![]() ![]() Those interested in the acquisition of foreign exchange were The amount increased to BS 2,150 per dollar for sale Indicated the beginning of the stage of exchange control in Venezuela with a BS Exchange agreement Number 1: appeared on February 5, 2003.Regime between 20 were determined in the following Foreign Exchange Of the sub-legal instruments that supported the foreign exchange administration That has the power and discretion to approve or disapprove the foreign exchange Governing administrative body, an institution Processes, the final authorization for foreign exchange is issued by the The illegal transaction and the official rate. Pricing”, an act punishable by imprisonment from 7 to 12 years and a fineĮquivalent to 200 per cent of the difference between the exchange rate used in Similarly, exchange operationsĬonducted outside the BCV were classified as” unofficial exchange rate use for On the exchange rate regime and its illicit. Punishable by a fine equal to twice the amount obtained and by imprisonmentįrom 3 to 7 years, as provided in the law on illicit exchange rates and the law Venezuela and registered, was subject to prosecution for criminal action and The change to the national currency to any foreignĬurrency by any other means than the BCV and its authorized sources, such as banks established in Those who request it, to private economic agents and private organizations that Support the system of administration of foreign exchange held in: theĬompulsory sale of foreign exchange to the BCV derived from exports, servicesĪnd technological supplies and the system of sales of foreign exchange to The foreign exchange law relating to the circulation, conversionĪnd valuation of the currency originates in sub – legal acts that They are responsible for the administration of foreign exchange at Dipro and Finally, with the measures recently adopted between the Central Bank of Venezuela Subsequently replaced by the National Centre for Foreign Trade (Cencoex). To the Foreign Exchange Administration Commission (Cadivi), which was Should be noted that during a period of time the regulation of the process fell Types of mechanisms through alternative forms of change determination. ![]() The regulation has changed over time, moving from theĮstablishment of a single official exchange rate to dual changes and other The regulations extended for 15 years in the country banned the sale and purchase of foreign currency to private individuals, with the exception of the cases in which is used for certain authorized operations through the existing Exchange Agreements, regulations governing the foreign exchange operations. The restriction on free currency convertibility began to apply in Venezuela in 2003. ![]()
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