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UK Carbon Border Adjustment Mechanism: how will it work?
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Global | Publication | March 2016
The Central Bank of Venezuela (Banco Central de Venezuela - BCV) published Exchange Agreement No. 35 in Official Gazette No. 40,865 of March 9, 2016, establishing the rules governing the foreign exchange administration regime (Exchange Agreement No. 35).
This regulation repeals Articles 1 and 2 of Exchange Agreement No. 25; Articles 5, 6, 8 and 15 of Exchange Agreement No. 28; Exchange Agreement No. 29; Exchange Agreement No. 14 and Articles 25 to 31 of Exchange Agreement No. 33, as well as all provisions that conflict with the provisions of this new regulation.
Exchange Agreement No. 35 entered into force on March 10, 2016.
We would like to highlight the following provisions of Exchange Agreement No. 35:
New exchange rates: (i) The Protected Exchange Rate: purchase price: Bs. 9.975 per one United States Dollar (USD); sale price: Bs 10.00 per USD 1.00; and (ii) The Complementary Floating Market Exchange Rate.
Activities Subject to Protected Exchange Rate:
Activities Subject to Complementary Floating Market Exchange Rate:
Activities Subject to Any Exchange Rate:
The Marginal Currency System (Sistema Marginal de Administración de Divisas - SIMADI) will continue to operate until it is replaced within a maximum term of 30 days. Consequently, until it is replaced, The Complementary Floating Market Exchange Rate will be the SIMADI exchange rate which, by way of reference, stood at Bs. 221.0924 per USD 1.00 on March 11, 2016.
Exchange Agreement No. 35 does not regulate the procedure to be used by the private sector to purchase or sell foreign currency through the new complementary floating market exchange rate system. In any event, and in accordance with the provisions regarding the transition regime, it follows that regulations will soon be published that develop such system.
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