New currency exchange system introduced by the government with the exchange agreement N°35


According to the Exchange agreement N° 35, Venezuelan economic system have two RoE as follows:
 

  1. Protected RoE (DIPRO): VEF 10 / USD 1. The protected RoE applies to the following:
  1. Esencial goods such as food and medicines
  2. Pensions.
  3. Health in general.
  4. Sports, culture, cientific investigation, students and special cases.
  1. Complementary RoE (DICOM): This is a “floating” RoE as per daily publications by the central bank. At the moment of issuance of this circular, the DICOM RoE was: VEF 206 / USD 1. The DICOM applies to the following:
  1. Overseas traveling.
  2. Embassies, etc.
  3. Sell of currency generated by oil (and derivates) activities.
  4. Public companies such as the basic enterprises of GUYANA (SIDOR, FERROMIERA, VENALUM, etc.).
  5. Any other transaction non specified in the agreement.
 
According with this new exchange rules, all currency exchange transaction involving the maritime sector, including port expenses, taxes, fines, ship agency activities, salaries but also and not limited to marine claims and third party liabilities shall fall under the DICOM exchange rate which is very favourable in reducing exposure in any kind of matter.
 
All companies conducting business in Venezuela should be aware of this rules in order to obligue their local agents to apply the correct RoE for any transaction contucted locally.
 
You may find the complete exchange agreement in the following link:
 
http://www.finanzasdigital.com/2016/03/convenio-cambiario-n-35/
 
Should you have any question about this or any other matter, please don’t hesitate on contacting us. In case you choose to share this information, please don’t forget to credit our company.
 
Carlos Carrasco
Operations Manager
Venepandi, C.A.
 

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