Although unofficially, this Friday it was learned that the government, through the Superintendency of Banking Sector Institutions (Sudeban), ordered the national bank to temporarily suspend operations between foreign currency accounts.
The country’s financial institutions have communicated to customers about this decision that prevents transfers and payments between accounts denominated in foreign currency, even if they are from the same bank.
foreign currency accounts
“To those who have foreign currency accounts in Venezuela: transfers between these accounts of the same bank and foreign currency payments to third parties are temporarily suspended. Hopefully it will be for a short time. De-dollarizing the economy in a hurry would be a terrible decision,” said the economist. Luis Oliveros this April 1.
Although he noted that currency withdrawals are allowed at bank lockers.
The National tried to contact Sudeban to confirm the information, because the institution has not made it public on its social networks. After 4:30 pm no response had been received.
However, banking sources indicated that the entity effectively sent a circular to financial institutions informing about the suspension of operations between foreign currency accounts, as a result of difficulties generated by the entry into force of the reform of the Tax Law on Large Financial Transactions (IGTF). This regulation includes a 3% tax on payments in foreign currency to merchants classified as special taxpayers.
It is unknown how long the restriction on operations between foreign currency accounts will be maintained.
On the withdrawal of foreign currency at the box office, the IGTF will not be charged, although it is subject, as usual, to bank commissions.
Inspections
At the same time, the Sudeban reported this Friday that it continues to conduct tours, together with the Seniat to verify compliance with the IGTF to encourage the use of the bolivar.
“In the framework of the implementation of the reform of the Tax Law on Large Financial Transactions (IGTF), the Sudeban together with the Seniat, carry out tours of the capital city, in order to encourage the use of the Bolívar as official currency,” he reported in Twitter.
To those who have foreign currency accounts in Venezuela: Transfers between these accounts of the same bank and foreign currency payments to third parties are temporarily suspended.
Hopefully it will be for a short time. De-dollarizing the economy in a hurry would be a terrible decision.– Luis Oliveros (@luisoliveros13) April 1, 2022
#DeInterés || Within the framework of the implementation of the reform of the Tax Law on Large Financial Transactions (IGTF), the Sudeban together with the Seniat, carry out tours of the capital city, in order to encourage the use of the Bolívar as currency. official. pic.twitter.com/vRqCzbAF3Y
– SudebanInforma (@SudebanInforma) April 1, 2022