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If you're planning to fly to Venezuela anytime soon, you better think again. Nearly all the flights in and out of Caracas are booked well into 2014. That's because, well, for one reason, it's high season. But John Otis reports the main reason behind the shortage of airline tickets is black-market currency scams.
JOHN OTIS, BYLINE: A direct flight from my home in Bogota, Colombia to Caracas takes about 90 minutes. But when I tried to buy a ticket recently, none were available. I was offered a flight with an overnight stop in Miami but that would have cost $5,000.
It's for Cucuta?
UNIDENTIFIED WOMAN: Yes.
OTIS: OK. Thank you.
The only affordable option was to fly to the Colombian border, taxi across to the Venezuelan side, then catch another flight to Caracas. It proved to be a very long day.
Well, now I'm nine hours into the trip and I'm only half way between Bogota and Caracas. I am in Venezuela, however. I'm just on the other side of the Colombian border. I'm in the town of Santo Domingo, waiting for my last flight.
I finally land in Caracas 12 hours after leaving home. It turns out that people are taking advantage of the huge disparity between the official and black market exchange rates for the bolivar, Venezuela's currency. The official rate is 6.3 bolivars per U.S. dollar. On the black market, a dollar fetches 10 times that amount. But airfares are still pegged to the official rate. By using the black market, people can buy tickets for one-tenth of what they're actually worth.
UNIDENTIFIED MAN: Everyone, absolutely everyone I've spoken to, you know, who does have the means to do this is doing it and talking about when their next flight is to Panama, to Madrid.
OTIS: This British expatriate does not want to be identified because changing on the black market is illegal. Still, it's allowed him to take 62 flights from Caracas this year, including a roundabout excursion to the Middle East.
UNIDENTIFIED MAN: I stopped off in New York on the way for a couple days, stopped off in London for three days, then went down to Beirut for a wedding, then over to Cairo, and then down to Amman in Jordan, and then back to London for a few days and then back via Miami to Caracas. And that was 1,000 bucks.
OTIS: That's like nothing.
UNIDENTIFIED MAN: Absolutely nothing. It was meant to be $10,000. And this is great now because I'm earning so many air miles, I'm going to be executive class on American Airlines very soon.
OTIS: There's another reason for the run on airline tickets. Venezuela's socialist government strictly limits the purchase of greenbacks at the official rate of 6.3 bolivars per dollar. However, Venezuelans with valid airline tickets are allowed to buy $3,000 per year at this cheap, official rate. Once back in Venezuela, these travelers can sell each of their dollars for about 60 bolivars. The huge profit easily pays for their travel, with enough leftover to buy food and other goods in a country with one of the world's highest inflation rates.
PRESIDENT NICOLAS MADURO: (Foreign language spoken)
OTIS: In a recent speech, President Nicolas Maduro denounced these scams, saying they were bleeding the fatherland and driving up inflation.
DORIS GAAL: Thank you. (Foreign language spoken)
OTIS: But the folks really sweating are Caracas travel agents like Doris Gaal. She holds up a four-inch stack of reservation requests.
GAAL: This is all people, they want space from here until, let's say, April, and I cannot make it.
OTIS: I'm dreading my return trip to Colombia, another 12 hours of planes and taxis. So I ask Gaal if she can help me. If I wanted to fly back to Bogota, when could you get me a ticket?
GAAL: Probably February. I will get space in February.
OTIS: I can't wait that long, so I start the long slog back to Bogota. Yet, Gaal claims I'm lucky. At least I'm not taking the bus. For NPR News, I'm John Otis.
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