Colombian Monetary System

Colombian Monetary System

The constitution and the law give autonomy to El Banco de la Republica as the central bank of Colombia. This means that the bank is not a part of the public branches, neither executive, legislative, and jurisdictional. But this is an entity from the state, with unique nature. When I talk of the autonomy, it consist in the capacity of the bank to make free analysis of the monetary problems. And to design and to apply the policy to its charge. As the medium of exchange, it is used to buy and sell goods and services. Avoiding the complications of the exchange used in the past. 

To be an efficient medium of exchange it needs to have certain characteristics: to be divisible, easily transported, and difficult to falsify. The colombian peso is backup with the gold reserves that is managed by El Banco de la Republica. El Banco de la Republica regulates the change of the Colombian peso regards the coin of the other countries. El Banco de la Republica has a board of directors and a president. 

Website: http://auladeemprendimiento.blogspot.com/2011/07/el-sistema-monetario-colombiano.html