ColombiaAntitrust/Competition Law
The subject of foreign indebtedness is closely related to the apertura economica that was initiated in Columbia shortly before the new constitution of 1991 was passed by the Constitutional Assembly. Before the apertura, there were rules providing for light exchange controls in the country, which were later relaxed substantially. Further, the Central Bank (in Colombia Banco de la Republica), was given the responsibility of relating, among other monetary matters, those related to private and public foreign indebtedness. In pursuance of their new faculties, the Board of Directors of he Central Bank issued several regulations dealing with different issues in the context of indebtedness of the state of government controlled entities and of private entities. While state loans are also subject to registration with Banco de la Republica and to the same limitations regarding the term of the agreement mentioned below for private loans, the approval procedures vary substantially. Therefore, this
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