Constitución en Inglés

274 constituteproject.org Colombia 2021 ARTICLE 373 and shall be one of its members. The five other members, who can hold no other employment, shall be appointed by the President of the Republic for renewable terms of four years, with two of the members replaced every four years. The members of the executive board shall represent the interest of the Nation exclusively. Congress shall adopt a law to which the Bank of the Republic must conform in the exercise of its functions, and the norms to which the Government must subject itself in issuing the Bank’s statutes. These laws and norms shall determine, among other things, the form of the Bank’s organization, its legal regime, the functioning of its executive board and its board of directors, the term of the director, and the rules for the constitution of its reserves, including rules concerning exchange and monetary stabilization, and the future application of its earnings. The President of the Republic shall exercise inspection, oversight, and control authority over the Bank under the terms stipulated by law. The State, through the intermediary of the Bank of the Republic, shall oversee the maintenance of the purchasing power of the currency. The Bank may not establish credit quotas or give guaranties for the benefit of private parties except when the intermediation of foreign credit is involved for its distribution through the credit institutions or of temporary support of said liquidity. Financing operations for the benefit of the State shall require the unanimous approval of the executive board unless open market operations are involved. In no case may the legislature mandate credit quotas for the benefit of the State or private parties.