CARACAS, Thursday October 31, 2013 | Update

Foreign tourists may sell up to USD 10,000 annually in Venezuela

State banks or any other institution authorized by Central Bank of Venezuela (BCV) will conduct these operations. The central bank is to define the applicable forex rate, which will be posted on BCV's website

The regulation extends to tourists not residing in Venezuela and staying in Venezuela for more than one night and less than a year (File photo)
Thursday October 31, 2013  12:22 PM
The Central Bank of Venezuelan (BCV) has issued the Exchange Agreement 23, aimed at regulating the exchange of foreign currency by individuals who are not resident in Venezuela.

Under the agreement, any individual "entering the Venezuelan territory through legal terminals located in airports and seaports can sell as much as USD 10,000 or the equivalent in any other currency annually at the box offices set up in such airports and seaports by exchange operators duly authorized by the BCV, at the exchange rate the latter may set, which will be posted on the institution's website," reads Article 1 of the resolution published in official Gazette 40,283, effective as of the Official Gazette published on Thursday.

The regulation is valid for individuals not residing in Venezuela and staying in Venezuela for more than one night and less than a year.

The agreement indicates that state banks and any other entity or body authorized by the central bank may conduct these operations.

Under the agreement, authorized exchange operators may retain 25% of the foreign currencies whereas the rest of the money must be sold to the central bank, pursuant to regulations yet to be defined by BCV.

Tourists will be given bolivars in cash or in pre-paid cards that will be issued by the exchange operator and can be used in ATMs or stores.  

Upon leaving the country, tourists can exchange bolivars to any foreign currency, but only up to 25% of the money they exchanged when they arrived in the country.

Translated by Jhean Cabrera