By means of Resolution 2, dated May 11, 2001, the Board of Directors of the Colombian Central Bank introduced substantial modifications to the exchange regime applicable to companies pertaining to the hydrocarbon sector. This Resolution 2 amended articles 48, 49, 50 and 51 of Resolution 8 of 2000 of that same entity.
Branches of foreign corporations that carry out activities of (i) exploration or exploitation of oil, natural gas, coal, ferronickel or uranium, or (ii) that are engaged exclusively to the hydrocarbon sector's inherent services, do not have to reimburse to the exchange market the proceeds from sales abroad in foreign currency.
These branches may not under any concept acquire currencies in the exchange market and must reimburse to the exchange market the currencies required to attend expenses incurred in Colombian pesos.
