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The Monetary Board of Colombia

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Summary

The Law establishes the Monetary Board as an advisory body to the Central Bank of Colombia. The board consists of seven members appointed by the President for a specific period of time (six years).

Key Provisions

Appointment and Dismissal

  • Members are appointed through a nomination process.
  • Can be dismissed by a three-fourths majority vote of the Monetary Board due to reasons such as:
    • Conflict of interest
    • Incompetence
    • Incompatibility

Confidentiality

  • Members must maintain confidentiality regarding information obtained from their duties as members of the Monetary Board.

Compensation

  • Members are compensated according to the Internal Rules of the Monetary Board.
  • Submit a Sworn Net Worth Statement annually.

Incompatibility

  • Members cannot carry out activities that may result in a conflict of interest with their duties.
  • Must maintain confidentiality for one year after ceasing their functions.

Operations

  • The sessions of the Monetary Board are convened by its Chairman, who determines the agenda.
  • Decisions are made by simple majority.

Key Articles

Article 7: Appointment of Members

  • Defines the process for appointing members to the Monetary Board.
  • Specifies that appointments are for a term of six years.

Article 8: Dismissal of Members

  • Outlines the procedure for dismissing members from the Monetary Board.
  • Requires a three-fourths majority vote for dismissal due to conflict of interest, incompetence, or incompatibility.

Article 9: Confidentiality Responsibility

  • Confirms that members must maintain confidentiality regarding information obtained from their duties as members of the Monetary Board.

Article 12: Compensation and Activities

  • Specifies that members are compensated according to the Internal Rules of the Monetary Board.
  • Requires members to submit a Sworn Net Worth Statement annually.

Article 13: Operations

  • Confirms that the Chairman convenes sessions of the Monetary Board and determines the agenda.
  • States that decisions are made by simple majority.