Banco de la República Transfers $1.4 Trillion Pesos in Profits to the National Government

At a meeting today, the Board of Directors approved the Banco la República’s financial statements for 2007.    Pursuant to Law 31/1992, the Bank will transfer Col$1.4 trillion pesos in profits to the national government.

Most of the profits came from the return on international reserves.  As to outlays, the Bank continued its policy to rationalize expenses for personnel and operations. The 2007 financial statements were authorized by the National Superintendent of Financial Affairs. They were audited by an international firm and by the Bank’s General Auditor.