ColombiaAntitrust/Competition Law
On May 19 of 1997, Resolution 5 of 1997 of the Board of Directors of the Central Bank modified the Colombian foreign currency loans regime.
Effective as of the 20th of May of the current year, drawdowns of all foreign currency loans not registered with the Central Bank prior to such date will be subject and conditioned to a peso cash reserve or deposit with the Central Bank, equivalent to 30% of the value of the drawdown. Such deposit shall be made for a period of 18 months, during which no indexation will be recognized. The receipt issued by the Central Bank will not be negotiable and will be redeemed at its peso nominal value in Colombian currency, whether at maturity, or in advance, subject to a discount rate determined by the Central Bank.
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