The Venezuelan Central Bank (“VCB”) called for the first two auctions of the new Complementary System of Foreign Currency Administration (“SICAD”) today. The receipt of orders from the authorized institutions will begin tomorrow, Friday, at 9:00 a.m. and end on Tuesday, July 16, at 12:00 m. The following may take part in the auction: the natural persons residing in the country, subject to the conditions established in Resolution No. 13-07-01 through which the SICAD General Rules were issued, the companies of the states of Nueva Esparta (Duty Free Port) and Falcón (Free Zone for Promotion of Tourism Investment in the Península de Paraguaná), as well as those of the car (auto parts) and health (medical equipment and spare parts) sectors located in any place of the national territory. The auction for legal persons amounts to US$. 170 million, while the auction for natural persons amounts to US$. 30 million.
The call for the auction, which details all participation terms and conditions, may be consulted through SICAD’s information module, on the VCB’s web page (www.bcv.org.ve).
“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.”