The Central Bank of Venezuela (BCV) published the Operational Aspects on non-applied balances under the foreign exchange intervention mechanism, in order to adapt the procedure for the balance not applied by banking institutions in operations with the public. The regulation states that the monetary entity may automatically carry out an operation to purchase the remainder of the foreign currency from the banking institutions that do not apply all of the foreign currency sold in their operations. The regulation is already in force.
For the purchase of foreign exchange, the BCV will take the last balance reported, as well as the currency exchange rate used in the respective foreign exchange intervention operation reduced by 5.2375%. Furthermore, in exceptional cases and in cases of fortuitous events or force majeure, the Central Bank may take the following measures:
- Not to apply the 5.2375% reduction in the exchange rate to banking institutions on the unsold balance of the foreign exchange intervention at the end of the respective week for the purchase of this balance.
- Not to apply the charge of the reserve requirement deficit rate for those foreign currencies not sold to its clients.
- Extend the period during which banking institutions are obliged to sell foreign currency to their clients, as a result of the foreign exchange intervention, and consequently, that the sale to the BCV of the foreign currency not applied be made on a date to be determined by the BCV.