On Monday, January 28th, 2019, through circular N° SIB-DSB 1056 dated January 25th, 2019, issued by the Superintendency of the Banking Institutions, the Central Bank of Venezuela (BCV for its initials in spanish), together with the Ministry of economy and finances, allowed the entry into force of a new “free and private” exchange market system through a private technological platform called INTERBANEX. The Central Bank of Venezuela authorized it as a private platform so it can start it’s operations, based on Article 3° of the Exchange Agreement No. 1, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 6.405 Extraordinary, dated September 07, 2018.
The functioning of this Exchange platform will consist on the establishment of a real-time exchange rate, which will be determined by the supply and demand of the users on the platform, being it’s use only for the private sector and individuals. Bearing this in mind, in this platform no entity of the state public sector can participate, so it is ruled out that it will replace the Dicom Exchange System.
This new, free and private Exchange System called INTERBANEX, started with a rate of Bs.S. 3.200,00 per USD, and will have a commission of 0,125% per transaction made. So far, the Banco Occidental de Descuento (BOD), is the only bank through which the users can perform transactions of buying and selling currencies, estimating that in the coming days the main private banking entities in Venezuela, will also provide this service.
The users must access to the official web site www.interbanex.com, to carry out their exchange operations.
