Bolivarian Republic of VENEZUELA MINISTRY
PEOPLE'S POWER FOR ECONOMICS AND FINANCE
Exchange Agreement No. 14
The National Executive, represented by the citizen Ali Rodriguez Araque, in his capacity as Minister of Popular Power for Finance, approved by Decree N º 2278 dated January 21, 2003, on the one hand, and on the other, the Central Bank of Venezuela, represented by its President, J. Nelson Merentes D., authorized by the Board of the Institute in session No. 4256, on January 8, 2010, in accordance with the provisions of Article 318 of the Constitution of the Bolivarian Republic of Venezuela, in accordance with the provisions of Articles 5, 7, paragraphs 2, 5 and 7, 21, paragraphs 16 and 17, 33, 110 and 112 of the Central Bank of Venezuela, and 6 of the Exchange Agreement No. 1 February 5, 2003, have agreed as follows:
Article 1. The settlement of transactions of sale of foreign currencies to the concepts listed below under the relevant order issued by the Foreign Exchange Administration Commission (CADIVI) shall be made at the rate of two Bs and sixty cents ( Bs 2.60) per dollar of States States of America:
a) Imports for the food, health, education, machinery and equipment, and science and technology, according to trade policy established by the National Executive.
b) Operations of remittances to relatives living abroad.
c) Payments for expenses of students studying abroad academic activities.
d) Payments for costs of recovery of health, sport, culture, scientific research and other cases of special urgency, according to the Foreign Exchange Administration Commission (CADIVI).
e) Payments to retirees and pensioners living abroad.
f) Purchase of foreign currency by diplomatic, consular officials, as well as by foreign officials of international organizations accredited to the Government.
Article 2. Settlement of the sale of foreign exchange operations conducted by the Central Bank of Venezuela for the payment of non-oil public sector, including the payment of external public debt, will be made at the rate of two Bs and sixty cents (2.60 Bs ) per dollar of the United States.
Article 3. The settlement of foreign exchange sales transactions under the Exchange Agreements, other than those specified in Articles 1 and 2 of this Convention, shall be the exchange rate of Bs and thirty four cents (Bs 4.30) per dollar of the United States of America except the rules laid down in Article 5 of this Exchange Agreement.
Article 4. The exchange rate applicable to purchases of foreign exchange earned by the public sector other than those specified in Article 5 of this Convention and those obtained by public non-oil exports will be two Bs to five thousand nine hundred thirty-five ten thousandths (2.5935 Bs) per U.S. dollar in America.
The exchange rate applicable to purchases of currencies other than those indicated in the heading of this Article and under Article 5 of this Convention, including exports from non-oil public sector and private, will be four Bs with two thousand eight hundred ninety-three ten thousandths (4.2893 Bs) States dollar USA. This latter type of change will apply to purchases of gold by Central Bank of Venezuela.
Article 5. exchange rates that will apply to purchases of currencies covered by Article 1 of the Exchange Agreement No. 9 of July 14, 2009, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,239 dated August 11 2009, will be four Bs with two thousand eight hundred ninety-three ten thousandths (4.2893 Bs) per U.S. dollar of America or two Bs to five thousand nine hundred thirty-five ten thousandths (2.5935 Bs) per dollar of United States, according to the established by the Central Bank of Venezuela, in keeping with the proportions to be determined for the settlement of transactions provided for in Articles 1, 2 and 3 of this Convention. This latest exchange rate will apply for at least thirty percent (30%) of purchases of foreign exchange contracts to this article.
The purchase of foreign exchange to the National Development Fund (Fonden) contribution arising from Petroleos de Venezuela, SA operates, there will be at the rate of four Bs with two thousand eight hundred ninety-three ten thousandths (Bs 4, 2893) per dollar United States of America.
exchange rates that will apply to the operations of currency sales as provided in Article 6 of the Exchange Agreement No. 9 of July 14, 2009, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,239 dated August 11, 2009, will be two Bs and sixty cents (Bs 2.60) per dollar United States of America or four Bs and thirty cents (Bs 4.30) per dollar of the United States, according to the established by the Central Bank of Venezuela.
Article 6. Natural persons or legal entities, engaged in export of goods and services may retain and manage up to thirty percent (30%) of income earned in currency, because of exports, this percentage will be used to cover the costs of export activity, other than financial debt.
will retain the regime under the Exchange Agreement No. 9 of July 14, 2009, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,239 dated August 11, 2009, and Exchange Agreement No. 12 of June 11, 2009, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,207 of June 25, 2009.
Article 7. The acquisition of foreign exchange required for the payment of principal, interest, collateral warranties and other private external debt owed to any creditor abroad, including multilateral and bilateral integration or foreign governmental entities, agencies and export financing, will be made through banks and other authorized exchange operators for these purposes, after complying with the requirements and conditions to be established by the Currency Administration Commission (CADIVI ), the exchange rate to be determined by the Government and the Central Bank of Venezuela.
Article 8. Buying in the primary market and securities in national currency of the Republic or of its decentralized issued or issued in foreign currency shall be made at the exchange rate be determined for this purpose the Government and the Central Bank of Venezuela.
Article 9. The Central Bank of Venezuela will make buying and selling securities issued currency foreign local market, when appropriate.
also the realization by the agencies and entities of the transactions contemplated in this Article shall coordinate with the People's Ministry for Economy and Finance and the Central Bank of Venezuela.
Article 10. operations buy and sell currencies whose settlement had been requested from the Central Bank of Venezuela before the entry into force of this Convention, shall be paid to the exchange rates established in the Exchange Agreement No. 2 dated 1 March 2005, as appropriate.
Sale transactions conducted by foreign exchange traders before the entry into force of This Agreement, based on the generic authorizations issued under the provisions of the Order of the Commission on Administration of Foreign Exchange (CADIVI) No. 097 of June 11, 2009, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 39,210 of June 30, 2009, will be liquidated by the Central Bank of Venezuela at the rate established in the Exchange Agreement No. 2 dated March 1 2005. Same rate applies to purchases of foreign currency by currency traders before the effective date of this Agreement.
The sales of foreign exchange operations conducted by exchange operators for the payment of consumption made by credit card in accordance with the orders issued for the purpose by the Committee on Administration of Foreign Exchange (CADIVI), will be liquidated by the Central Bank of Venezuela to the exchange rate for sales force at the time of post operation.
Article 11. is repealed Paragraph One of Article 27 of the Exchange Agreement No. 1 of February 5, 2003, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 37,653 dated March 19, 2003, the Exchange Agreement No. 2 1 March 2005, published in the Official Gazette of the Bolivarian Republic of Venezuela N º 38,138 of March 2, 2005, Article 2 of the Exchange Agreement No. 4 of October 3, 2003, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 37,790 dated October 6, 2003, the Exchange Agreement No. 8 of September 2, 2004, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 38,015 dated September 3, 2004, as well as any other provision that collides with the provisions of this Exchange Agreement.
Article 12. This Agreement shall enter into force on January 11, 2010.
Given in Caracas, eight (8) day of January two thousand and ten. Year of Independence 199 º and 150 º of Federation.
Ali Rodriguez Araque
People's Minister for Economy and Finance
J. Nelson Merentes D.
President of the Central Bank of Venezuela
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