In 1923, after several years of financial crisis, President Pedro Nel Ospina requested an expert committee to study Colombian economic conditions.

He helped the Colombian government create the Banco de la República and the Office of the Comptroller General of the Republic, and to structure the laws for this function using those already existing.

With an initial capital of 10 million dollars in gold, half provided by the government and the rest by foreign and national commercial banks.

Its role as a banker for banks includes: The Board of Directors was created by the same law, with ten members from private and public sectors of the economy with the power to enforce regulatory and monetary controls.

Below the street there is a heavily guarded area where money in different currencies is stored, and in a special vault the country's reserve of gold.

[2] Beside their primary roles in the Colombian economy, the Banco de la República runs an extensive culture-preservation and dissemination program.