The Vice President and Minister of Finance, Delcy RodrĂguez, reported this Wednesday, November 25, on a new transaction tax on foreign currency operations within local financial entities that will be higher than the Tax on Large Financial Transactions for operations in BolĂvars in the local market.
This was announced through her account on the social network media Twitter, where the top ranked official detailed a set of actions to protect the Venezuelan people and to strengthen the use of the national currency against exchange speculators.
2/5 A fin de vigorizar el uso del BolĂvar, la @SudebanInforma dispondrá la ampliaciĂłn considerablemente de los lĂmites para transacciones con Tarjetas de DĂ©bito y transferencias electrĂłnicas, tanto para Personas Naturales como JurĂdicas.
— Delcy RodrĂguez (@drodriven2) November 25, 2020
RELATED CONTENT: Western Union Ceases Operations in Cuba Due to Hostility From the US Government
“In order to invigorate the use of the BolĂvar, the Sudeban (Banking System Agency) will considerably expand the amount limits on transactions with debit cards and electronic transfers, both for individuals and legal entities,” she said.
3/5 Los lĂmites de estas transacciones electrĂłnicas se actualizarán continuamente para que, quienes tengan recursos en BolĂvares, puedan usarlos fácilmente.
— Delcy RodrĂguez (@drodriven2) November 25, 2020
Likewise, RodrĂguez indicated that the limits of these electronic transactions will be continuously updated so that those who have BolĂvars can easily use them.
4/5 Por otro lado, las transacciones en divisas dentro de una entidad financiera pagarán un impuesto transaccional superior al Impuesto a las Grandes Transacciones Financieras de las operaciones en BolĂvares. A los efectos se reformará la ley respectiva.
— Delcy RodrĂguez (@drodriven2) November 25, 2020
“Finally, in order to increase the options to carry out foreign exchange operations from foreign currency to national currency, ‘commercial allies’ for currency exchange agents will be enabled, thus increasing the number of service providers,” she stressed.
5/5 Finalmente, a fin de incrementar las opciones para realizar operaciones cambiarias de divisas a moneda nacional, se habilitarán “aliados comerciales” de las Casas de Cambio, aumentando asà el número de prestadores del servicio.
— Delcy RodrĂguez (@drodriven2) November 25, 2020
Many currency exchange operations in Venezuela are held in the black market due to the restrictions preventing regular citizens from using the legal channels that are primarily used by large economic entities.
Featured image: File photo.
Translation: OT/JRE/SL
