Regulation
| Foreign exchange regulation The translations made by Banco de la República with respect to the contents of its websites are for information purposes.
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| Political Constitution of Colombia 1991 This translation includes: |
| Law 31 of 1992 OFFICIAL JOURNAL. YEAR CXXVIII. N. 40707. 4, JANUARY, 1993. PAGE 1. LAW 31 OF 1992. (DECEMBER 29) |
| Decree 2520 of 1993 OFFICIAL JOURNAL. YEAR CXXIX. N. 41142. DECEMBER 17, 1993. PAGE. 2 |
Latest amendment to the Bank's Bylaws
By Decree 2443 of 12 December 2022 (only in Spanish), prior opinion of the Board of Directors, the Bylaws of Banco de la República (the Central Bank of Colombia) were amended to acknowledge and classify the financial instruments comprising the foreign reserves under the three categories established by internationally accepted accounting standards. These categories are: i) amortized cost; ii) fair value through profit or loss; and iii) fair value through Other Comprehensive Income (OCI), as per IFRS 9 in force in Colombia. Until then, the foreign reserves had been classified into the first two categories.
As of 2022, once the Decree became effective, the variations in foreign reserves resulting from unperformed changes in the prices of the financial instruments of the portfolios will be recorded under the Other Comprehensive Income (OCI) account in equity in the case of investments of passively managed portfolios, i.e., those seeking to replicate the composition of benchmark indexes.
The amendment of the Bylaws results from reviewing the accounting framework for foreign reserves vis-a-vis international accounting standards in the context of high volatility of external interest rates that has characterized 2022. Also, it is in line with the objectives, characteristics, and management models of the portfolios that make up the foreign reserves.
