Venezuela Considers Market Economics

Julio Herrera Velutini’s family is a prominent force in the banking community, mainly in the country of Venezuela. Throughout his banking career, Julio M. Herrera Velutini has helped establish a number of financial entities and performed charitable work in the country.

Venezuela recently introduced a statute known as the Foreign Exchange Agreement No. 27. Part of an attempt to address the country’s problems with currency exchange and controls, the statute consists of a system that is a departure from its heavily controlled current system. Experts believe that it has the potential to help reduce Venezuela’s economic woes.

Many economists believe that the new law will also reduce the influence of the Venezuelan black market. The current heavy-handed approach to currency exchange means that the black market dollar is worth more than the official dollar by a significant amount. Although the statute still needs fine-tuning, it offers an exchange system that is more open and provides more purchasing power both for foreign visitors and Venezuelan citizens.

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