EXTERNAL RESOLUTION OF THE COLOMBIAN CENTRAL BANK
The Board of Directors of the Colombian Central Bank recently made amendments to the External Resolution No. 8 of year 2000 by which the foreign exchange regime is regulated
Resolution No. 7 of the 31st of august of 2016 includes a series of amendments to the current Foreign Exchange Regime contained on External Resolution No. 8 of year 2000. The main changes include the possibility of stipulating operations of external debt in legal or foreign currency and the introduction of new intermediaries of the foreign exchange market, among others
Last August 31th, the Board of Directors of the Colombian Central Bank modified the Foreign Exchange Regime contained on External Resolution No. 8.
The main changes include the amendment to Article 24, where it is determined that credits granted by residents to nonresidents disbursed on legal currency are operations that not necessarily have to be channelized through the foreign exchange market.
In addition, it is set that the loans should be disbursed and paid in foreign currency but they may be stipulated in legal or foreign currency. Furthermore, in this same provision it is determined that multilateral credit institutions are the only non-residents authorized to grant loans to residents and nonresidents whose disbursement is made in Colombian pesos.
Articles 58 and 59 of Resolution No. 8 of 2000 were also modified as they included as one of the authorized intermediaries of the foreign exchange market, companies specialized in electronic payments and deposits.
Moreover, Article 59 was also modified in the sense of authorizing type 1 intermediaries of the foreign exchange market, to receive term deposits in Colombian legal currency, which include Certificates of Deposit and Certificates of Savings Deposits of Colombian non-resident individuals.