Ford to Sell Cars in Venezuela in U.S. Dollars

Ford Motor Co. has reached agreement with the Venezuelan government to begin selling some of its models there in U.S. dollars instead of the local bolivar, Bloomberg News reports.

The scheme aims to ease a shortage of dollars with which to import parts used at Ford's assembly plant in Valencia.

Venezuela's local currency has plunged in value 76% in the past year. The country maintains strict currency controls and requires companies to obtain government approval to repatriate bolivars at the official exchange rate.

Earlier this month Ford suspended production in Venezuela because it lacked foreign currency with which to buy foreign-made parts. The company confirms selling cars for dollars will enable it to relaunch local production.