* Multiple exchange rate system. Since 25 March 2013, registered importers of important goods who have not been allocated foreign exchange on the official market (BBEX3:A:VEF:EUR:CA:AC:B04) have had the opportunity to get limited foreign exchange through foreign exchange auctions (SICAD = Sistema Complementario de Administración de Divisas). After the first auction at the end of March 2013, when - according to press reports - the exchange rate stood at USD 1 = VEF 13.10, the auction process was modified in July 2013 and the group of participants was extended to include registered domestic households. We do not have any auction rates for the period April to November 2013. In addition, the alternative forex trading system SICAD II (Sistema Cambiario Alternativo de Divisas - BBEX3:A:VEF:EUR:CA:AC:B07) was introduced on 24 March 2014. However, it was replaced by the forex trading system SIMADI (Sistema Marginal de Divisas - BBEX3:A:VEF:EUR:CA:AC:B11) with effect from 12 February 2015. The exchange rate regime was once more 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, the auction procedure SICAD and the forex trading system SIMADI. The new system consists of two exchange rates: one fixed by the state (DIPRO, see BBEX3:A:VEF:EUR:CA:AC:B13) and a complementary exchange rate (DICOM, see BBEX3:A:VEF:EUR:CA:AC:B11), which is a controlled fluctuating rate. Exchange rate application from 24 March 2014 to 9 March 2016 Official exchange rate For debt service payments by public-sector entities and for authorised transactions. SIMADI (up to 11 February 2015: SICAD II) For the purchase of foreign exchange by natural and legal persons, eg in the form of foreign notes and coins and currency cheques (including traveller's cheques) and for the sale of foreign currency to domestic households and importers in the form of foreign notes and coins as well as traveller's cheques or for credit transfers. SICAD For the purchase of foreign currency by registered importers and registered domestic households (eg for university studies abroad and for health, sports and culture-related purposes).
