Venezuela slashes US dollar allowance for Florida travel to safeguard local greenback supply

President Nicolas Maduro's government is slashing by more than half the amount of U.S. dollars Venezuelans traveling to Florida can buy and take with them under decade-old currency controls.

Venezuelans will be allowed to buy a maximum of $700 annually for trips just to Florida. That compares with the $2,500 a year already allowed for trips to all other U.S. states.

The restrictions published Friday in the Official Gazette follow a partial devaluation of the bolivar that has made it costlier for Venezuelans to travel abroad and which the government hopes will help safeguard a dwindling local dollar supply.

Venezuelans have been flocking to south Florida and other easily-accessed international destinations to shuttle abroad as much hard currency as they can under the rigid foreign currency exchange system.