CESSATION OF OBLIGATION TO STATE DOUBLE EXPRESSION OF PRICES OF GOODS AND SERVICES

Resolution No. 22-04-01, issued by the Venezuelan Central Bank (“VCB”), was published in Official Gazette 42.364 of April 27, 2022 (the “Resolution”). The Resolution established that after April 27, 2022 – and pursuant to the Second Temporary Provision of Decree No. 4.553 that established the New Currency Adjustment, and article 8 of Resolution No. 21-01-08, dated August 6, 2021, containing the “Rules that Govern the New Currency Adjustment” – the instruments that offer the prices of goods and services and those that reflect monetary amounts will cease to express such prices and amounts in both bolivars expressed in the monetary scale in effect until September 30, 2021 and bolivars expressed in the scale in effect as from October 1, 2021.

Then, the price of the goods and services and other monetary amounts must be expressed only in the monetary scale in effect as from October 01, 2021.

The Resolution became effective upon publication in the Official Gazette.

In order to access the Resolution, please click here.

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