@misc{20.500.12134/10472, author = {Office of the Deputy Technical Governor}, author = {Vargas-Herrera, Hernando}, author = {Office for Monetary Operations and International Investments}, author = {Cardozo-Ortiz, Pamela Andrea}, author = {International Investments Department}, author = {Cifuentes, Diego Felipe}, author = {Sub-Directorate for Portfolio Management}, author = {Cabrales, Andrés}, author = {Bohm, Jack}, author = {Espinosa, Carlos}, author = {Guerrero, Santiago}, author = {Rubio, Nicolás}, author = {Symington, Philip}, author = {Rodríguez, Laura}, author = {Rincón, Laura}, author = {Sub-Directorate for Risk Management}, author = {Galeano, Gladys Andrea}, author = {González, Sara}, author = {Hernández, Sergio}, author = {Rincón, Cristiam}, author = {Ortiz, Daniel}, author = {Pedreros, Ángel}, author = {Guerra, Juan Pablo}, author = {Sovereign Funds and Technical Support Section}, author = {Sierra, Ingrid Marcela}, author = {Rodríguez, Mónica}, author = {Escobar, Mariana}, author = {Rengifo, Mónica}, author = {Information Development and Management Section}, author = {Sorza, Pedro}, author = {Díaz, Nicolás}, author = {Restrepo, Camilo}, author = {Silva, Yesenia}, author = {Research and Analysis Group}, author = {Gómez, Miguel}, author = {Díaz, Daniel}, author = {P, Camilo Cristian}, year = {2022}, month = {8}, url = {https://repositorio.banrep.gov.co/handle/20.500.12134/10472}, abstract = {La Constitución Política de Colombia y la Ley 31 de 1992, artículo 14, asignan al Banco de la República la función de administrar las reservas internacionales. Así mismo, definen que estas deben ser manejadas con criterios de seguridad, liquidez y rentabilidad. El propósito de este documento es explicar la gestión de las reservas internacionales de Colombia, las cuales ascendían a USD 59.031 millones (m) a diciembre de 2020. Primero, se introducen los principales conceptos asociados con las reservas internacionales y el marco en el cual se fundamenta su gestión por parte del Banco. Posteriormente, se detalla la política de administración y los aspectos fundamentales de su operatividad. Por último, se realiza un recuento sobre el estado actual de las reservas. Recuadro 1 - Indicadores de liquidez de las reservas internacionales Recuadro 2 - Definición de índices de referencia: introducción de expectativas neutrales en el proceso de optimización}, abstract = {The Colombian Constitution and Law 31/1992 (Article 14) give Banco de la República a mandate to manage Colombia’s foreign reserves, in addition to stipulating the criteria on managing these reserves, which are safety, liquidity and return. The purpose of this report is to explain how Colombia’s foreign reserves are managed. As of December 2020, net foreign reserves amounted to USD 59,031. The report begins with a description of the main concepts associated with foreign reserves and outlines the framework on which their management by the Bank is based. It then describes, in detail, the policy for managing these reserves, as well as the fundamental aspects of its operation. The report ends with a description of the current state of the country’s foreign reserves. Box 1 - Foreign Reserve Liquidity Indicators Box 2 - Defining Benchmarks: Introducing Neutral Expectations to the Optimization Process}, publisher = {Banco de la República de Colombia}, booktitle = {Informe de Administración de las Reservas Internacionales}, volume = {Foreign Reserves Management 2021}, title = {Foreign Reserves Management 2021}, keywords = {International reserves}, keywords = {Investments foreign}, keywords = {Risk}, keywords = {Legislation}, keywords = {Colombia}, }