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Latinnews Daily - 11 January 2018

In brief: Venezuela

Venezuela: The Brazilian goverment has confirmed that its Venezuelan counterpart, has paid off a US$262.5m debt owed to Brazilian firms, albeit four months late. The debt was owed to Brazilian export companies who operate in Venezuela and are protected through a multilateral trade agreement set down by the Latin American Integration Association (Aladi). Under the agreement, companies who export to Venezuela are protected by Venezuela’s central bank in case the consumer cannot pay according to the 1982 convention for reciprocal payments and credit (CCR).  However, Venezuela still has to pay off another US$27.6m in debt owed to Brazilian firms, according to Brazil’s finance ministry.

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