Call Auction No. CS-SO-007-17 dated 07-06-2017
The Foreign Currency Auction Committee, in accordance with the General Rules for Auctions of Foreign Currency through the Complementary Floating Market Rate of Exchange (Tipo de Cambio Complementario Flotante de Mercado - "DICOM”), informs the general public about a regular foreign currency auction to be carried out in the following terms and conditions:
AUCTION DATE: 07-10-2017.
AUCTION CLOSING DATE AND TIME: 07-07-2017, 4:00 p.m.
BAND: Informed by the Board of Directors of the Venezuelan Central Bank at its meeting of 06-28-2017.
- Upper Limit: Bs. 2,970.00 x USD 1,00
- Lower Limit: Bs. 2,310.00 x USD 1,00
MINIMUM SUPPLY AND DEMAND BID:
- Natural Person: USD 50.00
- Legal Person: USD 1,000.00
AWARDING DATE AND TIME: 07-10-2017, 8:00 a.m.
Having the funds available and a 0.25% commission is an essential requirement. Otherwise, the bid will be rejected and the person will be suspended from participating in the system for 30 days.
DATE OF PUBLICATION OF RESULTS: 07-11-2017
VALUE DATE (PAYMENT): 07-12-2017.
REQUIREMENTS FOR PARTICIPANTS:
- To be registered with the DICOM system.
- To provide information in relation to: (i) identification; (ii) Fiscal Information Registry (Registro de Información Fiscal - “RIF”); (iii) domicile and address; and (iv) any other information required.
- To prepare a Sworn Statement on Origin and Application of Funds (Declaración Jurada de Proveniencia y Destino de Fondos), based on the forms provided by the computer system.
- To hold a bank account with the national finance system in both national and foreign currency.
- To be solvent in relation to fiscal and tax national obligations and social security.
If the bid for demand of foreign currency is lower than the Rate of Exchange resulting from the auction, it will be excluded from the same, the bid will not qualify for participating and will therefore not appear in any list.
In order to access the Call for Auction No. CS-SO-007-17, please click here.
“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.”