Toyota plant in Venezuela to shut for two weeks -official

Reuters

CARACAS, Oct 16 (Reuters) - Toyota Motor Corp willshut its plant in Venezuela for two weeks later this monthbecause delays getting dollars from the state currency boardhave created a shortage of materials, a senior company officialsaid on Wednesday.

President Nicolas Maduro's government is seeking to get moredollars to businesses, especially importers, amid shortageswhich are widely blamed on bureaucracy at the currency board,Cadivi, and a decade of foreign exchange controls.

"There is a planned stoppage from Oct. 28 until Nov. 11because we've had quite a lot of delays with Cadivi," said theofficial, who asked not to be identified, adding that the plantwould produce 450 fewer cars because of the move.

According to Venezuela's national organization ofautomakers, Cavenez, car production in the country decreased byjust over 30 percent in the first nine months of this year fromthe same period in 2012.

View Comments (0)