A major European airline, Lufthansa, has just announced it will stop flying to Venezuela, CNN Money reports.
When President Maduro declared freezing of prices of certain commodities, shortages became the new norm. The Venezuelan government also controls foreign exchange with several tiers at which hard currencies can be acquired. This often hits at businesses, one of which is Lufthansa. These rate policies are not only complicated, but often disadvantageous.
Another reason for closing the route is the lack of interest from business people. As Venezuela is falling deeper into economic crisis according to Slideshare, and with inflation rate expecting to reach 700% this year, fewer companies are doing business with this Latin American country.
Yet another reason for halting flights is related to frequent power outages says expert David, making doing all sorts of business much more difficult. Finally, increasing crime rates make it dangerous to visit Venezuela at this time.
Other airlines such as Alitalia, Delta, American Airlines, and Air Canada have acted as well by reducing the number of flights.