German airline Lufthansa has said it plans to suspend flights to Venezuela next month due to the worsening economic situation in the country.

The carrier said currency controls in the South American nation had made it impossible for it to convert earnings into dollars and repatriate revenue.

Lufthansa added that it hoped to restore services in the near future.

The low oil price has badly hit Venezuela’s economy currently suffering triple digit inflation and a chronic shortage of basic goods.

Last week, Coca Cola also announced a halt to some of its operations in the country due to a lack of sugar.

The deepening economic crisis has led Venezuela’s opposition to push for a referendum to recall President Nicolas Maduro.

So far he has refused to budge, despite efforts from several former leaders, including Spain’s ex-Prime Minister Jose Luis Rodriguez Zapatero, to mediate the political stand-off.