The exchange rate regime was modified with effect from 10 March 2016. A new system of foreign exchange controls came into force, replacing the previous system which was made up of the official market (BBEX3:A:VEF:EUR:CA:AA:B04), the auction procedure SICAD (BBEX3:A:VEF:EUR:CA:AC:B08) and the forex trading system SIMADI (BBEX3:A:VEF:EUR:CA:AA:B11). The new system consisted of two exchange rates: one fixed by the state (DIPRO) and a complementary exchange rate (DICOM), which was a controlled fluctuating rate. Exchange rate application from 10 March 2016 to 22 May 2017 DIPRO For priority goods, services and remittances as well as for the purchase of food, medicine and basic goods and for the settlement of public external debt. In addition, for payments made in connection with transactions and investments in the areas of health care, sports, culture and sciences and other particularly urgent cases such as payments for stays abroad for academic purposes. DICOM (BBEX3:A:VEF:EUR:CA:AA:B11) For all transactions that were not included in the DIPRO (eg private trips abroad, applications for foreign currency payments by credit card, sales of foreign currency by diplomatic missions and consulates as well as the sale of foreign currency generated through the export and sale of mineral oil products). Changes to the system of foreign exchange controls came into effect on 23 May 2017. The new DICOM auction procedure with one rate replaces the dual exchange rate system introduced in March 2016 which consisted of one fixed exchange rate (DIPRO) for priority goods, services and remittances plus one complementary exchange rate (DICOM) that was subject to fluctuation controls for all other consumer goods. The DICOM auction exchange rate (BBEX3:A:VEF:EUR:CA:AA:B11) is allowed to fluctuate within a range set by the Banco Central de Venezuela that is adjusted at regular intervals. Alongside the official, published exchange rate, there was a considerably different, black market rate according to financial information providers.
Methodology
Calculated on the basis of month-end rates.
Source
Banco Central de Venezuela, Caracas
Comment on
2016
Average from March to December 2016; modification of the exchange rate regime in March 2016.
