BANK INSTITUTIONS AUTHORIZED TO ACT AS EXCHANGE OPERATORS

Resolution No. 19-05-01, issued by the Venezuelan Central Bank (“VCB”), was published in Official Gazette No. 41.624 of May 2, 2019 (the “Resolution”). The Resolution established that the “bank institutions governed by the Decree with the Status, Value, and Force of Law of the Banking Sector [are] authorized to act as exchange operators in the exchange market system”, in line with Exchange Agreement No. 1, published in Official Gazette No. 6405 Extraordinary of September 7, 2018.

According to article 1 of the Resolution, these institutions, through their forex trading sessions, may agree transactions between natural and legal persons of the private sector for purchase-sale of foreign currency held in the national or international financial system.

Article 4 of the Resolution determines that the persons/entities interested in making foreign currency purchase-sale transactions must go directly to the exchange operators or use the electronic banking services provided to that end, in the terms and conditions established by the exchange operators, on any bank business day.

In addition, the Resolution imposes formal duties on these new exchange operators, namely: to publish the weighted average rate of exchange resulting from the agreed transactions at the end of each trading session and to inform the VCB on a daily basis about the transactions agreed through their forex trading sessions.

Finally, the delivery of the foreign currency resulting from these foreign currency purchase-sale transactions will be made through the exchange operators in the terms and conditions agreed by them with their clients and they must adopt the relevant measures in order to procure the timely delivery of the foreign currency.

In order to access the Resolution, please click here.
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