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THE COLOMBIAN CENTRAL BANK ISSUES A NEW FOREIGN EXCHANGE REGULATION

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THE COLOMBIAN CENTRAL BANK ISSUES A NEW FOREIGN EXCHANGE REGULATION

Foreign Exchange Regime

Central Bank issued the External Resolution 1 of 2018 and the DCIN-83 External Regulatory Circular which compiles and simplifies the Foreign Exchange procedures in Colombia


Several procedures where modified in Colombia in operations such as importations, external indebtedness, financial investments, derivatives and Credit Default Swaps. Although these operations continue to have a specific regulatory procedure, the new rulings allow companies to perform payments through different methods. Additionally, the filings of the Foreign Exchange Forms, as well as the procedures that must be carried out before the Market Intermediaries, were simplified.

It is to be noted that regulations regarding transactions in the foreign exchange market and guarantees will only apply to operations executed as of May 25th 2018.