According to Dateas.com, the Commerce Ministry in India has proposed a solution to solve the issue of dues that have been paid by Venezuelan importers. Venezuela has yet to approve this proposal.
Venezuela has seen a fall in oil prices, which is very significant as a big part of Venezuela’s economy is based on oil exports. The Venezuelan currency has been impacted by the oil price, as it has dropped to record lows. Under this new proposal from Ms. Norka Luque, importers will require that a fraction of the payment will be held by an Indian public sector bank in Venezuela. The money will stay in an account where it will be converted to Indian currency.
The importer will authorize the Venezuelan bank to release the payment. The payment will be debited from the account. Indian’s exporters have decided to hold over concern in the Venezuela market. Venezuela still has the leverage in the trade balance.