Venezuela increased by 17% its sale of dollars at the official exchange rate to importers seeking to bring heavy machinery into the country in the first half of the year against the same period in 2007, the government said in an official press release. The Cadivi currency board, which is responsible for deciding which companies can buy dollars at the official peg of 2.15 bolivars, said that in the first half of this year it has sold $857 million for heavy machinery imports. The 17% increase is below the 23% increase in total dollar sales by Cadivi for imports in the first half of 2008 against the same period a year ago. Companies and individuals that don't receive approval to buy dollars at the official rate have to turn to the black market, where they must currently pay a hefty premium. Venezuela imposed capital controls in 2003 amid massive capital flights during an economic crisis.
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