Venezuela Late Reimbursing Banks for Currency, Nacional Says

Venezuela’s foreign currency exchange agency, known by its acronym Cadivi, is months late reimbursing local banks and international credit card companies, El Nacional said, citing people in the industry it didn’t name. Visa Inc., MasterCard Inc., American Express Co. and Discover Financial Services are among those that haven’t received their dollars, the Caracas newspaper reported. Cadivi sells dollars at the official exchange rate of 2.15 bolivars per dollar. The accounts used to make these payments are exhausted or overdrawn, the newspaper said. Cadivi’s nonpayment has caused some Venezuelans traveling abroad to have their cards rejected, according to El Nacional.