Tuesday 15 June 2021

Venezuela Authorizes Foreign Currency Transactions for Tourism

Hotels in Venezueal will now be required to open a “special foreign exchange account” registered in Venezuela (Feliz Viaje).

TODAY VENEZUELA – Tourism operators in Venezuela will now be able to accept payments of up to USD $500 daily, or the equivalent in other currencies, for each foreigner.

By means of a memorandum, the Venezuelan Central Bank published the regulations for receiving payments in foreign currency via cash and electronic transactions.

Hotels, bed and breakfasts, and duty free shops are the beneficiaries of this new policy, and will be required to sign operational agreements with banks in order to facilitate foreign currency transactions on behalf of non-resident visitors and international tourists.

- Advertisement -

Tourism operators that receive payments by foreign wire transfers must designate a “special foreign exchange account” registered in Venezuela.

By means of foreign exchange agreements 34 and 36, the government authorized foreign tourists to pay for goods and services in foreign currency; however, it wasn’t until now that the Venezuelan Central Bank established the financial and regulatory framework for implementing such payments.

It’s about a new exchange agreement under the frame of scarcity of currency that Venezuela is facing and a flexibilization of controls in the country, because until now the use and reception of dollars was in the Government’s hands.

The move signals the Venezuelan government’s concern over foreign currency scarcity and a willingness to liberalize currency controls, as up until now foreign currency transactions had been entirely controlled by the government.

- Advertisement -

Venezuela is currently facing the world’s highest inflation rate, and extreme shortages of foreign currency, which has greatly contributed to widespread shortages. Entrepreneurs and businesses routinely report that they lack access to foreign currencies to pay for imports.

Source: El Estímulo

Article originall appeared on Panampost.com

Article originally appeared on Today Venezuela and is republished here with permission.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Tourism sector feels in crisis despite increase in international arrivals

QCOSTARICA - Despite the improvement in tourist arrivals reported in May,...

Long lines and confusion as Venezuela begins COVID-19 vaccination

Q24N (Reuters) Hundreds of senior citizens and health workers stood in...

MOST READ

Diseases, weather and low prices hit the orange sector in Costa Rica

HQ - The appearance of pests and diseases, in particular the 'dragón amarillo' (yellow dragon), the impact of the weather and a sharp drop...

Quepos flooded by heavy rains (Photos)

QCOSTARICA - The residents of the Central Pacific endured heavy rains Monday afternoon, June 7, hardest hit the town of Quepos, where the streets...

Today’s Covid News: A slight drop in new cases and deaths is seen

QCOSTARICA - Faced with wasting a vaccine dose when people in the priority groups scheduled do not show up, and a substitute cannot be...

Should the vaccination against covid-19 be opened?

QCOSTARICA - Six months after the start of vaccination against covid-19, will it be time to open the campaign to those who want to...

5.7 Quake jolts Costa Rica

2021-06-10 17:27:0.5, Magnitude: 5.76, Depth 10.0 km, Epicenter: 95.5 km Southwest Malpais de Puntarenas. The jolt was felt also in the Central Valley. No reports...

Today’s Covid News: Contagion rate in Costa Rica remains unchanged in the last week

QCOSTARICA - The contagion rate of covid-19 in Costa Rica in the last week did not change, a fact that is seen for the...

Tourism’s path to recovery

QREPORTS - A new travel trends research paper released today by Tripadvisor®, the world's largest travel guidance platform, reveals that vaccine rollouts globally are...

Nicaragua’s Foreign Minister absent from the summit of Central American presidents

QCOSTARICA - The Daniel Ortega government sent its ambassador to Costa Rica, Duilio Hernández, as its representative to the summit of Central American presidents...

Tilaran, where the wind blows

QCOSTARICA - For years, Tilarán has seen the transit of tourists heading towards Lake Arenal, the homonymous volcano and La Fortuna or towards Monteverde. At...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Article originally appeared on Today Venezuela and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.