Exchange Agreement No. 29
Exchange Agreement No. 29, issued by the Ministry of the Popular Power for Economy, Finance and Public Banks, together with the Central Bank of Venezuela was published in Official Gazette No. 40,471 dated August 8, 2014 (hereinafter the “Agreement”). The Agreement establishes that as of its effectiveness, the foreign currency operations for the payment of ordinary imports of the goods associated to the automobile, vehicle body and their auto parts sectors, corresponding to the customs codes indicated in article 1 of the Agreement, shall be made at the rate of exchange resulting from the last allocation of foreign currency made through the Complementary System of Administration of Foreign Currency (“SICAD”) effective as of the date of the corresponding operations.
Furthermore, the Agreement indicates that the acquisition of foreign currency therein established, the payment of which had been requested from the Central Bank of Venezuela before August 8, 2014, will be paid according to article 1 of Exchange Agreement No. 14, published in Official Gazette No. 40,108 dated February 8, 2013.
The Agreement became effective as of the date of 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.”