First of all, Happy New Year to all of you!; have a basic question for seasoned veterans that have closed VEF/USD currency exchange transactions before; here it goes:
How much Bolivars (VEF) does BCV (Banco Central de Venezuela) currently permits to be sold to a VEF buyer, on a DAILY basis in Venezuela (assumption: both VEF buyer and seller have bank accounts in Banesco or BOD in Venezuela)? I was told different amounts during December 2016, meaning you can do millions, billions and even trillions; my guess is that the daily limit is less than 500M VEF.
Any informed feedback from associates and/or principals that have done this before will be highly appreciated; thank you.
depends; VEF/USD currency transactions are a special deal, especially with the bad rates and the turmoil. they are all case by case. done 2, one broke down because to many people involved, one worked for 4 weeks.
now VEF is a difficult exchange, no one wants the currency, its of the automatic clearing list, so they set up repo's and there is a lot of mumbo jumbo who is getting paid etc, in almost all cases only the government operators are paid and the private brokers almost never, procedures are often a nightmare.
so if you are a broker, don't waste your time, and no, agreements will not protect you.