Colombian Monetary System

The Colombian Monetary system is handled by El Banco De La Republica De Colombia(BRC). The BRC is a state entity with full independence from the government. They act with free will and they do what they think is most correct for the Colombian Economy. The BRC is in charge of releasing new money, controlling the amount of cash to the public and they supervise the banking system within the country. The only clients of the BRC are the banks within the country.

The Colombian Monetary system is not that different to the one present in the United States. Both of them no longer work on the gold standard. Both of these systems control the money of these countries and are in charge of the inflation within the country. However, they differ when we talk about ownership. The BRC is a 100% state entity with independence from the government. This is an unique exception mentioned in the Colombian constitution. The Federal Reserve is not owned by the US government. A portion of the Federal Reserve is owned by private entities. These private entities work for the privilege of a little portion while the BRC works for the good of the country. This may explain why the Colombian economy has been very stable during the last few years.