![]() There was a guy in a hotel room with 10 point-of-sale machines who swiped my card for $1,000 each day," said a Venezuelan pensioner, also asking not to be named as he described his trip to a Caribbean island. "I've been able to buy new clothes and give some cash to all my closest family members!" said one delighted Venezuelan lady, just back from a trip to Europe. The large profit margin easily absorbs the cost of flights and accommodation for a trip. The dollars are then carried back into Venezuela and sold on the black market for some seven times the original exchange rate. The profit is realized from an arbitrage process known locally as "el raspao," or "the scrape." Credit cards are used abroad to get a cash advance - rather than buying merchandise. "It is possible to travel abroad for free due to this exchange rate magic," said local economist Angel Garcia Banchs. Some are not even flying, leaving many planes half empty. With a valid airline ticket, Venezuelans may exchange up to $3,000 at the government rate. There are strict limits on the availability of dollars at the 6.3 rate, but Venezuelans are cashing in on a special currency provision for travelers. Greenbacks now sell on the illegal market at about seven times the government price of 6.3 to the dollar. ![]() "It's all because of these stupid dollars!" After a decade of currency controls set up by late socialist leader Hugo Chavez in 2003, the disparity between the official and black-market rates for the local bolivar currency is higher than ever. "It's like you're trapped here," said travel agent Doris Gaal, telling a customer he would be better off taking a boat to a Caribbean island because the daily flights are fully booked. The airline scramble has added to shortages, power cuts and runaway prices as another symbol of the Byzantine economic challenges facing the new government of President Nicolas Maduro in the South American OPEC nation. Flights are booked solid months in advance, not from a new interest in exotic destinations but because locals are profiting from a play on the nation's tightly controlled currency market. You do have a choice with Booked.By Girish Gupta and Andrew Cawthorne CARACAS (Reuters) - If you live in Venezuela and want to fly abroad, get in line. We believe you’ll find an accommodation up to your taste here and you’ll get a smooth travel experience. Our helpful support has been recognized by 98% satisfied visitors.We publish the freshest travelers’ reviews every day to provide honest and accurate hotel descriptions.Our website, operating in beyond 20 languages, ensures a particular understanding for you.More than 120 000 customers have become happier traveling worldwide with us. ![]()
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