In December 2013, the regulation allowing the SICAD auction mechanism was amended to expand its use.
In December 2013, the Venezuelan regulation that created the SICAD mechanism was amended to expand its use, and to require publication of the average exchange rate implied by transactions settled in SICAD auctions. SICAD is not a free market auction because participation is controlled by the Venezuelan government, and the bidder that offers the highest price does not necessarily win. Companies that use US GAAP should not use the published SICAD rate to remeasure their BsF denominated monetary balances as of December 31, 2013.
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