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.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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