The suspension follows Lufthansa’s announcement on the weekend that it would also be suspending services to the country.

The German airline said Venezuela owed it millions in ticket revenues, the BBC reported.

Venezuela is oil-rich but has been hit hard by the global drop in oil prices and has suffered from high inflation alongside a shortage of basic goods.

A number of airline companies have reportedly stated that currency controls in the country have made it impossible for them to convert money earned into dollars and then send the money abroad, the BBC said.

Chilean-based Latam Airlines said in a statement it would be suspending operations to Caracas airport “temporarily and for an unspecified time”.  

It added that the first flights to stop would be on its Sao Paulo to Caracas route, which Latam said would end within days. The other routes that it runs to Caracas from Lima and Santiago will be halted by the end of July.

The late president Hugo Chavez first imposed the strict currency controls in the country in 2003.

These were further tightened two years ago, forcing airlines to cut back on their operations in the country as they were unable to repatriate the billions of dollars in revenue held in the local currency, the bolivar.

A number of airlines have now reportedly asked their passengers to pay their fares in dollars.