Correction of Exchange Agreement No. 29
An Official Notice issued by the Ministry of the Popular Power for Economy, Finance and Public Banking, jointly with the Venezuelan Central Bank, was published in Official Gazette No. 40,478 of August 19, 2014. Said Notice establishes the decision to publish again Exchange Agreement No. 29 (hereinafter, the “Agreement”). Said new publication has the purpose of correcting the text of article 2 of the Agreement. As per such correction, the fact that the Venezuelan Central Bank has received requests for payment of foreign currency, relating to the transactions for acquisition of foreign currency prescribed in the Agreement, before the entry into force of the same, will not suffice to obtain the payment of foreign currency at a rate of Bs. 6.30 per US$ 1.00. In this connection, the new article 2 of the Agreement establishes that the transactions for acquisition of foreign currency prescribed in the Agreement with respect to which the import closing file has been filed with the Centro Nacional de Comercio Exterior (“CENCOEX”) by the exchange operator of the importer before the entry into force of the Agreement will be paid at a rate of Bs. 6.30 per US$. 1.00.
The Agreement became effective upon its publication in the Official Gazette.
In order to access the Agreement, 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.”