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In 1847, Colombia decimalized the currency and the peso was subdivided into ten reales, each of 10 décimos de reales, later centavos. The real was renamed the décimo in 1853, although the last reales were struck in 1880. The current system of 100 centavos to the peso was first used in 1819 on early banknotes but did not reappear until the ...
In 1886, the President of Colombia, Rafael Núñez, established a forced exchange rate for the note issued by the National Bank (Banco Nacional), founded in 1880, putting an end to the long-term issue of paper money by private banks. [2] Decree no. 260 of 1885 suspended the convertibility of notes into metallic currency.
After 1820, issues were made specifically for Colombia, under the various names that the state used. In 1837, the peso , worth 8 reales, became the primary unit of currency. The real continued to circulate as an eighth of a peso until 1847, when a new real was introduced worth one tenth of a peso and subdivided into 10 decimos de real .
Currency in Colombia denotes the ingots, coins, and banknotes that have been used in Colombia since 1622. It was in that year, under a licence purchased from King Philip III of Spain, that Alonso Turrillo de Yebra established a mint at Santa Fe de Bogotá and a branch mint at Cartagena de las Indias, where gold cobs were produced as part of Colombia's first currency.
Colombia's international reserves have remained stable at around $8.35 billion, and Colombia has successfully remained in international capital markets. Colombia's total foreign debt at the end of 1999 was $34.5 billion with $14.7 billion in private sector and $19.8 billion in public sector debt.
The Bank of the Republic (Spanish: Banco de la República) is the central bank of Colombia. It was initially established under the regeneration era in 1880. Its main modern functions, under the new Colombian constitution were detailed by Congress according to Ley 31 de 1992. One of them is the issuance of the Colombian currency, the peso.
This article needs to be updated. Please help update this article to reflect recent events or newly available information. (August 2023) Part of a series on the History of Colombia Timeline Pre-Columbian period pre-1499 Spanish colonization 1499–1550 New Kingdom of Granada 1550–1717 Viceroyalty of New Granada 1717–1819 United Provinces of New Granada 1810–1816 Gran Colombia 1819–1831 ...
The politics of clientelism in Colombia: Democracy and the state (Routledge, 2017). Murillo, Mario A., and Jesus Rey Avirama. Colombia and the United States: war, unrest, and destabilization (Seven Stories Press, 2004). Phelan, John Leddy. The People and the King: The Comunero Revolt in Colombia, 1781. Madison: University of Wisconsin Press 1978.