CNH's Iveco Halts Production Over Currency Devaluation

News: Commercial vehicle producer CNH Industrial announced that its truck-making Iveco unit has suspended manufacturing operations at its La Victoria plant in Venezuela. The move came after the country's currency fell 88%, which caused the company difficulties in importing parts. The currency devaluation followed the government's loosening of foreign-exchange controls on March 24, which was aimed at raising dollar supplies required to alleviate record shortages of imports. CNH stated that Iveco intends to 'resume manufacturing when market conditions improve and stabilise,' reports Bloomberg.

This article is tagged to:
Sector: Country Risk, Autos
Geography: Venezuela

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