Venezuelan Currency Exchange Control: CADIVI for DUMMIES
For those who are curious to know about the absurd currency exchange control measures that the Chavista government has been implementing in Venezuela since over a decade ago.
https://katydasilva.wordpress.com/2014/10/29/cadivi-for-dummies/
In 2003, Venezuela’s government decided to create an Institution which main goal is to control currency exchange… and screw Venezuela’s economy. Every Venezuelan who wants to travel abroad for any reason, to any country, has to go through the arduous process of begging government to allow them to buy foreign currency with their own earned money. For example, students who have been granted an F-1 Visa, and need to exchange Venezuelan currency to dollars or euros, have to prepare a folder with A LOT of documents. Some of these documents are copies of their ID, passport,VISA, and plane tickets; letter of acceptance from the school, as well as schedule of activities, and curriculum; a letter explaining the reasons of your major of choice, bank references and other legal requirements.
Subsequently to submitting the folder to the bank, it’s sent to Cadivi for evaluation. And this is the start of an inefficient process which could take 2, 3, 4 months or even more, before you finally receive an email informing you of their final decision...
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