CARACAS, Venezuela, April 14 (UPI) -- The Venezuelan government has reduced the amount of money travelers visiting the United States can withdraw from credit cards.

Venezuelans visiting abroad can now receive authorization for $700, down from $2,500, for purchases made in the United States, Aruba, Belize, Colombia and Mexico.


The move aimed at easing the constant shortage of U.S. currency will save the Venezuelan government about $2.8 billion in 2015, reports Bloomberg.

Venezuelans traveling to Argentina, Uruguay, and Bolivia will be authorized to receive up to $1,500 while travelers to Africa, Asia and Europe will be authorized for up to $2,000.

Lowering oil prices have worsened Venezuela's recession. Venezuelan President Nicolas Maduro is attempting to increase the country's finances to avoid a default. The country has a $5.2 billion principal and interest payment due in October and November.

Venezuela, which has $20.2 billion in international reserves, owes $20.3 billion due in the coming years.

A struggling economy, rising crime and violence between pro-government and opposing forces have plagued the South American country, which recently imposed new visa requirements on U.S. citizens.

Tourism to Venezuela could drop about 10 percent because of the visa rules.