We have had the same restrictions in Venezuela since 2003. Venezuelans cannot freely spend their hard earned money abroad without jumping through a series of ri

We have had the same restrictions in Venezuela since 2003. Venezuelans cannot freely spend their hard earned money abroad without jumping through a series of ridiculous government loops just to be able to spend $400 a year online and $2500/year if you travel. All this does is create an artificial currency value and a rampant black market. The official value is Bs. 4.3 per dollar. The black market value is Bs.10.5 per dollar. You can imagine what this does for the inflation in a country that does not produce anything else apart from oil. That is why we have an annual inflation rate of around 27% (cannot look it up, I'm on my phone.) We basically have a 'port economy',where everything is imported, with no incentives towards increasing local production and manufacturing. Add to that a government that is consistently destroying and confiscating private enterprises and you do the math.