May
26, 2004
Foreign credit card spending
reaches US$31.8mn
(BNamericas.com) - "The Venezuelan
public's combined credit card spending abroad
reached US$31.8mn on May 26, Venezuela's government
news service reported. The figure is the amount
accumulated since the Venezuelan authorities green-lighted
overseas credit card use once again on March 1st
this year.
President Hugo Chávez ordered a ban on
foreign exchange transactions in February 2003
after a two-month nationwide strike fell apart.
The strike aimed at deposing him had seriously
damaged the economy, especially the state-run
oil industry, a key source of government revenues
and foreign exchange. A total of 27 banks had
their clients using credit cards abroad, of which
local banks Mercantil, Banesco and Provincial
were the top three in terms of amounts spent.
Average credit card spending was US$1,097 per
user during the period."
