Banco de la republica

The colombian monetary system is based on the Banco de la republica, which is not constituted as part of the government but it has its own organization and has its own autonomy. It is directed by the delegated of the Banco de la republica and five other members that are elected by the president. Its main function is to reduce the inflation in the country. It was created in 1923 and was created in the past monetary system based on gold, 10 millions of that time. The colombian monetary system has abandoned that gold based system, and has replaced it in numbers in a computer and the faith and conviction that the people has in its own government.

This mean that in order for the value of the money to go up, the support of people to its own government has to increase. Some similarities between this system and the one implemented in the US are that they both used to have a representation in gold of the value of the money. They can also be compared in that now they are more based on money in computers that in actual paper. Some of its differences are that they do not base their value of their money in the same thing. The US dollar is based on loans and debts as well as the imagination of the Federal Reserve. The Banco de la republica bases its money on the trust people have on their own government.  

Photo via: http://es.m.wikipedia.org/wiki/Banco_de_la_República_de_Colombia