Banco de la República presents the new Foreign Exchange Regulation

The Board of Directors of Banco de la República issued the External Resolution 01 of 2018, which summarizes and modifies the foreign exchange regulation.

This resolution updates and gives flexibility to currency exchange operations and optimizes the exchange procedures, seeking more efficient transactions for those who perform this type of operations, while enabling the authority to have more accurate information. Similarly, it seeks to implement control instruments for risks associated with the flows and balance-sheet positions of Colombian residents, while preserving the non-dollarization principle of the economy, financial stability, and the effectiveness and autonomy of monetary policy.

Authorities, agents and business associations, consultants, and the general public participated in the review process of this new regulatory framework by submitting comments to the proposals of amendment published by the Central Bank.

Finally, Banco de la República issued the regulation that lays down the procedures for the implementation of the new framework.

Please find the relevant technical documents at the following links:

http://www.banrep.gov.co/es/operaciones-cambiarias

http://www.banrep.gov.co/es/normatividad-cambiaria

Bogotá, Friday 25 May 2018.