Travieso Evans Arria Rengel & Paz

News

Exchange Agreement No. 30

Exchange Agreement No. 30, issued by the Venezuelan Central Bank (“VCB”) jointly with the Ministry of the Popular Power for Economy, Finance, and Public Banking, was published in Official Gazette  No. 40.504 of September 24, 2014 (the “Exchange Agreement”).

The Exchange Agreement establishes that payment of the transactions of sale of foreign currency made by Petróleos de Venezuela, S.A. (“PDVSA”) to the VCB,  for purposes of delivering in Bolivars  to the Fund of National Development (Fondo de Desarrollo Nacional  “FONDEN”)  the special contributions  referred to in the Law of Partial Amendment to Decree No. 8.807 with the Status, Value and Force of  Law that Creates a Special Contribution for Extraordinary Prices and Exorbitant Prices in the International Market of Hydrocarbons, published in Official Gazette No. 40.114 of February 20,  2013, in the case established in paragraph first of article  10 ejusdem,  will be made at any of the official rates of exchange referred to in the Exchange Agreements currently in force.  

Exchange Agreement No. 30 became effective on September 24, 2014.

In order to access  the Exchange Agreement, please click here:

http://www.traviesoevans.com/gaceta//2014/09-septiembre/2014-09-24-40504.pdf

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”