Colombian Monetary System!! :O

In the last post I explained a little bit about how the US banking system works, now it is time to explain how this system works in Colombia and how it assimilates and differs from the US system. After researching a lot I found out that Colombian system is regulated by the Central Bank or the "Banco de la República" which is in charge of the production of cash and controlling how much of it is made.

This bank isn't part of any of the branches of power (legislative, judicial or jurisdictional), the constitution gives this bank the power of being autonomous without being linked to any branch of government." Esta entidad se creó como Banco Central de Colombia mediante la Ley 25 de 1923, definido como una entidad de derecho publico económico de naturaleza única, con autonomía administrativa especial. " This quote shows the law that defines the Central Bank of Colombia autonomous and with unique nature. This is similar to the us that has a federal reserve where the governmenent asks for money to them. I think the money in Colombia is created the same way as in the US so this makes them similar.

Watch the following video it explains the power and how the central bank of colombia works.

mla citation: "Panorama monetario y financiero | banrepcultural.org." Panorama monetario y financiero | banrepcultural.org. N.p., n.d. Web. 4 Apr. 2014. <http://www.banrepcultural.org/blaavirtual/