A Brief Look at Venezuela’s Banking System

The chairman of the board of a major international bank in Puerto Rico, Julio M. Herrera Velutini supports a variety of corporate charitable efforts. A member of a family that has been in the banking business in Venezuela for more than a century, Julio Herrera Velutini has developed a comprehensive knowledge of the financial industry in Central and South America.

Venezuela’s banking system experienced rapid development in the second half of the 20th century. The Central Bank of Venezuela, which works with the government to issue banknotes and function as the official treasury, is the site of the nation’s reserves of gold and other assets.

In addition to the Central Bank, the Industrial Bank of Venezuela, the Agricultural Bank, the Workers’ Bank, and a series of regional banks make up the rest of the state banking system. These institutions interact with numerous privately owned investment, commercial, and mortgage-lending banks in Venezuela.