Archive for June 14th, 2010

Guidelines for BCV exchange market published

June 14, 2010

“Only” four days after the BCV foreign exchange began operating, the Central Bank published, not the regulations, but the “guidelines” for its operation.

What does this mean? A regulation fixes things and how they can be done, a guideline is a suggestion, an orientation. But I doubt you can ask to buy one dollar more than the “guidelines” sugeest.

It’s just revolutionary flexiblity, it may come in handy at some point (For them)

So, without much furrther ado, here is the final version of the “guidelines”:

-It only applies to Venezuelan companies or Venezuelan citizens, not to residents or foreign companies that operate here through a subsidiary for example.

-Companies will be able to buy up to US$50,000 per day and  no more than US$ 350,000 a month (cash value, not bond value), as long as: i) you are not in Lists 1 and 2 or ii) if you are in Lisst 1 and 2, that you have not received any money from CADIVI for the last 90 days and iii) To buy capital equipment.

-Individuals will be able to ask for US$ 1,000 a month and up to $ 6,000 a year in order to send to family members abroad.

-Individuals will be able to buy US$ 5,000 a year for: i) Studies abroad, ii) Travel abroad and iii) To pay for goods required to provide professional services.

-Up to $10,00 for special cases of health, cultural and sports nature.

That’s it, on your marks, set, go…place your order,  soon…