With the aim of advancing the exchange policy outlined by the Bolivarian Government, the Minister for Economy and Finance, Simon Zerpa, announced on Friday the conditions of the new exchange agreement.
The Minister, in the company of the president of the Central Bank of Venezuela (BCV), Calixto Ortega Sánchez, detailed the conditions of the new scheme, emphasizing that will begin to be in force a scheme of free convertibility of the currency throughout the national territory, and that “the new exchange rate will be the only one fluctuating, as a result of the purchase-sale operations of foreign currencies carried out in the foreign exchange market”, said Minister Simon Zerpa.
The holder of the economy pffice, explained that according to this new agreement the public and private exporting companies will maintain the 80-20 proportion; that is, 80% of the foreign currency generated by the export remains in the company that exports and 20% has to be paid efficiently to the Central Bank of Venezuela.
He also stressed that: “With the new system, national entrepreneurs will be able to bring foreign currency for investment in Venezuela.”
In this regard, the Minister for Finances stressed that with the activation of the new DICOM, participants have a system that is a guarantee of financial transparency, which is aimed at contributing to the stabilization of prices and at the same time will promote the potential of export.
Minister Zerpa explained that this measure is focused on achieving “a balancing revaluation of our monetary sign, with respect to the main currencies of the international market”.
Currency Exchange Houses:
The Minister of Economy and Finance explained that a scheme was established within the new exchange agreement, so that the retail transactions that are being reserved exclusively for the exchange houses go to the national public and private banks, with the objective of the financial sector allowing the population to sell and buy foreign currency to meet their personal needs.
Additionally, a financing opportunity for the national private sector is opened: “We are authorizing with this new exchange agreement the negotiation in bolivars of securities issued in foreign currencies by private national companies”, emphasized Zerpa.
He pointed out that the National Securities Superintendency will be the space where private companies turn to know how this new financing mechanism will be structured in order to generate bolivars for their economic development.
DICOM balance
By offering a balance sheet on the last seven openings of the foreign exchange market, Minister Simón Zerpa explained that a total of 4.3 million dollars have been traded since August 22 to date, which means that the supply of demand is increasing.
He explained that have been made more than 3.097 awards to individuals through the accounts of public and private banks, which represents 15% of the $ 4.3 million so far traded.
As for legal entities, he said that they have 323 awards for an amount of 3.7 million dollars, corresponding to 85% of the resources traded in the financial market.
Zerpa said that the weighted rate of all the operations carried out to date, presents a variation that goes from 60.27 to 61.57 Sovereign bolivars to the dollar, and the average rate of the seven openings of the exchange market is 61, 3.
Simón Zerpa insisted that the new exchange system agreement provides full conditions for the optimal functioning of any business activity linked to the generation of foreign currency.
Finally, he thanked all the companies that participate in this system and added that the National Government will continue to strengthen the national exchange market.
Likewise, he explained that a single platform will be adapted for the exchange of currencies, which includes both public and private banks.
