December 9, 2004
Yahoo Finance

CARACAS, Venezuela (AP) -- Venezuela's currency exchange commission plans to increase its U.S. dollar sales by as much as 20 percent next year, the local El Universal daily reported Thursday.

Edgar Hernandez, president of Cadivi, as the exchange commission is known, said it hopes to sell between 10 to 20 percent more greenbacks in 2005 due to increased demand for hard currency.

Cadivi authorities expect the increased demand mostly from importers, who receive roughly 70 percent of the U.S. dollars allocated by the commission.

Cadivi has disbursed roughly US$55 million (euro41.3 million) a day on average this year, commission figures show.

Venezuelan President Hugo Chavez imposed strict currency controls in early 2003 as a means of temporarily halting capital flight during a two-month strike. Chavez, however, has said the controls will remain in place indefinitely.

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