Superior Entity for Optimization of the Foreign Exchange System
Presidential Decree No. 9,381 was published in Official Gazette No. 40.108, dated February 8, 2013. Said Decree creates the Superior Entity for Optimization of the Foreign Exchange System, the purpose of which will be to design, plan, and execute the strategies of the State on foreign exchange matters. The Ministry of the Popular Power for Planning and Finance, the Venezuelan Central Bank, and the Ministry of the Popular Power for Petroleum and Mining will be in charge of said Entity.
The Superior Entity of the Exchange System will have the following powers, among others: (i) to fix the priorities in the assignment of foreign currency; (ii) to direct the quality and quantity of the imports necessary in order to reach the budget targets; (iii) to balance the flow of availability of foreign currency on the basis of the budget needs.
In this connection, through a joint resolution of the Ministry of the Popular Power for Planning and Finance and the Venezuelan Central Bank, the rules for adjusting the organizational and operational structure of the Superior Entity of the Exchange System will be issued.
The Decree became effective on February 8, 2013, date of its publication in the Official Gazette.
Find a copy of Decree No. 9,381 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.”