The Venezuelan Central Bank issues guidelines for new foreign currency exchange regime

August 2013

Overview

The Venezuelan government along with the Venezuelan Central Bank (VCB) published Exchange Agreement N°22 (Agreement) in Official Gazette N° 40.199, as well as Resolution N° 13-07-01 in Official Gazette N° 40.201 (Resolution). The Agreement and Resolution provide new guidelines for the Complimentary System of Currency Administration (SICAD) that was established in March 2013.

SICAD is a new sealed-bid auction mechanism that replaced SITME (the former complimentary currency exchange mechanism) through which Venezuelan companies and individuals may sell or acquire foreign currency such as the US dollar.

Certain multinational companies with operations in Venezuela that are facing difficulty in paying for the importation of goods and services may benefit from the new SICAD regime.

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