Bank of the Republic
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| Headquarters | Bogotá, Colombia | ||
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| Governor | Juan José Echavarría | ||
| Central bank of | Colombia | ||
| Currency |
Colombian peso COP (ISO 4217) |
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| Website | www |
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The Banco de la República (Spanish: Banco de la República) is the state-run central bank of the Republic of Colombia. Its main functions are detailed by the Congress according to the Ley 31 de 1992. One of them is the issuance of the Colombian currency, the peso. The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion.
There are at least three predecessors to the current bank. The first national bank was created in 1880, named the Banco Nacional, and its functions included handling the state funds, issuing currency and making loans to the state. In 1894 the Congress closed the bank due to registered excesses in the issuance of currency. In 1905 the president Rafael Reyes created the Banco Central de Colombia but it was closed in 1910 by Reyes opponents.
In 1923, after several years of financial crisis, President Pedro Nel Ospina requested an expert committee to study Colombian economic conditions. This committee, led by American economist Edwin Walter Kemmerer (known as The Money Doctor) was called the Mission Kemmerer. Kemmerer had already worked with Latin American governments: that of Mexico in 1917 and of Guatemala in 1919. He helped the Colombian government create the Banco de la República and the Office of the Comptroller General of the Republic, and to structure the laws for this function using those already existing. After his work in Colombia, Kemmerer did the same for other Latin American governments, like Chile in 1925, Ecuador in 1926 and Peru in 1931.
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