CESSATION OF OBLIGATION TO STATE DOUBLE EXPRESSION OF PRICES OF GOODS AND SERVICES

Resolution No. 19-02-01, issued by the Venezuelan Central Bank (“VCB”), was published in Official Gazette No. 41.587 of February 15, 2019 (the “Resolution”). The Resolution established that after February 15, 2019 – and pursuant to the Second Temporary Provision of Decree No. 24, in the frame of the State of Emergency (including Economic Emergency), that declared the Currency Redenomination, article 3 of Decree No. 54, in the frame of the State of Emergency (including Economic Emergency), that declared the new redenomination of the national monetary unit for purposes of the Currency Redenomination and the effectiveness of the same, and article 8 of Resolution No. 18-07-02, dated July 31, 2018, issued by the VCB, through which the “Rules that Govern the Currency Redenomination Process” were established – the instruments that offer the prices of goods and services and those that reflect monetary amounts will cease to express such prices and amounts in both bolivars expressed in the monetary scale in effect until August 19, 2018 and bolivars expressed in the scale in effect as from August 20, 2018.

The price of the goods and services and other monetary amounts must be expressed only in the monetary scale in effect as from August 20, 2018, indicating the word “bolívares” (bolivars) or the symbol “Bs.”

The Resolution became effective on February 15, 2019.

In order to access the Resolution, please click here.

Should you have any question or comment or require further information, please contact the partner in charge of your account via email.