International Business Profile
Venezuela: No changes in fiscal policy
» Those who hoped for an end to the late President Hugo Chavez’s socialist rule had their hopes dashed in April when his handpicked successor, Nicolás Maduro, won the presidential election. For companies doing business in that nation, little has changed, says Joseph Ganitsky, director of the University of Miami Center for International Business Education and Research and a faculty member at the UM School of Business. For years, strict currency controls have made it nearly impossible for multinational companies to repatriate profits earned in Venezuela, except on the black market. Ganitsky says it will be even more difficult now. The election results “will bring more uncertainty, and it will not fix the conditions in Venezuela,” he adds.