A prominent name in Venezuelan banking, Julio Herrera Velutini is part of a family legacy of successful financial advisors. Having worked for a number of financial institutions in Venezuela, Julio M. Herrera Velutini has played a crucial role in helping the country strive for economic stability.
In recent economic developments, Venezuela raised the amount that banks must deposit into the reserve by 1 percent, bringing the new figure to 21.5 percent. The hike is designed to curb the country’s inflation rate. Despite inflation, monetary liquidity increased to a tune of 70 percent last year following heavy spending by the state-owned oil company PDVSA. The reserve hike reversed the rate of 20.5 percent set in December 2013, placing more control on the country’s currency. While the government blames the rising inflation on unscrupulous business owners, the opposition cites product shortages and private sector confrontation as the reasons for the increase.
0 Comments
International banker Julio M. Herrera Velutini boasts a family history of banking that spans more than 120 years in Venezuela. Following in the steps of his ancestors, Julio M. Herrera Velutini founded one of the largest financial entities in the country.
Venezuela currently operates under a fixed exchange rate, which presents a number of pros and cons. On one hand, the fixed exchange rate creates economic stability and serves as a way to lower inflation. One of the key objectives of fixed currency is the ability to support domestic industries. Although oil accounts for more than 90 percent of the country’s income, fixed rates allow Venezuela to increase its agricultural output. Today, the country produces between 70 and 80 percent of the country’s food domestically. On the other hand, the fixed exchange rate makes it difficult to provide foreign currency. Many international airlines and automakers report trapped funds in the country due to exchange system delays. In addition, the fixed rate causes a surge in parallel or black-market activities on websites or other sources that show unofficial exchange rates for Venezuelan currency. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
Categories
All
|