The Bank of the Republic, Colombia's central bank, was established under Law 25 of July 25, 1923, with an initial capital of ten million dollars in gold, half provided by the government and the rest by foreign and national commercial banks; it succeeded earlier institutions including the Banco Nacional, which operated from 1880 to 1894, and the Banco Central de Colombia, which operated from 1905 to 1910. Headquartered in Bogota, it holds exclusive authority to issue the Colombian peso, acts as the state's bank, receives foreign credits and extends loans to government and private banks, manages the nation's financial policy, and regulates the exchange rate between the peso and other currencies.
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