German airline Lufthansa said Sunday it will suspend flights to Venezuela from next month owing to the economic crisis in the country.

"We have decided to suspend the service between Frankfurt and Caracas for the time being as from June 17," a company spokesman told AFP.

The service, three times a week, was Lufthansa's only flight between Germany and Venezuela, he said, adding that it was not clear at this point when it would be resumed.

"The reason for this is the difficult economic situation and the fact that is it is not possible to transfer foreign currency out of the country," the spokesman explained. 

Currency controls in Venezuela make it impossible for airlines to convert their earnings into dollars and send the money abroad.

Venezuela has the biggest oil reserves in the world but the fall in crude prices has slashed its revenues.

Citizens must queue for hours at shops for rations of basic foods and goods such as flour and toilet paper.

The government is also imposing daily electricity blackouts to save energy.

Looting and lynchings of suspected robbers have been reported over recent weeks.