ANNOUNCEMENT 08 Jan 2010In January 2010, the government of Venezuela announced the devaluation of its national currency.
NUMBER OF INTERVENTIONS
Gaceta Oficial. (8 January 2010). Ministerio del poder popular para economia y finanzas, p.374.064. Available at http://www.tsj.gov.ve/gaceta/Enero/812010/812010.pdf
Gaceta Oficial. (13 January 2010). Ministerio del poder popular para economia y finanzas, p.374.128. Available a http://www.tsj.gov.ve/gaceta/Enero/1312010/1312010.pdf#page=2
On 8 January 2010, the Venezuelan government announced the devaluation of the Bolivar. Instead of the existing fixed exchange rate at 2.15 Bs/US Dollar, the government now operates a two-tier system.
For designated transfers, Bolivars can be exchanged against US Dollars at a rate of 2.60 Bs/US$. The categories defined prioritary are imports for the public sector as well as enumerated priority imports. Also subject to the first tier are family remittances, transfers to exchange students, pensioners, consulates or embassies in Venezuela.
For non-priority transfers, a second tier named "petrol dollar" has been constituted. Transfers in this tier will receive foreign exchange at the rate of 4.3 Bs/US$. This category includes all non-public, non priority sector imports to Venezuela.
The measure is effective from 11 January 2010. A detailed list of exchange rates associated to each tariff line has been published in the Oficial Gaceta on 13 January 2010.