BOGOTA May 28 Venezuela has agreed to release
$12 million to Colombian airline Avianca, equivalent
to 4 percent of the unrepatriated revenue trapped in Venezuela
because of currency controls, the company said on Wednesday.
Socialist President Nicolas Maduro's government requires
airlines to sell tickets in bolivar currency but has been slow
to allow them to repatriate the earnings.
Avianca has accumulated the equivalent of more than $300
million in ticket sales in Venezuela that it has been unable to
convert into dollars, a company spokeswoman said.
The International Air Transport Association in recent months
has said its members have close to $4 billion trapped by the
Venezuelan currency controls.
Venezuela's government on Monday said it made pending dollar
disbursements to six other international airlines, without
specifying the amounts.
(Reporting by Julia Symmes Cobb and Luis Jaime Acosta; Editing
by Paul Simao)