A disposition by the Currency Administration Commission (CADIVI) gave permanent green light, as of June 20th, to Internet purchases with credit cards in Venezuela, which had been suspended since January of 2003.

The resolution, published in the Official Gazette No 37,960 on June 15th, establishes that Venezuelan credit card holders will be allowed have a top annual purchase limit of US$1,500 for Internet purchases and of an additional US$ 2,000 for the purchase of goods and services abroad.

In order to make electronic purchases, each person should request an authorization of up to three credit cards, as long as they are issued by the sane bank.

The President of CADIVI, Edgar Hernández Behrens, did not dismiss the possibility of extending the initial 1,500 limit, because “these have the guidelines of our policy in all of the operations” he stated

The governmental official also informed that a total of 17 banks have been authorized as intermediaries in the electronic purchases made from Venezuela as well as in the payments in US$ through credit cards.

The authorized institutions are Provincial, Exterior and Consorcio Credicard, which include the following entities: Canarias ,Banfoeandes, Del Caribe, Bancoro, Bolívar, Federal, Nuevo Mundo, Occidental, de Descuento , Guayana, , Del Sur , Plaza, Total Bank, Banpro, Caroní, and Casa Propia Entidad de Ahorro y Préstamo .

This new disposition by CADIVI authorizes these currency exchange agents to charge a 2% commission on online purchases. Hernández also ratified that the Commission may, within a three year period, request receipts of the different transactions and purchases made during the exchange rate control period that has been in force since February of 2003.