Cencoex is the acronym to designate the National Center for Foreign Trade, which will replace Cadivi in the administration of official currencies for all cases. This entity will be, from now on, in charge of managing and regulating in Venezuela regarding the administration and concession of foreign currency travel quotas, either in dollars or in euros, for trips made by citizens abroad, to that are in cash, for the use of credit cards outside the country or cash withdrawals abroad.
Cencoex will set the guidelines for the Venezuelan Foreign Trade Corporation to qualify those companies that will be part of the registry of natural and legal persons that request access to official currencies. For this he will elaborate new provisions.
The National Foreign Trade Center was created in December 2013 as a decentralized entity assigned to the ministerial office of the Vice President of the Council of Ministers for the economic area, with the main objective of developing and applying national policies for the administration of foreign exchange, import, export, foreign investment and investment abroad.
The Cencoex and the Venezuelan Commerce Corporation law, which was published in extraordinary Official Gazette number 6116, states that companies must provide the entity with the list of suppliers for their respective qualification; They will also create a Reference System of International Prices of Goods, Inputs and Products.
One of the new requirements of this center is the demand or request of a contract of faithful fulfillment to those legal persons that have to request dollars. But it will also centralize the approval of all documents related to foreign trade such as certificates, permits, licenses, among others, as well as the authorization of foreign exchange through the direct control of Cadivi and Sicad.
