4. Office of the Deputy Technical Governor

1. Provide guidance and recommendations on the Bank’s economic policy strategies, so as to assist decision-making by the Board of Directors. Support the process to communicate the Board’s decisions as a way to strengthen and publicize the Bank’s mission and functions.
2. Participate in monitoring the economic situation and the macroeconomic forecast, and support the generation of statistics.
3. Coordinate and participate in the development of research requested by the Board of Directors or the Governor as grounds for making decisions on economic policy matters, and coordinate the Bank’s economic research agenda.
4. Oversee the use of short-term strategies to meet the objectives set by the Reserves Committee and the Monetary and Foreign Exchange Intervention Committee.
5. Help to define and recommend changes in the Bank's policies on the investment of international reserves and the methods used to intervene in the domestic foreign exchange and monetary market.
6. Participate in and oversee follow up on the stability of the financial system, as a whole, and help to assess policies conducive to its preservation, in accordance with the diagnosis and forecast for the economy in general.
7. Take part in monitoring monetary, foreign exchange and public debt markets, and in evaluating policies and regulatory measures.
8. Help to oversee and define policies on how to manage, produce, store and transform economic and financial information related to the Bank's functions.

4.1 Office for Monetary Policy and Economic Information

1. Coordinate activities intended to assess the state of the economy, the inflation situation and macroeconomic policy, with an emphasis on monetary and foreign exchange aspects, so as to support decision-making by the Board and other directors.
2. Contribute to the development of economic research in Colombia.
3. Coordinate and participate in preparation of the monthly report on prices, the report presented to the Congress of Colombia, and the quarterly inflation report, in addition to coordinating the development of forecasts on inflation, economic growth, the balance of payments and other variables that are relevant for policy decisions on economic matters. It also monitors changes in public finances and estimates the fiscal deficit of the public sector from the standpoint of financing.
4. Oversee the generation of information on monetary, credit and foreign exchange aggregates, the balance of payments, preparation of the country's financial accounts, and other economic indicators.

4.1.1 Programming and Inflation Department

1. Analyze the behavior of different variables in the external, manufacturing/industrial, financial and price sectors, as well as indicators of perception and expectations. Also, develop forecasts on the balance of payments, economic growth and inflation, among other variables.
2. Prepare reports and make monetary policy recommendations to the Board of Directors. Likewise, prepare specific studies that serve the Board of Directors in its decision making process.
3. Prepare the Inflation Report and help to prepare the Board of Directors' Report to the Congress of the Republic of Colombia.
4. Monitor the primary variables for the Colombian economy on a regular basis.

4.1.2 Technical and Economic Information Department

1. Produce and circulate economic information by monitoring monetary, foreign exchange and external-sector variables, among others.
2. Support the Board of Directors and the Monetary and Foreign Exchange Intervention Committee (CICM), in accordance with the monetary policy guidelines.
3. Monitor statistics on national and regional public finances and regional economic activity.
4. Estimate the consolidated balance sheet for the public sector, based on financial flows, and coordinate the consistency of the results with the government, in addition to presenting consolidated information on financial accounts at the level of institutional sectors and financial instruments.

4.1.3 Macroeconomic Models Department

1. Design, implement, evaluate and maintain the Bank's macroeconomic models.
2. Contribute to the development of macroeconomic forecasts for the Bank.
3. Provide technical input to support the inflation targeting strategy.

4.2 Office for Economic Studies

1. Contribute to and improve economic policy analysis.
2. Develop tools for economic policy analysis.
3. Coordinate the Bank’s economic research agenda.

4.2.1 Economic Policy Research Department

1. Prepare macroeconomic documents to support the Bank's management in the decision-making process.
2. Produce and publish information on macroeconomic issues of interest to the Bank's management.

4.2.2 Research Unit

1. Offer technical support to help the Board of Directors, general management and technical management do their work.
2. Prepare medium-term studies on monetary, foreign exchange and credit matters, as well as on other areas of interest to the Board of Directors and Banco de la Republica.
3. Participate in specific projects that contribute to a better understanding of the Colombian economy, its historical trajectory and future possibilities.

4.2.3 Econometrics Unit

1. Build econometric and statistical models to be used for decision-making, and conduct individual or collective research on topics that are of use to the Bank.

4.2.4 Economic Research Centers: Bucaramanga, Cali, Cartagena and Medellin

1. Develop research in different branches and sectors of the economy that helps to generate economic information for the country.
2. Circulate research results.
3. Further regional economic analysis for a more complete picture of the economic situation nationwide.

4.3 Office for Monetary Operations and International Investments

1. Guide the management of international reserves and sovereign wealth funds in foreign currency, pursuant to the guidelines issued by each of the decision-making committees.
2. Direct the implementation of monetary and exchange policy defined by the Board of Directors.
3. Approve the supply of resources to credit institutions through the liquidity support mechanism.
4. Coordinate oversight of the financial system as a whole.
5. Support the Board of Directors through studies on monetary, foreign exchange, financial, capital market and public debt issues that allow for design and implementation of the country's monetary, foreign exchange and credit policies.

4.3.1 International Investments Department

1. Manage international reserves and sovereign wealth funds in foreign currency, pursuant to the guidelines issued by each of the decision-making committees.
2. Submit technical proposals to the Reserves Committee so it can determine investment criteria and policies for international reserves, as well as methods to control financial and non-financial portfolio risks.
3. Ensure financial risk controls are in place, and develop investment processes.
4. Buy and sell currencies for the National Treasury, other than the US dollar.

4.3.2 Operations and Financiual Markets Analysis Department

1. Instrument monetary and foreign exchange policy, according to the guidelines set by the Board of Directors.
2. Conduct studies on monetary, foreign exchange and market development issues to support policy decisions taken by the Board of Directors.
3. Implement monetary policy through open market operations and foreign exchange intervention.
4. Produce reports on the evolution of financial markets.

4.3.3 Financial Stability Department

1. Monitor and analyze the financial system as a whole and its regulation, identifying possible risks to its stability.
2. Identify policy action that could be taken by the Board of Directors and other entities to promote financial stability.
3. Prepare the Financial Stability Report.
4. Support the various technical areas within the Bank and the Board of Directors in matters related to monitoring the financial system as a whole, risk analysis, banking regulation policies and temporary liquidity support.
5. Act as the lender of last resort for credit institutions.
6. Admit as OMO placement agents the financial entities interested in belonging to said group.

4.3.4 Financial Infrastructure Oversight Department

1. Oversee the country’s financial infrastructure as a whole, and the interconnections between its component systems and their participants.
2. Strengthen applied research on how the country’s financial infrastructure functions, and develop methodologies to the analysis the stability of the payment system as a whole.

4.4 International Affairs Unit

1. Attend to Banco de la República´s international relations with international organizations and institutions, and with other central banks.
2. Consolidate relations with large international investors holding Colombian government bonds (TES).
3. Strengthen analysis and research on the international context and its possible effects on the Colombian economy.