Accounting Journal Entry
April 4, 2016 — In February 2016, the Venezuelan government announced forthcoming changes to its foreign currency exchange mechanisms, including the devaluation of its official exchange rate. The changes became effective on March 10, 2016, with the enactment of Exchange Agreement No. 35, which:
- Eliminated the SICAD3 exchange rate mechanism, which last auctioned USD for approximately 13 BsF to 1 USD.