Venezuelan travelers take 1,400% forex hit

Venezuela announced a new system of foreign exchange controls Wednesday, including a 1,400-percent increase in the rate that citizens traveling abroad will have to pay for dollars. The struggling oil giant, whose import-dependent economy is deep in recession, is facing a foreign currency crunch as depressed crude prices erase its reserves. In an effort to shore up its foreign cash supply, the socialist government announced that dollars for travelers -- previously available at the rate of 13.5 bo