368. In 1997 the Banco de la República (BR), Colombia’s central bank, developed a long-term strategic project designed to manage the international foreign exchange reserves of the country in the most efficient manner, given the stated objectives for holding reserves in line with the highest international standards and practices. This ambitious project, which is reviewed periodically, has led to significant changes in the organizational structure, the decision-making process, the human resource policy, the technological platform, the risk control procedures, as well as the reserve management policies.

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