currency control in venezuela between 2003-2015 and …
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CURRENCY CONTROL IN VENEZUELA BETWEEN 2003-2015 AND ITS EFFECTS ON THE SERVICE PAYMENT
ALAN ALDANA & ABOGADOS
WWW.ALDANAYABOGADOS.COM
Currency control in Venezuela Between 2003-2015 and its effects on the service payment
ALAN ALDANA & ABOGADOS
I.- PRELIMINARY
As of 2003, a system of restriction to the free convertibility of the currency (right to
convert bolívares - local currency- into foreign currency, in accordance with the Central Bank
rules (hereinafter BCV)), establishing that individuals cannot buy and sell currency, unless they
do so through certain transactions permitted on the Exchange Agreements, regulations of
sublegal range that regulates exchange operations.
Since then, the Venezuelan exchange regime has been moving from the establishment
of a single fixed official exchange rate, going through dual changes and other mechanisms of
fixation through alternative forms for determination, its administration by the Currency
Administration Commission (CADIVI), the establishment of the National Center of Foreign
Trade (CENCOEX), which replaced CADIVI, until reaching the current state with the
measures recently adopted between the BCV and the National Executive, being the systems
that control the administration of currencies to the change rates DIPRO and DICOM.
Everything expressed previously takes fundamental importance, if we bear in mind that
the exchange legal order, referred to the circulation, conversion and valuation of the currency,
has its source especially rooted in sub-legal acts that support the currency management regime,
built on the basis of: (i) The compulsory sale of foreign currency to the BCV, which is derived
from exports, provision of services and technology supplies, or when it is the result of the flow
of investments (capital inflows in currency foreign currency) and (ii) The foreign currency sales
system to those who request it, to private economic agents and private organizations that
require it.
In accordance with the Foreign Exchange Law1, as well as the Exchange Regime and its
Illicit Acts2 that replaced it, the exchange of bolivars to a foreign currency by any other source
than the Venezuelan Central Bank and its authorized sources (Banking Entities established in
Venezuela and registered in the Central Bank) was subject to prosecution by criminal action
and was punished with a fine equivalent to double the amount obtained and with
imprisonment of 3 to 7 years.
Additionally, foreign exchange transactions carried out outside the Central Bank of
Venezuela could be classified under these laws as "Use of unofficial exchange rate to establish
prices", which is punishable with 7 to 12 years penalty and an equivalent fine to 200% of the
difference between the exchange rate used in the illegal transaction and the official rate.
It is important to note that the authorization to obtain dollars is issued by the
administrative body subordinated to the BCV who issues the Foreign Currency Acquisition
Authorization and may at its sole discretion disapprove the exchange operation.
In summary: (a) From 2003 to 2004 it is illegal in Venezuela to carry out exchange
operations to any currency or foreign currency (i) at a rate different from any official exchange
rate; and/or (ii) with a person other than the Central Bank of Venezuela or any of its
authorized entities. (b) The fulfillment by natural or legal persons of all the requirements
contemplated in the current regulations on foreign exchange matters does not guarantee the
carrying out of exchange operations to foreign currencies through the official channels, as the
entity administering the mechanism may at its discretion not authorize such operations.
II. - ANALYSIS OF THE EXCHANGE REGULATION
A large part of the sub-legal instruments that supported the currency administration
regime, and which were in force in the period between 2003 and 2014, relevant to the study in
question, were established in the Exchange Agreements that are indicated below.
1 Published in Extraordinary Official Gazette Nº4897 dated 17 May 1995 2 Published in Extraordinary Official Gazette Nº6126 dated 19 February 2014
1) Exchange Agreement No. 1, whose first version was issued on February 5, 20033, with
which this new stage of exchange control in Venezuela ("CADIVI rate") was initiated
with a quotation of Bs. 1,600 for sale, which increased on February 9, 2004 to Bs.
1,920 per dollar for sale and finally increased on March 1, 2005 to Bs. 2,150 per dollar
for sale.
To be able to acquire foreign currency to import goods and services under this exchange
agreement, legal persons had to enroll in the Register of Users of the Currency Administration
System (RUSAD), supplying all the required data through the website of the Foreign Currency
Administration Commission (CADIVI).
Once the data had been entered, the legal entity had to submit the registration request and
the necessary collections to the authorized exchange operator (Universal Banks and Financial
Institutions) for the purpose of sending it to CADIVI and the latter decided on the registration
and authorization of the registry.
Once the RUSAD authorized the registration , legal persons had to request and obtain the
Foreign Currency Acquisition Authorization (AAD) for each of the imports of goods and
services to be made, for which, they had to submit and consign to the authorized exchange
operator, the application form for the acquisition of foreign currencies obtained previously by
electronic means (CADIVI web page), accompanied by all the precautions established in the
Providence Nº 0664, for then, the exchange operator to send them to CADIVI for its approval
and subsequent issuance of the Authorization of Liquidation of Currencies (ALD) and effective
liquidation of the currencies requested at the official rate published and established by the
BCV.
2) Exchange Agreement No. 14, whose first version was published in Official Gazette No.
39,342 January 8, 2010, establishing a dual exchange rate ("Type I" and "Type II")
calculated in the denominated bolivares fuertes in Bs .F. 2.60 and Bs.F. 4.30 per dollar
for sale, respectively. The CADIVI rate "Type I" was assigned to, among others, the
3 Published in Official Gazette Nº 37625 dated February 05 2003 4 Published in Official Gazette Nº 38114 dated January 25 2005 (Annex 7)
importation of food, health, education, machinery and equipment for science and
technology. Type II was assigned to the rest of the sectors of the economy. Exchange
Agreement No. 14 was modified as follows:
On December 30, 2010, "CADIVI” exchange rates I and II were unified at the rate of Bs.F
4.30 per dollar5.
On February 8, 2013, "CADIVI" exchange rate was adjusted to Bs.F. 6.30 per dollar6.
The procedure to be followed by legal persons for the acquisition of foreign currency
for imports of goods and services, in accordance with this exchange agreement, was basically
the same procedure established, applicable and explained for the acquisition of foreign
currencies under exchange agreement No. 1, however, in the case of exchange agreement No.
14, this procedure was established in Providence No. 0987.
3) Foreign Exchange Agreement No. 22, July 2nd, 2013, entitled "Norms that establish
the Regime for the Acquisition of Foreign Exchange by the Public Sector" but that
established the system of special auctions through the so-called "Complementary
System of Administration of Foreign currency (SICAD) "8. The first call for legal and
natural persons was made on July 11 2013, resulting in an alternative exchange rate to
"CADIVI" for the amount of Bs.F. 11.30 per dollar for sale.
The special auctions procedure established through this exchange agreement No. 22, was
understood as an auction mechanism and was established and developed in Resolution No.
13-07-019.
4) Exchange Agreement No. 25 January 23rd, 2014, by which the "CADIVI" rate was
subtracted from the rate resulting from the SICAD auction, among others, exchange
operations related to the following: (i) lease agreements and services, use and
exploitation of patents, trademarks, licenses and franchises, as well as for the 5 Published in Official Gazette Nº 38584 December 30 2010 (Annex 8) 6 Published in Official Gazette Nº 40108 February 08 2013 7 Published in Official Gazette Nº39252 August 28 2009 8 Published in Official Gazette Nº40199 July 02 2013 9 Published in Official Gazette Nº 40201 dated July 4 2013
importation of intangible assets; payment of network lease contracts; installation, repair
and maintenance of imported machinery, equipment or software corresponding to the
telecommunications sector; (ii) public service of international air transport of
passengers, cargo and mail, authorized by the National Executive; (iii) international
investments and royalty payments, use and exploitation of patents, trademarks, licenses
and franchises, as well as technology import and technical assistance contracts; and (iv)
operations specific to the insurance activity.10
The procedure of special auctions established for the acquisition of foreign currencies, in
accordance with this exchange agreement, was the same procedure established for the
acquisition of foreign currencies under the exchange agreement No. 22, and provided in
Resolution No. 13-07-01.
5) Exchange Agreement No. 26 February 10th 2014, whereby it is established that special
currency auctions carried out through the SICAD, would be administered and directed
by the National Center for Foreign Trade (CENCOEX), establishing said entity
administrative sectors that could be suppliers and demanders of foreign currency, as
well as the regulation of them11. The first average exchange rate for transactions carried
out through SICAD CENCOEX was Bs.F.11, on August 22 2014, and the last was
Bs.F. 12, until its disappearance with the publication of Exchange Agreement No. 33
The special auction procedure established for the acquisition of foreign currencies, in
accordance with this exchange agreement, was the same procedure established, applicable and
explained for the acquisition of foreign currencies under exchange agreement No. 22, and
provided in Resolution No. 13-07-01.
6) Exchange Agreement No 27 of march 10, 2014, by which is established the “Exchange
rate System Alternative Currency” (“SICAD II”) which: (i) pursued a system of daily
auctions on the participation of private persons and legal persons of public law and
private law; (ii) determined the rate applicable to exports as the result of these auctions.
10 Published in Extraordinary Official Gazette Nº6122 dated January 23 2014 11 Published in Extraordinary Official Gazette Nº 6125 dated February 10 2014
The latest price of the SICAD II was Bs.F. 52. 10 per dollar for sale according to the
official notice of the Central Bank of Venezuela of February 10, 2015.
The special auction procedure established for the acquisition of Foreign Exchange under
this exchange agreement was the same established, applicable and explained procedure for the
acquisition of Foreign Exchange under exchange Convention No. 22, and provided for in
Resolution No. 13-07-01.
7) Exchange Agreement No. 28 April 4th, 2014, through which the intervention of
bureau de changes in the SICAD II market, is permitted, through retail operations.
Exchange houses interested in participating in this market had to request authorization
from the BCV and the Finance Ministry12.
These retail operations were reserved only for natural persons. The procedure followed for
the acquisition of foreign currencies by legal entities was still that established for SICAD
8) Exchange Convention No. 33 of 10 February 2015, entitled “rules governing foreign
exchange transactions in the National Financial System”, which established the bases of
the “Marginal foreign exchange system” (SIMADI), the exchange rate of which would
be the result of the average of the transactions carried out, i.e. (i) trading operations, in
national currency, of foreign exchange and (ii) trading operations, in national currency,
of foreign exchange securities. The first quote was on February 12, 2015 at the Bs. F.
rate 170 per dollar for sale13.
As in exchange convention No. 28, the rules and procedures for retail operations were
reserved only to natural persons. The procedure to be followed for the acquisition of foreign
currency by legal entities remained that established by SICAD.
II. - CHRONOLOGY AND SUMMARY OF THE INSTRUMENTS IN EXCHANGE
RATE MATTERS BETWEEN THE YEAR 2003 AND THE FIRST QUARTER OF 2015:
In Annex 18, we present the most recent versions of the documents identified below
12 Published in Official Gazette Nº40387 dated April 4 2014 (Annex 15) 13 Published in Extraordinary Official Gazette Nº6171 February 10 2015 (Annex 16)
Instrument Official Gazette Publication Summary
Law against Illicit
exchange
operations
E.O.G14 N° 4.897 dated 17/05/1995; Modified: O.G 15 N° 38.272 dated 14/09/2005; E.O.G N° 5.867 dated 28/12/2007; O.G N° 38.879 dated 27/02/2008; E.O.G N° 5.975 dated 17/05/2010; E.O.G N° 6.117 dated 04/12/2013 Repealed: Law of the Exchange Regime and its Illicit in E.O.G N ° 6,126 dated 02/19/2014
Establishes the factual assumptions that constitute illicit exchange and their respective sanctions.
Venezuelan
Central Bank
Law
E.O.G N° 5.606 dated 18/10/2002; Modified: O.G N° 38.212 dated 20/07/2005; O.G N° 39.300 dated 05/11/2009; O.G N° 39.301 dated 06/11/2009; O.G N° 39.419 dated 07/05/2010; E.O.G N° 6.155 dated 19/11/2014.
Governing regulations of the Central Bank of Venezuela, which establishes the power to publish exchange rate regulations in conjunction with the National Executive
Exchange
Agreement Nº 1
O.G. N°37.625 dated 05/02/2003; Modified: O.G N° 37.653 dated 19/03/2003.
According to this Agreement, the BCV centralizes the purchase and sale of foreign exchange in the country, however coordination, administration, control and establishment of requirements, procedures and restrictions was delegated to the Foreign Exchange Administration Commission (CADIVI), a body established by the National Executive.
Exchange
Agreement Nº 2
O.G N°37.625 dated 05/02/2003; Modified: O.G N° 37.874 dated 06/02/2004; O.G N° 37.874 dated 06/02/2004; O.G N° 37.875 dated 09/02/2004; O.G N° 38.138 dated 02/03/2005. Repealed: Exchange Agreement N° 14 O.G. N° 39.342 dated 08/01/2010.
Fixed the exchange rate at Bs. 1,915. 20 USD for purchase and Bs. 1,920 USD for sale. It was subsequently amended by setting the exchange rate at Bs. 2,144. 60 USD for purchase and Bs. 2,150 USD for sale.
Exchange
Agreement Nº 3
O.G. N° 37.505 dated 14/10/2002. Modified: O.G N° 37.627 dated 07/02/2003. Repealed : Exchange Agreement N°2, O.G 37.874 dated 06/02/2004
Fixed the exchange rate in Bs. 1,600 per USD for the payment of external public debt.
Exchange
Agreement Nº 4
O.G N° 37.737 dated 22/07/2003; Modified: O.G N° 37.790 dated 06/10/2003
Regulates the regime for the acquisition in national currency of securities issued by the Republic in foreign currency, as well as the special regime applicable to financing programs developed by the Foreign Trade Bank (BANCOEX).
Exchange
Agreement Nº 5
O.G N° 37.790 dated 06/10/2003 Regulates foreign exchange transactions channeled through the Reciprocal Payments and Credits Agreement between the Central Banks of the member countries of the Latin American Integration Association (ALADI) and
14 Published in Extraordinary Official Gazette 15 Published in Official Gazette
other similar agreements with other central banks, and the importer must be duly registered in the Registry of Users of the Currency Administration System (RUSAD) and obtain the corresponding Foreign Currency Acquisition Authorization (AAD) in advance.
Exchange
Agreement Nº 6
O.G N° 37.807 dated 30/10/2003; Modified O.G N° 37.957 dated 10/06/2004
The acquisition of foreign currency to cover consumption expenses for foreign travel will be limited to the instruments of payment and amount determined by the Currency Administration Commission (CADIVI) and subject to the requirements and conditions established by CADIVI for that purpose previous technical opinion of the Central Bank of Venezuela
Exchange
Agreement Nº 7
O.G 3O7.936 dated 12/05/2004 Regulates the regime for the acquisition of foreign currency by the public sector, as well as the special regime applicable to incorporated or constituted companies to develop any of the activities referred to in the Organic Law of Gaseous Hydrocarbons.
Exchange
Agreement Nº 8
O.G N° 38.015 dated 03/09/2004 Sets the exchange rate for the foreign currency acquisition foreign currency for payment of external private debt contracted with any creditor abroad, including multilateral and bilateral agencies, of integration or foreign government entities, and agencies of export financing, previous compliance with the requirements and conditions established by CADIVI for that purpose.
Exchange
Agreement Nº 9
O.G. N° 38.318 dated 18/11/2005.
Modified:
O.G. N° 38.650 dated 22/03/2007;
O.G. N° 39.239 dated 11/08/2009
Foreign currencies originated by the concept of hydrocarbon exports, including gaseous and other hydrocarbons, will be compulsory to the Central Bank of Venezuela, except the currencies from the activity carried out by Petróleos de Venezuela S.A., who will sell to the Central Bank of Venezuela only the necessary amounts for the purposes of meet operating expenses in the country of said company and the tax contributions to which it is obliged to in accordance with the laws, for the amount estimated in the Republic Budget Law
Exchange
Agreement Nº 10
O.G N° 38.336 dated 15/12/2005 Banks may acquire, once only, foreign currency directly from the Central Bank of Venezuela, in order to maintain currency availability that allows it to cover the activities associated with eternal transactions permitted under the current Foreign Exchange Administration Regime. Transactions in foreign currencies carried out by diplomatic and consular representations, as well as by members or representatives of international organizations, to act on behalf of the respective international organization or as international observers, accredited before the National Public Power, may be specially regulated by Providence issued by the Foreign Currency Administration Commission (CADIVI), without prejudice to the immunities and privileges that correspond to them, in accordance with the provisions of the respective International Agreements and the Venezuelan legal system.
Exchange O.G N° 39.197 dated 10/06/2009; Dictates the Norms that Establish the Regime for the
Agreement Nº 11 Modified: O.G N° 40.565 dated 18/12/2014
foreign currency Acquisition by the Public Sector.
Exchange
Agreement Nº 12
O.G N° 39.207 dated 25/06/2009; Modified: O.G N° 39.485 dated 11/08/2010
Authorized persons to market gold and its alloys must sell at least 50% of the total to the Central Bank of Venezuela of the foreign currency obtained for gold exports. Persons who, in accordance with the Law of Mines, carry out the small-scale mining activity, they must sell to the Central Bank of Venezuela at least seventy percent (70%) of total currencies obtained by way of exports made from said mineral. Individuals or private legal entities, engaged in the export of goods and services, may retain and manage up to thirty percent (30%) of the income they receive in foreign currency, on account of the exports made; this percentage will be used to cover the expenses derived from the export activity, other than the financial debt, as well as for the acquisition of securities issued in foreign currency by the Republic or its decentralized entities, for the purpose of being traded in international markets.
Exchange
Agreement Nº 13
O.G N° 39.320 dated 03/12/2004 The Venezuelan Central Bank Board of Directors may authorize the maintenance of a foreign currency account in said institute to legal persons.
Exchange
Agreement Nº 14
O.G N° 39.342 dated 08/01/2010; Modified: O.G N° 39.584 dated 30/12/2010;
O.G. N° 40.108 dated 08/02/2013;
In its first version, it established a dual exchange rate. It was modified successively to unify the established exchange rates, as well as a subsequent increase in this type of change.
Exchange
Agreement Nº 15
O.G N° 39.593 dated 13/01/2011; Modified: O.G. N° 39.603 dated 27/01/2011; Repealed: Exchange Agreement N°14 O.G 40.108 dated 08/02/2013
The exchange rate of Bs. 2,6 is established for currency sales operations for imports of food and medicine, student expenses and payments to retirees abroad.
Exchange
Agreement Nº 16
O.G N° 39.382 dated 09/03/2010; Repealed : in Exchange Agreement N° 14 G.O 39.584 dated 30/12/2010
Establishes exchange rate for organisms and international institutions where Venezuela participates by virtue of international agreements or conventions as long as these foreign currencies are acquired with local contributions and are destined to financing programs for socioeconomic development executed by said organizations and institutions. Establishes the exchange rate applicable to the purchase operations of currencies made by the Central Bank of Venezuela to agencies and international institutions in which the Republic participates Bolivarian Republic of Venezuela by virtue of international agreements or conventions ratified by it and in force on the date of the request, that they were deposited in accounts in the Central Bank of Venezuela and derived from contributions from abroad destined to finance development programs executed by said organisms and institutions.
Exchange O.G N° 39.405 dated 16/04/2010; Establishes an exchange rate for operations performed and
Agreement Nº 17 Modified: O.G N° 39.408 dated 22/04/2010; Repealed: Exchange Agreement N° 14
proceeding before the entry into force of Exchange Agreement No. 14 dated 08/01/2010.
Exchange
Agreement Nº 18
O.G N° 39.439 dated 04/06/2010 The Central Bank of Venezuela shall regulate, by Resolution issued by its Board of Directors, the terms of the negotiation, in national currency, of the securities of the Republic, its decentralized entities or of any other issuer, issued or to be issued in foreign currency. Border exchange operators authorized by the Central Bank of Venezuela to operate may only carry out those transactions for the purchase or sale of Colombian or Brazilian real pesos, as appropriate to their geographical location, in coins and banknotes, when authorized by the directory of the Central Bank of Venezuela by a decision issued to that effect, without prejudice to the powers of inspection, surveillance, supervision, regulation and control granted to the Superintendence of banks and other financial institutions.
Exchange
Agreement Nº 19
O.G N° 39.779 dated 17/10/2011 Private legal entities registered in the Register of gold exporters may acquire foreign currency directly to the Central Bank of Venezuela at the exchange rate fixed in exchange agreement No. 14 during the period established for their migration process to a joint venture, for the purpose of making the payments and disbursements that may be made outside Venezuela in order to maintain operational status.
Exchange
Agreement Nº 20
O.G N° 39.968 dated 14/06/2012; Modified: O.G N° 40.002 dated 06/09/2012
Authorization for Legal Entities not domiciled in Venezuela participating in strategic public investment projects, and natural persons residing and domiciled in the country may be able to hold funds in foreign currency in universal banks. Resolution No. 14-08-01 established that the Universal Banks must keep these funds in accounts in foreign currency at the Central Bank of Venezuela, which are available for mobilization by said banking institutions.
Exchange
Agreement Nº 21
O.G N°40.134 dated 22/03/2013 Superior body for the optimization of the Exchange Rate System, created by Decree No. 9.381 of 08/02/2013, will regulate the terms and conditions of the special currency auctions coming from oil revenues in foreign currency that will be destined to cover imports for the real sector of the national economy, through the complementary system of Foreign Exchange Administration, managed by the Central Bank of Venezuela
Exchange
Agreement Nº 22
O.G N° 40.199 dated 02/07/2013. Repealed: Rules establishing the scheme for the acquisition of foreign currency by the public sector, O.G 40.391 dated 10/04/2014
Provides the realization of special auctions of foreign currency carried through the Complementary System of foreign Currency Administration (SICAD).
Resolution of the Venezuelan
O.G N° 40.200 dated 03/07/2013; Modified:
Establishes the regime for special auctions conducted through the supplementary system of Foreign Exchange
Central Bank N° 13-07-01
O.G N°40.201 dated 04/07/2013 Administration (SICAD).
Exchange
Agreement Nº 23
O.G N° 40.283 dated 30/10/2013 Reports that natural persons not resident in the country, who enter Venezuelan territory through the terminals legally willing to be located in airports and ports, may sell annually up to ten thousand dollars in the ticket offices installed in said airports and ports by exchange operators authorized for this purpose by the Central Bank of Venezuela, at the exchange rate of purchase determined by the latter.
Exchange
Agreement Nº 24
O.G N° 40.324 dated 30/12/2013; Repealed: Exchange Agreement N°28
Establishes that the rate of purchase applicable to PDVSA for the sale of foreign currency from activities other than the export and / or sale of hydrocarbons will be the result of the last allocation of foreign currency made through the Supplementary System of Currency Administration (SICAD) reduced by 0.25%. The same type of purchase change will be applicable to foreign currency sales operations generated by the service companies that are part of the National Industrial Oil Conglomerate, and those derived from mining exports.
Exchange
Agreement Nº 25
O.G.E N° 6.122 dated 23/01/2014; The rate resulting from the SICAD auction was eliminated from the "CADIVI" rate, among others, exchange operations related to (i) leases and services, use and exploitation of patents, trademarks, licenses and franchises, as well as for the Importation of intangible assets; payment of network lease contracts; installation, repair and maintenance of imported machinery, equipment or software corresponding to the telecommunications sector; (ii) public service of international air transport of passengers, cargo and mail, authorized by the National Executive; (iii) international investments and royalty payments, use and exploitation of patents, trademarks, licenses and franchises, as well as technology import and technical assistance contracts; and (iv) operations specific to the insurance activity.
Exchange
Agreement Nº 26
E.O.G. N° 6.125 dated 10/02/2014 Modified: O.G 40.391 dated 10/04/2014
The special currency auctions carried out through the Foreign Currency Administration Complementary System (SICAD) will be managed and directed by the National Center for Foreign Trade (CENCOEX), establishing this administrative entity the sectors that could be bidders and demanders of foreign currency, as well as the regulation of them.
Exchange
Agreement Nº 27
O.G. N°40.368 dated 10/03/2014 Established the "Alternative Currency Exchange System" ("SICAD II") which: (i) pursued a daily auction system in which private persons and legal entities of public and private law would participate; (ii) determined the rate applicable to exports as the result of said auctions.
Exchange Regime
Law and its illicit
E.O.G N° 6.126 dated 19/02/2014; Modified: E.O.G N° 6.150 dated 18/11/2014;
Regulates the terms in which entities with competence in the foreign currency administration system exercise the powers conferred by the legal system, in accordance with the exchange agreements issued for that purpose, and the guidelines for the execution of said policy; as well as the parameters for the participation of people in the
acquisition of foreign currency and the factual assumptions that constitute illicit in such matter and their respective sanctions.
Exchange
Agreement Nº 28
O.G. N° 40.387 dated 04/04/2014 Allows the performance of bureaux de change in the SICAD II alternative currency exchange market through retail operations.
Exchange
Agreement Nº 29
O.G N° 40.471 dated 08/08/2014; Modified: O.G N° 40.478 dated 19/08/2014
The settlement of currency operations for the payment of imports of goods associated with the automotive, bodywork and auto parts sectors will be made at the exchange rate resulting from the last assignment made through the Supplementary Foreign Exchange Administration System (SICAD).
Exchange
Agreement Nº 30
O.G N° 40.504 dated 24/09/2014 The liquidation of the foreign currency sales operations carried out by Petróleos de Venezuela, SA, to the Central Bank of Venezuela for the purpose of the delivery in bolivars to the National Development Fund (FONDEN) of the special contributions referred to in the Reform Law Partial, which creates the Special Contribution for Extraordinary Prices and Exorbitant Prices in the International Hydrocarbons Market will be made at any of the official exchange rates to which the current Exchange Agreements are contracted.
Exchange
Agreement Nº 31
O.G. N° 40.565 dated 18/12/2014 Authorizes microfinance banks to open accounts in foreign currency in the national financial system. People interested in buying or selling currencies or securities denominated in foreign currency through SICAD II, they must do so interchangeably through universal banks, microfinance banks and commercial banks in the process of transformation in accordance with the Transitory Provisions of the Decree with Rank, Value and Force of Law of Institutions of the Banking Sector; the “Bicentenaria” Public Stock Exchange; the institutions authorized to act in the securities market in accordance with the Securities Market Law; as well as by any other entity or subject that the Board of the Central Bank of Venezuela, together with the MPPEFBP, authorizes for this purpose.
Exchange
Agreement Nº 32
E.O.G N° 6.167 dated 30/12/2014 The liquidation of foreign currency sales operations carried out by PDVSA and its subsidiaries to the Central Bank of Venezuela, derived from financing, financial instruments and collection of debts, from activities or operations of export and / or sale of hydrocarbons carried out within the framework of Energy Cooperation Agreements, will be made to any the official exchange rates to which the current Exchange Agreements are contracted.
Exchange
Agreement Nº 33
E.O.G N° 6.171 dated 10/02/2015 The Norms that will govern the Currency Transactions in the National Financial System, through which the bases of the "Foreign Currency System" (SIMADI), whose exchange rate would be the result of the average of the operations carried out (i) the trading operations, in national currency, of foreign currency and (ii) trading