Recognized as a banking industry leader in South America, Julio M. Herrera Velutini belongs to a family with more than 120 years of history in Venezuela. Julio Herrera Velutini has also conducted extensive banking-industry work in Brazil, where all financial systems and capital markets are regulated by the National Monetary Council, the Brazilian Securities and Exchanges Commission, and the Central Bank of Brazil.
The National Monetary Council, consisting of officials that include the finance minister and the planning and budget ministers, develops credit and monetary policies for financial and capital markets. The National Monetary Council also handles areas such as payment for credit transactions, operating limits for financial institutions, and the availability of credit. Much like its American counterpart, the Brazilian Securities and Exchange Commission oversees the financial activities of many different entities, ranging from publicly traded companies and exchange markets to commodities and futures markets. Finally, the Central Bank of Brazil is responsible for the execution of the policies established by the National Monetary Council.
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A longtime banking executive based in Caracas, Julio M. Herrera Velutini carries on a 120-year family tradition of banking in Venezuela. Julio Herrera Velutini also played a central role in the advancement of the banking industry in Brazil, which has enjoyed considerable economic prosperity since the early 2000s. Over the past five years, however, GDP growth has slowed significantly in Brazil, reaching only 0.1 percent in 2014.
To revitalize the nation’s economic growth and combat current imbalances in the macroeconomic system, the Brazilian government has set surplus targets of 1.2 percent and 2 percent in 2015 and 2016, respectively. Authorities hope the surplus will offset the country’s primary deficit of 0.6 percent and overall GDP deficit of 6.7 percent in 2014. To realize its surplus targets, the Brazilian government has begun cutting discretionary expenditures and reducing entitlements. Authorities also have decreased treasury support for the electricity and public banking sectors in an attempt to shrink the country’s fiscal deficit. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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