Which institution became Colombia’s central bank in 1923 after the Kemmerer Mission?

Banco de la República became Colombia’s central bank in 1923 after the Kemmerer Mission.

The bank was created by Law 25 of 1923 following recommendations from the American economist Edwin Walter Kemmerer. His mission advised Colombia on banking, currency and public finance reforms. Banco de la República opened in Bogotá that year.

The institution issues Colombia’s currency, the Colombian peso, manages international reserves, operates monetary policy and supports the country’s payment system. A constitutional reform in 1991 strengthened its autonomy and gave it an explicit mandate to preserve the purchasing power of money.

The name literally means “Bank of the Republic,” which can make it sound like a commercial bank. It is instead Colombia’s independent central bank, although commercial banks may hold accounts with it and use its payment infrastructure.