A change in Venezuela's foreign exchange system will be favorable for many consumer products, making their stocks attractive, CNBC's Jim Cramer said Monday.
Venezuela's then-President Hugo Chavez imposed tough currency controls in 2003, making the U.S. dollar scare and straining companies that did business in the socialist country, reports the Financial Times. Since Chavez's death in March 2013, though, Venezuela has gradually relaxed its FX restrictions, said the paper.
Venezuelan currency complications had sometimes led companies to cut earnings estimates, Cramer said on "Squawk on the Street." Naturally, the reforms will boost consumer products companies that do considerable sales in Venezuela, he said. For Colgate-Palmolive, Clorox, Procter & Gamble and Kimberly-Clark, for example, Venezuela accounts for 5, 3, 2, and 2 percent of total sales respectively, he noted.
"This looks like the beginning of the end of the Chavez, two-tiered, very-punitive-to-U.S.-companies foreign exchange system," Cramer said. "I think that you want to own those stocks."
—By CNBC's Drew Sandholm.
DISCLOSURE: When this story was published, Cramer's charitable trust did not own shares of Colgate-Palmolive, Clorox, Procter & Gamble or Kimberly-Clark.