The Colombian financial system is a key pillar of economic activity that analyzes important resources to the different sectors within it. According to the official web page of the Banco de la República "Este régimen utilitario se caracteriza básicamente por el hecho de que los bienes producidos no son consumidos por sus propios productores, son intercambiados en el mercado mediante convenciones reguladoras que constituyen un sistema monetario." This means that the system is the one in charged of controlling the money of the country.
Monetary policy in Colombia is governed by an inflation targeting scheme whose purpose is to maintain a low and stable rate of inflation, and achieve output growth. The Banco de la Republica is not part of the branches of government (Executive, Legislative, Judicial) of the control bodies or control or the electoral power, but it is an entity of the State.
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Citations:
"Banco De La República (Banco Central De Colombia)." Banco De La República (Banco Central De Colombia). N.p., n.d. Web. 05 Apr. 2014. <http://www.banrep.gov.co/>.
"Economía Y Empresas. El Blog Salmón." ¿Cómo Funciona El Sistema Monetario?N.p., n.d. Web. 04 Apr. 2014. <http://www.elblogsalmon.com/conceptos-de-economia/como-funciona-el-sistema-monetario>.
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