How many banks are there in Colombia?

The Colombian banking sector consists of 25 banks with about 5,700 branches and 16,000 ATMs across the country. Banco de la República, established in 1923, is the central bank of Colombia responsible for monetary policy and foreign exchange. Following is a list of the largest and best banks in Colombia in terms of total assets.

What does the bank of the Republic do in Colombia?

The Bank of the Republic ( Spanish: Banco de la República) is the central bank of Colombia. It was initially established under the regeneration era in 1880. Its main modern functions, under the new Colombian constitution were detailed by Congress according to Ley 31 de 1992. One of them is the issuance of the Colombian currency, the peso.

How do interest rates work in Colombia?

In Colombia, interest rate decisions are taken by The Central Bank of Colombia (The Banco de la República). The Banco de la República implements monetary policy by changing interest rates, which either provide or withdraw liquidity from the economy. The official interest rates are the intervention interest rates (Tasas).

Why is the World Bank working with Colombia?

The World Bank, under the GDRM Program, is committed to continue working with Colombia on further strengthening the country’s debt and risk-management framework, so that the government’s budget can be used effectively to respond to the global pandemic and the national finances remain resilient to economic shocks.