is the acronym of the Complementary System for the Acquisition of Foreign Currency, a process, proposed by the Minister of Planning and Finance Jorge Giordani, and the president of the Central Bank of Venezuela Nelson Merentes, it consists of a substitute for the already eliminated SITME (System of Transactions with Securities in Foreign Currency) with which the government intends to grant foreign currency (Dollars) to companies that remained in the air after the elimination of the previous system. In other words, the purpose of this system is to supplement the processing carried out by CADIVI, the Foreign Exchange Administration Commission in the Venezuelan territory., in order to grant the currencies for the correct functioning of the economy and import of the capitals fundamental for the people of Venezuela.
The SICAD manages to differentiate itself from the Sitme, in that the latter had a rate that did not change but remained stable at 5.30 Bs per US dollar, and it also did not refer to an auction; SICAD is a system that oscillates at an implicit rate; It will be executed through auctions that will be summoned by the Central Bank of Venezuela three days before its completion. Said granting of foreign currency by SICAD will occur around every 15 days, where all natural persons and legal persons residing in Venezuela can participate.
SICAD, currently called SICAD I, emerged in March 2013 after the elimination of Sitme in February of that same year; in an agreement by the Central Bank of Venezuela and the Ministry of Planning and Finance in the exchange agreement No. 21 with the main purpose of covering the demand for dollars and fighting the parallel market.
Un año más tarde, es decir en marzo del 2014, fue creado el SICAD II, cuando el actual Presidente de Venezuela, Nicolás Maduro, firmo una Ley para la Ejecución del Régimen de Administración de Divisas e Ilícitos Cambiarios, la cual posibilita la entrada en vigencia del mercado permuta. De acuerdo a lo manifestado por el Mandatario el SICAD II es un nuevo sistema que se anexa al Centro Nacional de Comercio Exterior o según sus siglas Cencoex.
SICAD II or Alternative Foreign Currency Exchange System, is based on the performance of commission operations regarding the foreign exchange market, both in cash and in securities denominated in foreign currency, produced by the Republic, in each of its decentralized entities or Others that can be of a public or private nature, national or foreign certified by the Central Bank of Venezuela (BCV) and Ministry for the Popular Power of Economy, Finance.
