SICAD Call No. 07-2013
On November 05, 2013, the Venezuelan Central Bank (“BCV”) called for auction No. 07-2013 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD”). The persons convoked to take part in the auction are the legal persons that meet the requirements established in the rules regulating the SICAD, that did not participate in Special Auctions of Foreign Currency Nos. 01-2013, 02-2013, 03-2013, 04-2013, 05-2013 and 06-2013 called by the VCB on July 11 2013, July 26, 2013, August 20, 2013, October 14, 2013, October 21, 2013 and October 28, 2013, respectively, or participated but their purchase orders were not awarded, that are domiciled in any part of the national territory, and develop the following activities:
Legal persons of the chemical sector, only consumable supplies and raw material for the manufacture of chemical products for livestock and agrarian use.
Legal persons of the nonmetallic mineral sector, only ceramics and consumable supplies for their manufacture.
Legal persons of the metallurgical sector, only bathroom fittings and consumable supplies for their manufacture.
Legal persons of the health sector, only laboratory reactives.
- Legal persons of the textile and footwear sectors, only consumable supplies and raw material for their manufacture.
Description of the auction:
Total amount of the auction: USD 85,000,000.00.
Minimum amount per purchase order: USD 5,000.00.
Maximum amount per purchase order USD 0.5% of the amount of the auction.
Multiple per purchase order: USD 1,000.00.
Also, the call is addressed to the natural persons residing in the national territory who meet the requirements established in the rules regulating the SICAD and did not participate in Special Auctions of Foreign Currency Nos. 01-2013, 02-2013, 03-2013 , 04-2013, 05-2013 and 06-2013, called by the VCB on July 11, 2013, July 26, 2013, August 20, 2013, October 14, 2013, October 21, 2013 and October 28, 2013, respectively, or who participated but their purchase orders were not awarded, regardless of the case for which the relevant purchase order was submitted, and who are in the cases established in article 19, letters (b), (c), and (d) of Resolution No. 13-07-01 of 07/02/2013: expenses of studies abroad, expenses related to health recovery, scientific research, sports, culture, and other cases of special urgency: payment of goods required for provision of professional services.
An amount of USD 15,000,000.00 will be auctioned to natural persons out of the total amount of the auction; a minimum amount of US$ 500 and a maximum amount of US$ 2,500 may be requested.
The receipt of purchase orders from both natural and legal persons begins on Wednesday, November 6 and ends on Thursday, November 7. On Monday, November 11, the VCB will inform the amount auctioned and the total amount awarded. The process will be completed on Tuesday, November 12, date on which the amounts awarded will be paid.
In order to access the call for Auction No. 07-2013, 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.”