Privately-owned Venezuelan banks to sell dollars this week

www.vheadline.com Posted: Monday, February 24, 2003 By: Robert Rudnicki

According to Currency Administration Commission (Cadivi) president Edgar Hernandez Behrens, foreign currency exchange agreements with Venezuela's privately-owned banks for the buying and selling of foreign currency are ready to be signed later today, which should mean they should resume trading at the latest Wednesday this week. 

"We think that between Monday and Wednesday this week we should be able to commence all the operations necessary for the buying and selling of currency in priority situations, as agreements will soon be signed with six financial institutions so at the very latest by Wednesday applications for foreign currencies will begin to be processed."

After the agreements are signed Hernandez expects the institutions to be able to offer currency the next day, or in some cases immediately. Once applications for currency are received they should be processed within a period of 72 hours.