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Lufthansa plans to suspend flights to Venezuela

  • German airline Lufthansa has said that it will suspend its flights to Venezuela from June 18. This decision comes in the backdrop of excessive currency controls by Venezuelan government which is making it difficult to convert the profits made by the airlines into dollars. Venezuela’s economy has suffered huge downfall due to the sharp drop in oil price as oil is the main export of the country. Currency control was imposed first by president Hugo Chavez in 2003. The restrictions were further tightened in 2014 forcing several airlines to suspend their operations in the country.