CREATION OF THE BANCO DE LA REPÚBLICA: FOUNDATION DATE

The Banco de la República was established as the Central Bank of Colombia on the
25th of July 1923 by means of Law 25. The Bank was organized as an anonymous
society with a starting capital of 10 million in gold, of which the Government provided
50% and foreign and national commercial banks as well as some private individuals
contributed the remainder. This entity was exclusively entrusted with the faculty of
issuing Colombian legal tender, administrating the country’s international reserves,
acting as banker to the Government and serving as a last resort moneylender. The
Bank’s Board of Directors, composed of 10 members consisting of representatives
both from the private and public sectors, was entrusted by Law 25 with the exercise
of regulatory and monetary controls with strict adherence to the parameters of
financial orthodoxy. The Board was also given the responsibility of establishing the
discount rate and intervening to control interest rates.

The Banco de la República plays a fundamental part in the economic and

institutional organization of the country. With the passage of time, this institution has
undergone important changes, and has adapted itself to serve an economy in a
permanent process of growth and development

SERVICES
The Bank of the Republic is an organ of the State of the only nature, with
administrative, patrimonial and technical autonomy, which exercises the functions of
central banking. According to the Constitution, the principal aim of the monetary
politics is to preserve the acquisitive capacity of the currency, in coordination with
the economic general politics, which it tends for stabilizing the product and the
employment in his sustainable levels of long term. The special functions assigned to
the Bank understand it of regulating the currency, the international changes and the
credit, issuing the legal Colombian currency, administering the international
reservations, being lender and banker of the lending institutions and serving as fiscal
agent of the Government. As part of his functions, the Bank also contributes the
generation of knowledge and the cultural activity of the country.

SPECIFIC FUNCTIONS
Deputy Technical Office
1. To take part in the follow-up of the economic conjuncture and macroeconomic
forecast and to rest on the generation of statistics.
2. To coordinate and to take part in the production of the investigations that requests
the Board of directors for the capture of decisions in economic politics. Likewise, to
coordinate the agenda of economic investigation.
3. To take part and to monitor the follow-up to the stability of the financial system in
his set, and to take part in the evaluation of the policies conducive to the preservation
of the same one, in conformity with the forecast of the economy in general.
Economic Studies Division
1. To help and to improve the analysis of economic politics.
2. To develop tools for the analysis of economic policies.
3. To coordinate the agenda of economic investigation of the Bank.
Regional Centers for Economic Research
1. To develop research in different branches and sectors of the economy that
contributes to the generation of economic knowledge to the country.
2. To spread the results of the research.
3. To deepen the economic regional analysis to possess a more complete panorama
of the economic national situation.
Center of Studies on Industrial and International Economy (CEEII)
In the Center of Studies on Industrial and International Economy (CEEII) of the
branch of Cali of the Banco de la Republica, we study the Colombian industry and
his insertion on international markets, from an approach of applied microeconomy
and using rigorous econometrics technologies. In the CEEII we possess two
investigators with doctoral formation in economy, and two professional economists.
In addition, we work with external investigators and specialists at topics related to
the intention of this center. The product of our investigations is published in short
reports and periodic reports of the Bank, and in academic public documents.

EXECUTIVES
Board of Directors
Juan José Echavarría - Governor
Profession: Administration Engineer

Mauricio Cárdenas Santa María - Minister of Finance

Profession: Economist

Juan Pablo Zárate - Codirector

Profession: Economist
Adolfo Meisel, Codirector
Profession: Economist

Ana Fernanda Maiguashca, Codirector

Profession: Economist
Gerardo Hernández, Codirector
Profession: Lawyer

José Antonio Ocampo, Codirector

Profession: Economics and Sociology

HEADOFFICE
Bogota - Main Building
Outbuildings:
• Board of Directors and Board Secretariat.
• General Management, Executive Management and Technical Management.
• General Audit.
• General Manager of Corporate Services.
• Economic Studies Division.
• Monetary and International Investment Sub-Management.
• Sub-Management of Payment Systems and Banking Operation.
• Industrial and Treasury sub-management.
• Sub-Management of Operational Risk Management.

Armenia Barranquilla Bogotá Bucaramanga Buenaventura Cali

Cartagena Cúcuta Florencia Girardot Honda Ibagué
Ipiales Leticia Manizales Medellín Montería Neiva
Pasto Pereira Popayán Quibdó Riohacha San Andrés
Santa Marta Sincelejo Tunja Valledupar Villavicencio

SOCIAL RESPONSABILITY

The social responsibility of the Banco de la República with the Colombians is

demonstrate in:

1. Stability in the levels of Inflation.

2. Transparency of his actions with the public opinion
3. Constant transmission of knowledge across his publications
4. Continuous improvement of his products: acquisition of the ISO Certificate
granted by the ICONTEC to the Factory of Currency in his processes of
production and packing coins.
5. Culture and entertainment
6. Availability for the organs of control: opening and disposition collaborating to
all the organs of control that, because of his work, they visit us regularly.