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AP-VENEZUELA TRAVEL RESTRICTIONS CORRECTION
Reported by: Associated Press
Reported: Friday, January 24, 2014 12:08 PM EST
President Nicolas Maduro's government is slashing the amount of U.S. dollars Venezuelans traveling to Florida and other popular destinations take with them under decade-old currency controls.
Cash allowances are also being reduced for destinations such as Costa Rica, Colombia, Panama and Peru.
Venezuelans have been flocking to south Florida and other easily-accessed international destinations to shuttle abroad as much hard currency as they can under the rigid foreign currency exchange system. That has contributed to capital flight that has drained central bank reserves by 30 percent over the past year.
The government is also cutting to $300 from $500 the amount that Venezuelans can spend annually on Internet purchases from overseas merchants.