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PUBLISHED IN THE OFFICIAL GAZETTE THE NEW EXCHANGE AGREEMENT NUMBER 21

On March 22nd, 2013, was published in the Official Gazette of the Bolivarian Republic of Venezuela Number 40.134 the New Exchange Agreement Number 21, rule worked between the Ministry of the Popular Power for Finances and the Central Bank of Venezuela, establishing that the Superior Entity for the Optimization of the Exchange System will regulate the terms and conditions of special auctions of foreign currency derived from the oil income in foreign currency of the Republic that will be destined for imports in the real sectors of the economy through the Complementary Administration System of Currency.

Also, indicates that the Superior Entity for the Optimization of the Exchange System will determine the methodology that it deems convenient for the placement of foreign currency.

Like this, it is established that quotes and estimates under the official exchange rate will not be admitted, and the difference in “Bolivares” between the quote awarded and the official exchange rate can be destined for the creation of a Fund of the Executive Power for development costs in the productive sectors.

Additionally, in the regulation the Superior Entity for the Optimization of the Exchange System dictates, the subjects authorized to participate as requesters in the Complementary Administration System of Currency will be determined, as well as the requisites necessary and the mechanism necessary for the control of the import operations done with the foreign currency obtained. The quotes presented by these subjects must be done in accordance with laws that allow them to act as foreign currency operators.