Venezuela has approved repatriation of $100 million in dividends by multinational firms, The Wall Street Journal reports. The government authorized 33 food, healthcare, pharmaceutical and financial companies for the dividend payout.
The companies include local units of HJ Heinz, Kimberly-Clark, Banco del Caribe Banco Universal and Jarden. These companies will be able to convert their local bolivars through Cadivi at the official exchange rate of $1 per dollar. The government imposes strict capital controls on companies doing business in the country to prevent large capital repatriation.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.