Lufthansa suspends flights to Caracas

Economic difficulties in Venezuela force Lufthansa to stop
Lufthansa says that the economic difficulties in Venezuela are forcing it to suspend flights there from June 18. The severe problems in the South American nation mean that there are issues converting local currency.
International airlines have struggled for years to repatriate billions of dollars in revenue held in Venezuela’s bolivar currency due to exchange controls, pushing many of them to limit flights and require that passengers pay fares in US dollars.
Inflation could reach more than 700% in 2016 and 1600% in 2017, according to some estimates.
“We deeply regret that for these reasons, we will be forced to suspend our service between Caracas and Frankfurt as of June 18,” Lufthansa writes in a statement.
Demand for international flights to Caracas fell in 2015 and the first quarter of 2016, it added. However, Lufthansa intends to keep its office in the city open.
Among other carriers, Venezuela broke ties with Air Canada in 2014.
Reuters

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