Exchange controls

摘要

Under the administration of the late president, Hugo Chavez, a presidential decree created the Currency Administration Commission (Comision de Administracion de Divisas-Cadivi) in 2003 to regulate the flow of foreign currency in the local economy. President Nicolas Maduro eliminated Cadivi as part of a new exchange-regime law (Decree 798) in 2014 and transferred its responsibilites to the National Centre for Foreign Commerce (Centra Nacional de Comercio Exterior-Cencoex), which was created in 2013. Cadivi was responsible for authorising the purchase of foreign currency by individuals or legal entities for transfers, remittances or payments for imports of goods and services, and approving capital and interest payments on duly registered private external debts.