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Venezuela to Tax Foreign Currency Transactions in Local Banks

Nov. 25, 2020, 1:09 PM

Venezuela will introduce a tax on foreign currency transactions as part of a plan to promote the use of local currency, Vice-President and Finance Minister Delcy Rodriguez said Tuesday evening on Twitter.

  • Fee will be higher than the 2% tax on large transactions in bolivars
  • Current limits on debit card payments and wire transfers in bolivars will be increased “continuously,” seeking to facilitate operations in local currency
  • Exchange operations will be broaden by authorizing “commercial allies” to current exchange houses, Rodriguez said

To contact the reporter on this story:
Nicolle Yapur in Caracas Office at nyapur1@bloomberg.net

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