The Bank of the Republic (Spanish: Banco de la República) is the central bank of Colombia. It was initially established under the regeneration era in 1880. Its main modern functions, under the new Colombian constitution were detailed by Congress according to . 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.
Bank of the Republic Banco de la República
Official Seal of the Banco de la República
Headquarters of the Banco de la República, in Bogotá, Colombia
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 and bonds. 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.
The bank was officially chartered by the Law 25 of July 25, 1923, 5 days after the 113 anniversary of the Independence of Colombia. With an initial capital of 10 million dollars in gold, half provided by the government and the rest by foreign and national commercial banks. Its role as a banker for banks includes:
Acting as a State Bank
Controlling the issue of the currency, the Colombian peso
Receiving foreign credits and make loans to the Government and private banks
Managing the financial policy of the country
Regulating the exchange rate between the peso and other currencies
The Board of Directors was created by the same law, with ten members from private and public sectors of the economy with the power to enforce regulatory and monetary controls. The Board was also given the responsibility of establishing the discount rate and intervening to control interest rates.
Building
The headquarters of the Banco de la República are located in Bogotá, in the historical center of the city (Calle 11 No. 4-21) and a few blocks away from the Gold Museum and the Luis Ángel Arango Library. Along with the Fiscalía General de la Nación de Colombia bunker, it is one of the most secure buildings in the country, with several security levels required to access different areas. The security is handled by private companies and the Colombian National Police, armed with Colombian-made MAC-10 sub-machine guns, among others. Most of the administrative areas of the bank are located above ground, in a twelve-story building. Below the street there is a heavily guarded area where money in different currencies is stored, and in a special vault the country's reserve of gold.
Beside their primary roles in the Colombian economy, the Banco de la República runs an extensive culture-preservation and dissemination program. It runs two important institutions in Colombian culture: the Gold Museum in Bogotá and the Luis Ángel Arango Library, but in addition, it runs other five Gold Museums (Armenia, Cali, Cartagena, Pasto, and Santa Marta); the Leticia Ethnographic Museum; the Gómez Campuzano House in Bogotá; a 28-city Library Network; a Concert Hall in the Arango Library; and three museums in Bogotá, namely, the Mint Museum (Casa de la Moneda), the Botero Museum, and the MAMU (Museo de Arte Miguel Urrutia).[3]
Also, the Bank has two scholarship programs for the best researchers in Economics (Lauchlin Currie Scholarship) and in Economic Law (Enrique Low Murtra Scholarship).
Banrepcultural
The online presence of all the museum sites, plus an encyclopaedia, plus an online library, is called "Banrepcultural", a portmanteau for Red Cultural del Banco de la República en Colombia. It calls itself "the oldest virtual library in Latin America", and uses the domain banrepcultural.org.[4]
References
^ abWeidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
^"Acerca de la labor cultural del Banco de la República". Red Cultural del Banco de la República en Colombia (in Spanish). Retrieved 13 September 2018. Extendida en red por 29 ciudades del territorio colombiano, la actividad cultural del Banco de la República se desarrolla en el Museo del Oro de Bogotá, cinco Museos del Oro en Armenia, Cali, Cartagena, Pasto y Santa Marta, el Museo Etnográfico en Leticia, la Biblioteca Luis Ángel Arango y la Casa Gómez Campuzano en Bogotá, la Red de Bibliotecas en 28 ciudades colombianas, la Sala de Conciertos de la Biblioteca Luis Ángel Arango, los museos de Bogotá: el Museo Casa de Moneda, el Museo Botero y el Museo de Arte Miguel Urrutia (MAMU).
bank, republic, colombia, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, ava. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as Reflinks documentation reFill documentation and Citation bot documentation August 2022 Learn how and when to remove this template message The Bank of the Republic Spanish Banco de la Republica is the central bank of Colombia It was initially established under the regeneration era in 1880 Its main modern functions under the new Colombian constitution were detailed by Congress according to 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 Bank of the RepublicBanco de la RepublicaOfficial Seal of the Banco de la RepublicaHeadquarters of the Banco de la Republica in Bogota ColombiaHeadquartersBogota ColombiaOwnership100 state ownership 1 GovernorLeonardo VillarCentral bank ofColombiaCurrencyColombian pesoCOP ISO 4217 Reserves44 780 million USD 1 Websitewww wbr banrep wbr gov wbr co wbr en wbr Banco de la Republica in Bogota at Jimenez Avenue Banco de la Republica at Barranquilla Contents 1 History 2 Building 3 Governors 4 Cultural administration 4 1 Banrepcultural 5 References 6 External linksHistory EditThere 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 and bonds 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 Republica 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 The bank was officially chartered by the Law 25 of July 25 1923 5 days after the 113 anniversary of the Independence of Colombia With an initial capital of 10 million dollars in gold half provided by the government and the rest by foreign and national commercial banks Its role as a banker for banks includes Acting as a State Bank Controlling the issue of the currency the Colombian peso Receiving foreign credits and make loans to the Government and private banks Managing the financial policy of the country Regulating the exchange rate between the peso and other currenciesThe Board of Directors was created by the same law with ten members from private and public sectors of the economy with the power to enforce regulatory and monetary controls The Board was also given the responsibility of establishing the discount rate and intervening to control interest rates Building EditThe headquarters of the Banco de la Republica are located in Bogota in the historical center of the city Calle 11 No 4 21 and a few blocks away from the Gold Museum and the Luis Angel Arango Library Along with the Fiscalia General de la Nacion de Colombia bunker it is one of the most secure buildings in the country with several security levels required to access different areas The security is handled by private companies and the Colombian National Police armed with Colombian made MAC 10 sub machine guns among others Most of the administrative areas of the bank are located above ground in a twelve story building Below the street there is a heavily guarded area where money in different currencies is stored and in a special vault the country s reserve of gold Governors Edit Juan Jose Echavarria Governors of the Bank of the Republic 2 Name TermJose Joaquin Perez 1923 1924Felix Salazar Jaramillo 1924 1927Julio Caro 1927 1947Luis Angel Arango 1947 1957Carlos Mario Londono 1957Ignacio Copete Lizarralde September 1957 February 1960Jorge Cortes Boshell interim February 1960 December 1960Eduardo Arias Robledo January 1961 October 1969German Botero de los Rios October 1969 August 1978Rafael Gamma Quijano August 1978 August 1982Hugo Palacios Mejia September 1982 September 1985Francisco J Ortega October 1985 February 1993Miguel Urrutia Montoya February 1993 January 2005Jose Dario Uribe January 2005 January 2017Juan Jose Echavarria January 2017 December 2020Leonardo Villar January 2021 Cultural administration EditBeside their primary roles in the Colombian economy the Banco de la Republica runs an extensive culture preservation and dissemination program It runs two important institutions in Colombian culture the Gold Museum in Bogota and the Luis Angel Arango Library but in addition it runs other five Gold Museums Armenia Cali Cartagena Pasto and Santa Marta the Leticia Ethnographic Museum the Gomez Campuzano House in Bogota a 28 city Library Network a Concert Hall in the Arango Library and three museums in Bogota namely the Mint Museum Casa de la Moneda the Botero Museum and the MAMU Museo de Arte Miguel Urrutia 3 Also the Bank has two scholarship programs for the best researchers in Economics Lauchlin Currie Scholarship and in Economic Law Enrique Low Murtra Scholarship Banrepcultural Edit The online presence of all the museum sites plus an encyclopaedia plus an online library is called Banrepcultural a portmanteau for Red Cultural del Banco de la Republica en Colombia It calls itself the oldest virtual library in Latin America and uses the domain banrepcultural org 4 References Edit a b Weidner Jan 2017 The Organisation and Structure of Central Banks PDF Katalog der Deutschen Nationalbibliothek https www banrep gov co en node 22716 Acerca de la labor cultural del Banco de la Republica Red Cultural del Banco de la Republica en Colombia in Spanish Retrieved 13 September 2018 Extendida en red por 29 ciudades del territorio colombiano la actividad cultural del Banco de la Republica se desarrolla en el Museo del Oro de Bogota cinco Museos del Oro en Armenia Cali Cartagena Pasto y Santa Marta el Museo Etnografico en Leticia la Biblioteca Luis Angel Arango y la Casa Gomez Campuzano en Bogota la Red de Bibliotecas en 28 ciudades colombianas la Sala de Conciertos de la Biblioteca Luis Angel Arango los museos de Bogota el Museo Casa de Moneda el Museo Botero y el Museo de Arte Miguel Urrutia MAMU La Red Cultural del Banco de la Republica External links EditBanco de la Republica official site Banks portal Coordinates 4 36 05 N 74 04 22 W 4 60139 N 74 07278 W 4 60139 74 07278 Retrieved from https en wikipedia org w index php title Bank of the Republic Colombia amp oldid 1104304572, wikipedia, wiki, book, books, library,
