The revised rule did not establish an annual limit and specified a daily limit of 500 euros for the sale of foreign currency in cash. manner
The revised rule did not establish an annual limit and specified a daily limit of 500 euros for the sale of foreign currency in cash.
manners , The new circular puts a maximum amount of 8,500 euros or its equivalent in any other foreign currency
According to a circular published by the issuing body on Monday, September 26, the Central Bank of Venezuela has abolished the minimum amount for retail sale of foreign currency that banks and exchange houses can offer to their natural and fiat clients.
In an official notice published in the Official Gazette No. 41,580 on February 6, 2019, the BCV had established a minimum of 50 Euros for individuals or its equivalent in any other foreign currency and 500 Euros for legal entities.
The new circular stipulates a maximum of EUR 8,500 or its equivalent in any other foreign currency per operation for the purchase of foreign currency by banks and exchange houses. This is the maximum limit established in the current Exchange Agreement No. 1 in its Article 19.
The circular states that the maximum amount that banks and exchange houses can undertake for foreign exchange sales operations per customer or user: 1,000 Euros or its equivalent per day in any other currency; 4,000 euros per month and 8,500 euros per calendar year, banking and business reported.
The new circular clarifies that “For the purposes of the maximum annual amount indicated in this number, the balance accumulated on the occasion of participation of customers or users in the retail market shall be considered irrespective of the particular intermediaries (s) ) before which He has conducted the acquisition of foreign currency».
The revised rule did not establish an annual limit and specified a daily limit of 500 euros for the sale of foreign currency in cash.
The Monetary Authority provides that “It is expressly understood that foreign exchange sale operations conducted by Universal Banks and Exchange Houses for their customers or users shall be carried out by the Central Bank of Venezuela at the exchange rate published through its website In accordance with the provisions of paragraph 22 of the Exchange Agreement No. 1», immediately before the date of the relevant operation, increased by one percent (1%).
It also provides a period of 30 bank business days for financial institutions to make necessary adjustments to their technical platforms to comply with these instructions.
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