SICAD Call No. 03/2013
On August 20, 2013, the Venezuelan Central Bank (“VCB”) called for auction No. 03-2013 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 and 02-2013 called by the VCB on July 11 2013 and July 26, 2013, respectively, or participated but their purchase orders were not awarded, and that are domiciled in any part of the national territory. They are:
•Legal persons of the food and commercial sector (food and beverages). Only Christmas products.
• Legal persons of the sector of commerce and manufacture. In both sectors, only bicycles, spare parts and pieces for assembly of bicycles, or toys.
• Legal persons of the textiles sector. Only fabrics that constitute consumable supplies for dressmaking.
•Legal persons of the chemical sector. Consumable supplies and raw material for the manufacture of paints, varnishes, and similar coating products.
Description of the auction:
Total amount of the auction: USD 300,000,000.00
Minimum amount per purchase order: USD 8,000.00
Maximum amount per purchase order: USD 900,000.00
Multiple per purchase order: USD 1,000.00
Also, the call is addressed to the natural persons residing in the national territory, duly registered with the “Registry of Users of the Complementary System of Foreign Currency Administration” (Registro de Usuarios del Sistema Complementario de Administración de Divisas - RUSICAD), who meet the requirements established in the rules regulating the SICAD and did not participate in Special Auctions of Foreign Currency No. 01-2013 and 02-2013 called by the VCB on July 11, 2013 and July 26, 2013, respectively, or who participated but their purchase orders were not awarded, regardless of the case for which the relevant purchase order was submitted. In the case of applicants for foreign currency intended for payment of trips abroad, the participants called are the natural persons who have acquired tickets until August 13, 2013 with a date of departure from the date of this call up to and including September 30, 2013.
An amount of USD 30,000,000.00 will be auctioned to natural persons out of the total amount of the auction; the applications for Consumption Expenses for Trips Abroad will be for a minimum of US$ 500 and a maximum of US$ 2,500; for other cases established in article 19, letters b), c), and d) of Resolution No. 13-07-01 of 07 02//2013, a minimum amount of US$ 500 and a maximum amount of US$ 5,000 may be requested.
The receipt of purchase orders from both natural and legal persons began on Wednesday, August 21 and ends on Thursday, August 22. On Friday, August 23, the VCB will inform the amount auctioned and the total amount awarded. The process will be completed on Monday, August 26, date on which the amounts awarded will be paid.
In order to access the call for Auction No. 03-2013, 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.”