ANNOUNCEMENT 24 Jan 2014

In January 2014, the government of Venezuela announced a change in the settlement of trade invoices.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Comisi?n de Administraci?n de Divisas (Cadavi), Providencia no. 125 of 23 January 2014, published in the Extraordinary Gazette no. 6.122 of 24 January 2014 (in Spanish): http://www.tsj.gov.ve/gaceta_ext/enero/2312014/E-2312014-3895.pdf#page=6

Comisi?n de Administraci?n de Divisas (Cadavi), Providencia no. 99 of 18 February 2010, published in Official Gazette no. 39.372 of 23 February 2010 (in Spanish): http://www.bancodevenezuela.com/?bdv=link_personas&id=184

Bloomberg 24 January 2014: http://www.bloomberg.com/news/2014-01-24/venezuela-slashes-allowance-for-people-visiting-florida.html

BBC, 24 January 2014 (in Spanish): http://www.bbc.co.uk/mundo/ultimas_noticias/2014/01/140124_ultnot_venezuela_cupo_dolares_viajeros_mr.shtml

Venezuela al D?a, 24 January 2014 (in Spanish): http://www.venezuelaaldia.com/2014/01/esto-fue-lo-que-nos-trajo-la-gaceta-uso-de-tarjetas-de-credito-en-el-exterior-remesas-y-cupo-electronico/


Inception date: 24 Jan 2014 | Removal date: open ended
Still in force

Trade payment measure

On 24 January 2014, Venezuela's Commission for the Administration of Foreign Currency (Cadavi) reduced the annual credit card allowance in USD for Venezuelans. The new allowance limits are split into three periods of stay, i.e., 1 to 3 days, 4 to 7 days, and 8 days and more. The restrictions have been reduced to USD 300, USD 500, and USD 700, respectively:
 

  • Panama: the previous allowance amounted to USD 500, USD 700, and USD 1000, respectively (all previous limits can be consulted in Cadavi Providencia no. 99 of 2010)
  • Costa Rica: the previous allowance amounted to USD 1000, USD 2000, and USD 2500, respectively
  • Peru: the previous allowance amounted to USD 1000, USD 2000, and USD 2500, respectively
  • USA (only Florida): the previous allowance amounted to USD 1000, USD 2000, and USD 2500, respectively
  • Aruba: the previous allowance amounted to USD 500, USD 700, and USD 1000, respectively
  • Bonaire: the previous allowance amounted to USD 500, USD 700, and USD 1000, respectively
  • Curaçăo: the previous allowance amounted to USD 500, USD 700, and USD 1000, respectively

 
The measure took effect on 24 January 2014.

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
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