- The exchange rate established by 'CENCOEX' is fixed and is set at 6,30 bolívares (Bs.) per U.S. dollar. It is applicable to items such as medicines, food, housing, education and any other item designated by the institution. So far, several items directly associated to the needs of the government sector have been added.
- The exchange rate stipulated by 'SICAD I' is variable. On average, it is set around 12,00 Bs. per U.S. dollar. It is applicable to any item related to the economy. It is obtained through auction but it is subject to prior invitation from the institution in charge.
- The exchange rate ruled by 'SICAD II' is variable. On average, it is set around 50,00 Bs. per U.S. dollar. It is applicable to any item related to the economy. It is obtained by means of a free auction, through the banking sector acting as exchange operators authorised by the Central Bank of Venezuela (BCV).
Based on the experience with any of the three (3) modalities, the offer has not fulfilled the demand. This has resulted in the non-official exchange rate set at a price around 100,00 Bs. per U.S. dollar. From the point of view of the accounting standards in force, the Venezuelan Federation of Certified Public Accountants of the Bolivarian Republic of Venezuela, has issued the following explanatory note regarding this matter:
- “3. The valuation options for foreign currency items are:
a. To official exchange rates established in the different exchange agreements executed between the Central Bank of Venezuela (BCV) and the National Executive Branch.
b. According to the best estimate of the expectation of future flows of bolívares, that on the date of the transaction or the financial statements should be disbursed or received, as applicable, to extinguish obligations or realise the assets in foreign currency using a trade mechanism or payment legally established or allowed by the Nation or the Laws of the Bolivarian Republic of Venezuela”.