On 21 February 2024, Venezuela issued Decree No. 4.924 in the Official Gazette, announcing the further extension of exemptions from financial transactions initially implemented in 2022.
This Decree clarifies exemptions for the transactions as follows:
- Debits resulting from the sale, purchase, or transfer of securities issued or certified by Venezuela or the Venezuelan Central Bank;
- Debits or withdrawals associated with settling the principal or interest of securities issued or certified by Venezuela or the Venezuelan Central Bank. This ruling also applies to other securities traded on the Venezuelan stock market;
- Payments in local currency using national or international credit or debit cards linked to foreign currency accounts;
- Foreign currency payments made to individuals, businesses, and unincorporated businesses not classified as special taxpayers;
- Inward remittances through authorized institutions from overseas;
- Foreign exchange transactions.
The exemptions were enforced for a year and ended on 25 February 2023. It was extended to 26 February 2024. As per the latest Decree, the exemptions have been extended until 26 February 2025.
