The Board of Directors of the Banco de la República consists of seven members with one vote each: the Minister of Finance, five full-time members and the General Manager of the Bank, who is appointed by the other members. Full-time members and the General Manager are appointed for fixed periods of four years, twice renewable, which means they can remain on the Board for up to twelve (12) years. The President of the Republic replaces two of the full-time members every four years, halfway through the presidential period.
According to the Political Constitution the Banco de la República is independent from the other branches of public power, enjoys administrative, heritage and technical autonomy and is subject to its own legal regulation. The Board of Directors is the country’s monetary, exchange and credit authority and its members exclusively represent the Nation’s interests.
The Constitution conferred the Banco de la República with the objective of safeguarding the maintenance of currency purchasing power and for this purpose the Board of Directors carried out the various functions established by the Constitution and the Law.
Additionally, full time members of the Board are also members of the Administrative Council, the Bank’s main administrative body, and are responsible for adopting administrative policies and for ensuring the Bank’s correct procedures, as determined by the Law and the Bank’s Statutes.
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