Currency devaluation leads to 'huge demand decreases' in Argentina and Brazil: LATAM Airlines

LATAM Airlines Colombia CEO Santiago Alvarez, speaking at the CAPA Latin America Aviation & LCCs Summit, stated (10-Sep-2018) there is a lot of pressure coming from currency devaluation, adding: "It is hitting us very hard". The ARS was devalued 153% while the BRL devalued 33%. This led to "huge demand decreases in Argentina and Brazil for international services".