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Panama firms hit by bolivar devaluation in Venezuela

Tuesday, February 19, 2013

The devaluation of the Venezuelan bolivar has affected several business in Panama.

The Colón Free Zone could lose $800 million as a result, and other companies are expected to be hit.

Among the worst hit companies will be Copa, the Panamanian airline. Stanley Motta, the airline's chairman, said it would take a $17 million hit in this year's first quarter as a result of the devaluation in Venezuela.

Source (in Spanish): La Estrella