The acronym CADIVI means "Currency Administration Commission", CADIVI is the regulatory body of foreign exchange or exchange control in the Bolivarian Republic of Venezuela, which is attached to the Ministry of Popular Power for Planning and Finance. The purpose of this regulatory body is to establish, for all Venezuelan citizens, what are the requirements and to set the procedures to be able to acquire foreign currency which can only be used abroad. Its foundation was in 2003 by the government through a presidential decree.
CADIVI currencies are assigned by means of a quota, to import companies and natural persons and there is a classification for each type of operation that can be carried out with currencies, when CADIVI began there was the traveling quota which could be requested for those people who made trips abroad on a “vacation” condition, it had a total of 5,000 US dollars for each individual who requested it, for a whole year, that is, it could be divided into as many trips each subject made, additional to this was the quota available for electronic operations, which can only be used to make purchases onlineIn the beginning, this quota had an assigned amount of $ 3,000 per year, and the cash quota (ATM withdrawal abroad) for which $ 600 was available in the same way per year, was a total of U.S. $ 8,600 for each Venezuelan who had a credit card, since it is the only way to access them.
Currently, these currencies were cut to a total of $ 3,000 per person, which includes both the currencies authorized for electronic operations (generally to buy items in electronic stores) and the currency quota for traveling outside the country. In addition, CADIVI, now called CENCOEX, is complemented by other systems that by their nature are restricting, through various mechanisms, even more the passage of the Venezuelan population to access foreign exchange for personal interests.
