Amendments to the Special Foreign Exchange Regime applicable to the oil and mining industries
By means of Official Letter N° 27 of March 27th, 2020, the Colombian Central Bank amended the Special Foreign Exchange Regime for the oil and mining industries, to include the following exceptions to the ban on using the exchange market by the Colombian branches of foreign companies belonging to the Special Regime:
1. The transfer abroad in foreign currency of income received in Colombian Pesos resulting from domestic coal, ferronickel and uranium sales.
2. The transfer abroad of income received from other sources related to the operation of the branch in Colombia.
Accordingly, the Central Bank amended the code numbers applicable to debit operations included in the instructions to fill out Form N° 13 “Registration of supplementary investment to assigned capital and equity account update – Branches of Special Regime”.
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