela operations, as saying.
The company is planning to deliver a proposal to Cadivi designed to streamline the paperwork needed to buy dollars from the government.
Analysts say that the currency controls contributed to the 20% contraction to GDP during the first half of 2003, as import dependent companies were unable to get dollars.
