Venezuela opens the doors to bank accounts in foreign currency

The Central Bank of Venezuela (BCV) ordered to release in Official Gazette No. 39,968 on Friday the exchange agreement No. 20. Based on the regulation, individuals and corporations may hold accounts in foreign currency in licensed universal banks under the Banking Sector Institutions Law.

Article 2 of the law specifies that deposits may be managed through partial or total withdrawals in the legal tender at the current official exchange rate, or via transfers or checks of the depository bank drawn against their foreign counterparts, as well as through debit orders for payment of consumption expenses and withdrawals from ATMs abroad.

The accounts to be opened at universal banks should be kept at the BCV. Likewise, the funds in foreign currency must be thoroughly reported on a monthly basis.

Public investment

The exchange agreement also gives any foreign companies involved in strategic public investment projects in furtherance of the national economy the possibility to keep bank accounts in foreign currency with funds collected from abroad.