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Partial Reform of the Law Against Illegal Exchange, focuses on two articles:
Article 2 and Article 9.

Article 2, referred to Currency definition adds anything concerning the securities denominated in foreign currency. "In this way, the securities market should be in the form and methodologies established for that purpose," reads the document.

Article 9, the reform aims to extend the powers of the Central Bank of Venezuela on the purchase and sale of foreign currency to prevent distortions in the exchange market and it can impact the real economy of production, ensuring that the market currency or securities intended to foreign exchange settlement may only be made through the Central Bank of Venezuela.












1. What's happening?


The Government has changed the rules for buying and selling dollars in the parallel market, also known as swap.



2. Does this affect the quota for travel or internet purchases is received through Cadivi?


No. The quota for travel and online shopping at the exchange rate of 4.30 per dollar is not altered. Nor Cadivi affect approvals for students, remittances to relatives abroad or imports at the official exchange rate.



3. What is the parallel market or swap?


is a market where you can buy dollars through bonds without going to Cadivi.


4. How to buy dollars in the swap market before the change made by the Government?


companies or individuals attending a broker, buying a bond in bolivars subsequently exchanged for a bond in dollars and sold the paper on the outside to get money at a higher price than the two official exchange rates 2.6 to 4.30 per dollar.


5. How is the new system created by the Government?
From now on the Central Bank will act as intermediary between buyers and sellers through a platform. Establish a floor and a ceiling for the dollar by reference to the price of bonds abroad.


6. Will there be more checks to buy dollars? Yes


companies or individuals to buy foreign currency through the Central Bank of Venezuela will have to indicate what they want the dollars and the sellers will have to prove the origin of funds.



7. What has happened to the brokerage houses?


The Government accused of having carried out speculation that the dollar artificially increase in the parallel market and says they can not participate in the mechanism that will implement the Central Bank of Venezuela.


8. If I have a dollar bonus or the Republic PDVSA purchased through a broker I have problems?


No. The bonds must be in your name and there should be no problem, the Government has only said that brokerage firms may not serve to buy dollars through the scheme that the Central Bank has not announced at all.


9. If I have a dollar bond, such as PDVSA, I can sell it?


The National Securities Commission and the Central Bank has suspended the sale and purchase currency bonds to financial institutions begin to operate until the new system.







10. "I can sell my bonds abroad?



This aspect has not been cleared properly by the authorities. The Act stipulates that all bonds must be sold to the Central Bank, the central bank but sources indicate that a regulation which will allow foreign currency bonds may be sold abroad. Private