Minutes of the Meeting of the Board of Directors of Banco de la República of July 25 th, 2008

The ordinary meeting of the Board of Directors of Banco de la República was held in Bogotá on July 25, 2008, in the presence of the Minister of Finance and Public Credit, Oscar Iván Zuluaga, the General Manager, José Darío Uribe, and the permanent members of the Board, Fernando Tenjo, Carlos Gustavo Cano, Juan José Echavarría, Juan Mario Laserna, and Leonardo Villar. The situation of inflation and economic growth and their perspectives were discussed in the meeting, and decisions were made regarding monetary policy.

The attached document is a summary of the main issues addressed in the meeting.