Foreign currency approval controls finally completed

<a href=www.vheadline.com>Venezuela´s Electronic News Posted: Monday, March 31, 2003 By: Robert Rudnicki

According to the Currency Administration Commission (Cadivi) president Edgar Hernandez the controls and application procedure for the approval of foreign currency purchases have finally been completed by the Commission, over six weeks after the Commission was originally appointed.

Hernandez insists that the delay has been necessary and wise and said that the new system will increase transparency in the authorization process which will see the bolivar initially trading at Bs.1,600.00 to the US dollar.

Approvals for imports, students abroad and special cases are set to commence shortly and agreements with currency exchange offices are currently being signed with a view to reinstating sales as quickly as possible.

As for exporters, from April 11 onwards they will be required to submit cargo manifests and bills to Cadivi for inspection and they will be permitted to keep hold of 10% of their dollar revenues.