Published On: Fri, May 30th, 2014

Insel Air finally gets money from Venezuelan tickets

InselWILLEMSTAD - Insel Air will receive the first dollars from Venezuela deposited into its bank account this week. It is an overdue payment of ticket sales in that country. These funds were held by the Venezuelan foreign exchange regulator CADIVI.

Insel Air has still over 80 million dollars in total in the South American country. According to the director of Insel, Air Albert Kluyver, the intention is that the entire amount owed to the airline for 2013 will be paid within a month. That amounts to 75 million dollars.

Tiara Air from Aruba will also receive the outstanding debt from last year. The intention is that starting this year, the amount owed for the sales of tickets will be paid quarterly. The tickets are paid by Venezuelans in Bolivars. CADIVI then calculates the amounts into dollars. The Bolivar was significantly affected by inflation. From July 1, it is expected that a new exchange rate will be applied, 50 Bolivar for one dollar. Since January 1 of this year it is still 10 Bolivar.

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