Sunday , June 13 2021

BCV Notice on Retail Currency Operations, # 12Febre



BCV
BCV

The Ministry of National Economy and Finance and the Central Bank of Venezuela, in accordance with the provisions of Art. 24 of the Agreement No 1 of 21/08/2018 published in the Official Gazette of the Bolivarian Republic of Venezuela 6,405 Except for 07.09.2018, it informs authorized exchanged operators and the general public who have agreed:

1) Set an amount of eight thousand five hundred euros (8,500 euros) or their equivalent in other foreign currency, the maximum annual amount (per calendar year) that can be earned through the operations specified in Section II of Chapter II of Amendment No 1 of 21.08.2018, as revised PIN.

2) Defines the maximum amounts for foreign exchange transactions to the extent that a universal bank may, as per client, make as set out in Section II of Chapter II of the Agreement No 1 of 21.08.2018 in:

a. The daily amount of one thousand euros (1000 euros) or its equivalent in another foreign currency. In the event that the transaction is intended to acquire foreign banknotes, it may not exceed a daily amount of five hundred euros (500 euros) or their equivalent in another foreign currency.

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b. The sum of four thousand euros (4000 euros) or its equivalent in another foreign currency per calendar month.

3) Defines the minimum amounts for Retail Retail Retail Operations that may be performed by universal banks on a client basis as set out in Section II of Chapter II of Exchange Bond Agreement No I of 21.08.2018 in:

a. The sum of fifty euros (50 euros) or their equivalent in other foreign currency for individuals.

b. The amount of five hundred euros (500 euros) or its equivalent in another foreign currency in the case of legal entities.

4) Establishes the maximum amounts of retail transactions in foreign currency that may be performed by a customer by the exchange offices as set out in Section II of Chapter II of Agreement No 1 of 21/08/2018 in:

a. The daily amount of one thousand euros (1000 euros) or its equivalent in another foreign currency. In the event that the transaction has the object of acquiring a foreign Metes, it may not exceed the daily amount of five hundred euros (500 euros) or its equivalent in another foreign currency.

b. The sum of four thousand euros (4000 euros) or its equivalent in another foreign currency 3 per calendar month.

It is reiterated that the amounts will be automatically checked by intermediaries specializing in retail transactions during the pre-registration of the transaction on the technology platform administered by the Central Bank of Venezuela referred to in Article 21 of the Exchange Agreement. 1 of 21.08.2018.

Similarly, for the purposes of the maximum annual amount referred to in point (1) of this Official Notice, the accumulated balance sheet will be considered for retail market participation, regardless of the operator (s) perform the foreign currency acquisition operations.

On the other hand, it is again underlined that the maximum amounts set out in this Official Notice are not applicable to the foreign currency sales transactions referred to in Article 71 of the Agreement No 1 for change.

It is also explicitly stated that the terms and conditions set out therein are not applicable to foreign currency transactions conducted by universal and microfinance banks governed by the Decree on the Valuation, Value and Effectiveness of Banking Institutions' Legislation and Special laws with its clients during the exchange intervention operations (executed by the Central Bank of Venezuela under the conditions set out in Decision No 19-01-04 of 22.01.99 published in the Official Gazette of the Bolivarian Republic of Venezuela No 41.573 of 28.01.2019, which does not represent retail exchange operations.

Finally, the Central Bank of Venezuela may, depending on its monitoring of the retail retail market, modify the limits set out in figures 1 to 4 of this Formal Notice when it deems it appropriate.

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