Box 2. New Regulatory Framework for Foreign Exchange Market Operations
Autor o Editor
Mauricio Cárdenas
Juan José Echavarría
Gerardo Hernández
Ana Fernanda Maiguashca
Carolina Soto
José Antonio Ocampo
Juan Pablo Zárate
Complying with Article 5 of Act 31 of 1992, the Board of Directors of the Central Bank submits a report to the Congress of Colombia twice a year accounting for the behavior of the economy and its prospects. This report is delivered in March and July within 10 working days following the beginning of the sessions of the Congress.
Fecha de publicación
In 1an effort to comprehensively renew the regulatory framework and adjust it to the multiple events and innovations that have taken place in the Colombian scenario over the last eighteen years, Banco de la República recently began working on a revision of all pertinent regulations. The idea was to start using the logic of a foreign exchange market with a floating exchange rate with agents that have many years of experience participating in it. Not only these agents but also the markets in general became more sophisticated during these years, and the country was able to consolidate significant achievements in terms of institutional solidity and development.
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