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In the Extraordinary Official Gazette No. 6.329 of last Friday, August 25, an official exhortation was published by the Ministry of Transportation through which it urges the mayors at national level, the transport unions and the competent authorities to respect and maintain the fares below Bs. 280.

The fifth auction of the new Dicom (Sistema de Divisas de Tipo de Cambio Complementario Flotante de Mercado) was out of the mobile band set by the Central Bank of Venezuela (BCV), whose upper limit is Bs. 2,640 per dollar and the lower limit is Bs. 2,010. Therefore, it will be resolved through a contingency auction.

To date there are four ordinary auctions and it is the first time that this mechanism established in Article 3, second part, of the Exchange Agreement No. 38 of May 19, 2017, has to be resorted to.

“The contingency auction, takes place when the ordinary auction, due to an excess of demand or supply, fails to allocate the foreign currency demanded below the upper price or above the lower price of the established band, in which the participation will be prioritized according to criteria linked to the sector, activity or products previously defined. If the allocation does not occur, in accordance with the rules of the economic/computerized system, it will be made by a random procedure”, the agreement specifies.

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