Kenneth Rijock

Kenneth Rijock

Tuesday, August 25, 2015

VENEZUELA RESTRICTS MOVEMENT OF BOLIVARS IN AREAS UNDER MARTIAL LAW


The areas in western Venezuela, near the frontier with Colombia, which have been placed under martial law by President Maduro, have been instructed to restrict the entry and exit of the Bolivar from that region. Constitutional rights have already been suspended in that area, and compliance officers whose foreign financial institutions have exposure in that area should immediately recalculate Country Risk for Venezuela, in light of this new prohibition on repatriating liquid assets from the affected area.

Please note that the unofficial exchange rate, between the Bolivar and the US Dollar, has passed the 700 level; It currently stands at 727-to-1USD.

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