Box 2. New Regulatory Framework for Foreign Exchange Market Operations
Pursuant to Article 5 of Law 31 of 1992, the Board of Directors of Banco de la República (the Central Bank of Colombia) submits a report to the Honorable Congress of Colombia, informing about the performance of the economy and its outlook. This report is submitted twice a year, in March and July, within ten business days following the start date of the sessions of the Congress.
In 1an effort to comprehensively renew the regulatory framework and adjust it to the multiple events and innovations that have taken place in the Colombian scenario over the last eighteen years, Banco de la República recently began working on a revision of all pertinent regulations. The idea was to start using the logic of a foreign exchange market with a floating exchange rate with agents that have many years of experience participating in it. Not only these agents but also the markets in general became more sophisticated during these years, and the country was able to consolidate significant achievements in terms of institutional solidity and development.
