Amendment to Resolution – Accounts in Foreign Currency
An Official Notice of the Venezuelan Central Bank (“VCB”) was published in Official Gazette No. 40.133 of March 21, 2013 and published again in Official Gazette No. 40.134 of March 22, 2013, due to an error in the original text. Said Notice establishes the Partial Amendment to Resolution No. 13-02-01, published in Official Gazette of February 13, 2013, relating to the accounts in foreign currency in the National Financial System.
This amendment includes new articles, according to which if Petróleos de Venezuela, S.A. (“PDVSA”) and its affiliates pay the foreign component of their contracts, in foreign currency, to legal entities domiciled in the country, said payments may be credited to call deposit accounts or time deposit accounts in foreign currency, with universal banks governed by the Law of Partial Amendment to the Law of Institutions of the Banking Sector. In addition, it is established that PDVSA and its affiliates and the mixed companies referred to in the Organic Hydrocarbons Law, the Organic Gaseous Hydrocarbons Law, and the Organic Law for Development of Petrochemical Activities may maintain in accounts in the national banking system foreign currency derived from their course of business and from financing received, if such were the case.
The Sole Paragraph of article 2 is repealed, as well as articles 8 and 10 of Resolution 12-09-01, published in Official Gazette dated on September 6, 2012. The Resolution became effective upon its publication in the Official Gazette.
In order to access the Resolution, please click here.
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”