7 January 2015
In the Official Gazette of the Bolivarian Republic of Venezuela Extraordinary N° 6,167 of December 30th, 2014, the Ministry of Economy, Finance and Public Banking and the Central Bank of Venezuela (“BCV”) entered into the Exchange Agreement N° 32 (the “Agreement”) which provides the following:
From its entry into force date, the sale of foreign currency by Petróleos de Venezuela, S.A. (PDVSA) or its affiliates, obtained from financing, financial instruments and debts collection, originated from export and/or sale of hydrocarbons activities or operations performed within Energy Cooperation Agreements shall be maid at any of the official exchange rates provided in the Exchange Agreements currently in force.
This Exchange Agreement partially reforms Exchange Agreement N° 28 which provided that (i) all foreign currency originated from the export or sale of hydrocarbons, must be sold pursuant to Exchange Agreement N° 9 (currently at the official rate Bs. 6.30/USD); and (ii) all foreign currency originated from other activities (such as financing, financial instruments, sale of assets, capital contribution, dividends received, provision of services, debts collection) must be sold at the SICAD II rate reduced in 0.25%.
The sources of foreign currency not expressly covered by Exchange Agreement N° 32 continue to be regulated by Exchange Agreements N° 9 and N° 28 above mentioned.
The Exchange Agreement entered into force on the date of its publication in the Official Gazette.
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