Avianca Cuts Sales in Venezuela Bolivars on Currency Control

Avianca Holdings SA is limiting sales in Venezuelan bolivars as currency controls leave the airline unable to withdraw cash from the country valued at $300 million, Chief Financial Officer Gerardo Grajales said.

Avianca, Colombia’s biggest airline, has been reducing its passenger capacity in Venezuela since August and will cut sales in bolivars “to the minimum possible,” Grajales said on a conference call today. The carrier is looking for ways to use the bolivars stuck in Venezuela, including paying for services such as call centers and filming commercials, he said.