|
Post by privateinvestors on Apr 9, 2010 23:51:28 GMT 4
Can anyone tell me if and how a Venezuelan citizen can exchange his bolivares (Venezuelan currency) for USD?
The Venezuelan citizen cannot exchange his currency in-house (in his bank in Venezuela) for obvious reasons. But, would like to discuss this exchange on a bank to bank basis (Santander bank in Spain?) outiside of Venezuela.
Any suggestions?
|
|
|
Post by isakhalifa on Apr 10, 2010 3:24:23 GMT 4
The Venezuelan government and the country's central bank issued an agreement (Exchange Agreement No. 14) on 8 January 2010 that introduces a multiple exchange rate system. The agreement sets two initial official exchange rates: a "preferential rate" of VEF 2.60 to USD 1 and a "free rate" or "oil dollar" of VEF 4.30 per USD 1. Agreement No. 14 entered into effect on 11 January 2010.
The preferential rate generally will be applied to most essential items (e.g. food, medical care, family remittances of USD to Venezuelan students abroad, consulates and embassies in the country as well as retirees, pensioners and special cases), imports of machinery and equipment, science and technology and the non-oil public sector, including payment of the external public debt.
The free rate will be applied to the automobile industry, trade, telecommunications, chemicals, steel industries, computers, rubber and plastics, electrical appliances, textiles, electrical services, construction, electronics, graphics, tobacco and beverages, as well as to dividends, royalties and capital repatriation, among others.
Different foreign exchange rates will be applied in specific cases as follows:
- VEF 2.5935 to USD 1 for purchases of foreign currency from the public sector, except for foreign currency from the export of oil and gas and non-oil exports. This exchange rate also will apply to purchases of foreign currency from consulates, embassies, their officials and officials of international organizations (exchange rates for purchases of foreign currency from consulates, etc., is set forth in Exchange Agreement No. 15, published in the Official Gazette on 19 January 2010);
- VEF 4.2893 to USD 1 or VEF 2.5935 to USD 1 for purchases of foreign currency from the export of oil and gas. The central bank will determine which rate applies;
- VEF 4.2893 to USD 1 for purchases of foreign currency from FONDEN, a state-owned corporation whose purpose is to finance projects in Venezuela;
- VEF 2.60 to USD 1 USD or VEF 4.30 to USD 1 for purchases of foreign currency by PDVSA, the State-owned oil enterprise. The central bank will determine which rate applies;
- The central bank and the executive government will publish another exchange agreement that will set the exchange rate for the purchase of foreign currency to pay principal, interest, guarantees and collateral payments on foreign private debt with foreign creditors, including multilateral and bilateral entities, foreign government entities and export finance agencies; and
- The central bank and the executive government will determine the exchange rate for the purchase of securities issued by Venezuela or other Venezuelan government entities in USD from the primary market paid in VEF.
Individuals and private enterprises exporting goods and services may retain up to 30% of the foreign currency received from the export of goods and services, but the retained amounts must be used to cover expenses related to the export of goods and services, excluding financial debt.
Transactions in foreign currency must be entered in the financial statements at the applicable exchange rate. When VAT is paid to the customs authorities, the exchange rate of VEF 2.60 or VEF 4.30 will apply to the import of goods and services, respectively. An exchange rate of VEF 4.2893 to USD 1 will be applied to the export of goods and services.
A grandfathering provision applies to currency requests that were formally approved by the Foreign Exchange Commission (CADIVI) before 11 January 2010. In those cases, the exchange rate is VEF 2.15 to USD 1, although the VEF 2.60 rate will apply to currency requests approved by CADIVI, and submitted and received by the central bank by 8 January 2010 for which liquidation was not requested by the exchange operators to the central bank prior to that date.
|
|
|
Post by fireopal on Apr 10, 2010 3:26:31 GMT 4
BBVA has cambios in Colombia which do transact VB outside Venezuela
|
|
|
Post by Sapphire Capital on Apr 10, 2010 9:13:24 GMT 4
not sure if permutos de bonos. It requires having a brokerage account with one of the casas de bolsa (stock brokerage houses) in Caracas, and your money (Bolivares) is deposited with them. They buy Venezuelan bonds and swap them for US treasury paper which is sold in New York, with the money being deposited in the US or elsewhere. There is a similar method using ADR's on the US stock exchanges. Venezuelan stock is purchased here and the ADR's are sold in New York, and the money (in Dollars) is deposited outside Venezuela. not sure but could be that ABN AMRO Caracas still has access to the black market rate. (Av. Ernesto Blohm, Edif. Ibm, Piso 8, Caracas, Venezuela, (0212) 950 0651 for smaller amounts there is also www.ikobo.com/south%20america/money-transfer-venezuela.html. There are institutional accounts we use in the Dominican Republic for this purpose as well.
|
|
|
Post by ericasmith568 on Jun 3, 2010 8:06:59 GMT 4
Dear Webmasters,
I want to make 1 guest article post in your site, only if you permit me. The post contains 350 words above and totally unique as they will be written by my content writers and the articles will be on the theme of your site.
Or else we can go for a simple link exchange. BUT I NEED ONLY FINANCE SITES/BLOGS WITH ANY PR.
Please contact me at my mail soon. In return, I will place your links in my different finance sites covering debt, mortgage, real estate, credit and insurance matters.
regards,
Erica Smith ericasmith568(at)gmail.com
|
|