The Venezuelan National Foreign Trade Centre (Cencoex) recently launched a web application for the Foreign Exchange Supplementary System Administration (Sicad 1). Companies interested in participating may enter their applications online during weekly auctions, and then they may also electronically submit all required documents.
The new procedure, published on Tuesday October 12, 2014, is an extraordinary process for $550 million, more than double what is usually offered. This recent auction is for chemicals, plastic resins and petrochemicals sectors; glasses; packaging; pulp, paper, cardboard and graphic arts; medical supplies; electric; auto parts and vehicle assembly; appliances and electronics. The new procedure will apply to all future auctions.