This year, the central bank of Colombia – Banco de la República (Banrep) – celebrates its centenary amid enormous challenges for central banks and great uncertainty about the future of macroeconomic and geopolitical conditions around the world.
Established on July 23, 1923, Banrep has become the cornerstone of Colombia’s macroeconomic policy framework. As an independent central bank since 1991, it successfully implemented an inflation-targeting regime, which has helped Colombia overcome the double-digit inflation levels that were common in the country prior to the 2000s, and has set an annual inflation target long-term rate of 3% that is still in force today.
