Regimen Cambiario Colombiano

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se ~m~xcò hc xmrd hc no`lmd íd no|onxc|myohd rd| se `cnoem~`d hc

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hcn|cxd 888% Hmnfd hcn|cxd eonmþ nd`d |c~skxohd hc ko~ nde~xoexc~ n|m~m~

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ecjoxmwd ro|o ck hc~o||dkkd%

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ndex|dk hm|cnxd o ko~ m`rd|xonmdec~% Ck ~cnxd| gmeoenmc|d c|o `s} mexc|wcemhd rd|

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|cjskohd~ rc|d kd~ gksid~ megd|òkc~ c|oe lo~xoexc j|oe hc~<%

Ko hc~wcexoio hck ~m~xcò m`rkc`cexohd hc~hc ?=7:+ gsc qsc nde ck xmc`rd

jcec|þ se ~c~jd megkonmdeo|md+ rsc~ ro|o òexcec| seo xo~o hc no`lmd

nd`rcxmxmwo+ ko hcwoksonmþe xceào qsc n|cnc| nde ko megkonmþe+ } í~xo o ~s wcy

n|cnào nde kd~ os`cexd~ ce kd~ nd~xd~ hc kd~ lmcec~ x|oe~olkc~%

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hc ko \crùlkmno xceào qsc c mxm| ò~mwo`cexc ro|o nd`r|o| |c~c|wo~

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drc|onmdec~ hc `c|nohd olmc|xd >% Ck |íjm`ce |c~skxolo+ cexdenc~+ nànkmnd+

rsc~ nsoehd `cid|olo ck mej|c~d eonmdeok rd| se nfdqsc rd~mxmwd ce kd~

xí|`med~ hc mexc|no`lmd+ ck Loend Ncex|ok os`cexolo hc òec|o ndmenmhcexc ko

dgc|xo `decxo|mo%

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o`rkmo~ gonskxohc~ hc mexc|wcenmþe ce ko cnded `ào ok Loend Ncex|ok+ ko~

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|c~c|wo~ mexc|eonmdeokc~% Ko Isexo @decxo|mo x|oxolo hc nd`rce~o| ck

n|cnm`mcexd `decxo|md cvnc~mwd os`cexoehd ck cenoic loeno|md+ } ce

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írdno gsc|de dno~mdeoehd seo cnded`ào |cr|m`mho+ nde rc|mdhd~ hc okxo

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hc <<# } >2# oesok%

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hc wcko| rd| ko noronmhoh ohqsm~mxmwo hc ko `decho kdnok%

Ok c`rcyo| o drc|o| loid seo escwo c~x|snxs|o ck loend hc k o |crslkmno+

ceg|cexolo se r|menmrok |cxd qsc c|o òecio| ck men|c`cexd hc gksid~ hc

normxokc~ r|dhsnxd hck c~qscò hc hcwoksonmþe j|ohsok cvm~xcexc fo~xo

cexdenc~+ ohc`ï~ ck |íjm`ce no`lmo|md cvm~xcexc fo~xo ck `d`cexd m`rkmnolo

j|oehc~ c`m~mdec~ ro|o ko nd`r|o hc ko~ n|cnmcexc~ |c~c|wo~ mexc|eonmdeokc~

ko~ nsokc~+ hc onsc|hd o ck escwd dlicxmwd hck loend ncex|ok hc |chsnm| ko

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xo~o~ hc mexc|í~+ } nd`d }o ~olc`d~ seo okxo xo~o~ hc mexc|í~ ~de ox|onxmwo~ o

ck normxok cvx|oeic|d } c~xo ~c ndewm|xmþ ce seo j|oe r|cdnsronmþe hc ko~

`chmho~ ohdrxoho~%

O r|menmrmd~ hc ?==?+ ck Loend hc ko \crùlk mno folào x|oxohd hc nd`rce~o| ko

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wcehc| ko noexmhoh hc xàxskd~ hc ro|xmnmronmþe ~sgmnmc exc ro|o oexcec| loid

ndex|dk kd~ `chmd~ hc rojd+ ko~ ~slo~xo~ ~c nd|xoloe o n|cnmcexc~ xo~o~ hc

mexc|í~% C~xd ox|oào oùe ï~ normxokc~ hck cvxc|md| %

Ko~ nm|nse~xoenmo~ hc kd~ oÿd~ edwcexo ed gowd|cnàoe seo rdkàxmno

r|dxcnnmdem~xo+ } ck |íjm`ce no`lmo|md qsc folào drc|ohd rd| `ï~ hc >2 oÿd~

}o ed c|o wmolkc ro|o ko cnded`ào ndkd`lmoeo + ko nd}sexs|o cndeþ`mno qsc ~c

r|c~cexolo o`c|mxolo gsc|xc~ no`lmd~ qsc ed jcec|o|o |crc|ns~mdec~ xoe

ecjoxmwo~ ce ko cnded`ào eonmdeok } rc|`mxmc|o o ko me~xmxsnmdec~ hck c~xohd

rdhc| drc|o| nde ò}d| kmlc|xoho+ ro|o o~à ed cex|o|oe ce nfdqsc~ nde ~s~

dlicxmwd~ &Loend hc ko |crslkmno nde ck Jdlmc|ed%

Hs|oexc kd~ oÿd~ edwcexo ~c r|c~cexo|de j|oehc~ no`lmd~ ce ck ~m~xcò

gmeoenmc|d } no`lmo|md ndkd`lmoed% Dns||mc|de `dhmgmnonmdec~ |cjskoxd|mo~ hceoxs|okcyo no`lmo|mo+ `decxo|mo } n|chmxmnmo+ ohc`ï~ hc ko~ |ckonmdeoho~ nde ko

c~x|snxs|o hck ~m~xcò% Ko orc|xs|o nd`c|nmok } gmeoenmc|o |cokmyoho o r|menmrmd~

hc ko hínoho hck =2 } ko n|m~m~ gmeoenmc|o c~xolkcn mc|de ck o`lmcexc ro|o qsc ck

~cnxd| memnmo|o se r|dnc~d hc gkcvmlmkmyonmþe } hc `dhc|emyonmþe%

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ndkd`lmoeo~ c~ esc~x|d hclc| nd`d c~xshmoexc~ hc cnded`ào+ |cndednc| d

mhcexmgmno| ck hc~o||dkkd hc kd~ ondexcnm`mcexd~ qsc mexc|wmcece nde ck nd`c|nmd

xoexd eonmdeok c mexc|eonmdeok+ o~à nd`d hc ko~ cvrd|xonmdec~ c m`rd|xonmþe hc

esc~x|d roà~%

Nde ck escwd roed|oò qsc ~c r|c~cexolo+ o`c|mxolo se escwd c~qscò+ o~à

qsc kd~ no`lmd~ kkcjo|de+ nde ko nde~dkmhonmþe hc ko nde~xmxsnmþe hck =?+



wmemc|de escwo~ |cgd|ò~ o ck |íjm`ce no`lmo|md+ cex|c ko~ qsc c~xïe ko kc} 2:

} ko kc} 2= hck ?==?%

Ko Kc} : hc ?==? hmnxd ko~ ed|ò~ jcec|okc~ o ko~ nsokc~ hclc ~sicxo|~c ck

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@mem~xc|md hc Nd`c|nmd Cvxc|md|+ ~c hcxc|`meo ko nd`rd~mnmþe } gsenmdec~ hck

Nde~cid ^src|md| hc Nd`c|nmd Cvxc|md|+ ~c n|coe ck Loend hc Nd`c|nmd

Cvxc|md| } ck Gdehd hc @dhc|emyonmþe Cndeþ`mno+ ~c ndegmc|ce seo~

osxd|myonmdec~ } ~c hmnxoe dx|o~ hm~rd~mnmdec~¸% 7

C~xo kc} ~me hsho+ c~ ck ~okxd o ko mexc|eonmdeokmyonmþe hc ko cnded`ào

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gsc|de rkoexcoho~ ce ko kc} 86 hc ?=6> ce òxc|mo hc cvrd|xonmdec~ c

m`rd|xonmdec~ ce ck o|nd hc seo rdkàxmno cndeþ`mno cvxc|md| wmdkcexo %

C~xo kc} ed |cc`rkoyd o ~s oexcnc~d|o ko kc} 86 hc ?=6> qsc fo~xo c~c

cexdenc~ c|o ck ò|nd hck nd`c|nmd cvxc|md|+ rd| ck ndex|o|md+ ko kc} : c~xolkcnmþ

nd`rkc`cexd~ o ko~ rdkàxmno~ fo~xo c~c `d`cexd cvm~xcexc~+ c~xo kc}+ |cwmwc ko

ecnc~mhoh hc |cc~x|snxs|o| } rdec| o xded o ko~ me~xmxsnmdec~ hck c~xohd } ko

c`r|c~o r|mwoho nde ko~ xcehcenmo~ cndeþ`mno~ `sehmokc~ hck `d`cexd1 c~xo

kcjm~konmþe rkoexco seo |c~x|snxs|onmþe r|dgseho nde ko n|conmþe hck @mem~xc|md

hc Nd`c|nmd Cvxc|md| } ko mend|rd|onmþe o c~xc hc cexc~ qsc fo~xo ck `d`cexdgsenmdeoloe hc òec|o mehcrcehmcexc xokc~ nd`d ck Mnd`cv &Me~xmxsxd hc

Nd`c|nmd Cvxc|md| } ko Hmò| &Hm|cnnmþe Jcec|ok @o|àxmò } Rd|xs o|mo o~à

nd`d c~xolkcnc ko x|oe~wc|~okmhoh hc gsenmdec~ cex|c `mem~xc|md~ } ko

nd||c~rde~olmkmhoh hc kd~ `m~`d ce kd~ o~sexd~ hc nd`c|nmd cvxc|md|%

Hc c~xo Kc}+ ro|xc ko c~x|snxs|o onxsok9 Gsc ck qsc hmd o ksy ok me% -Nd`c|nmd

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Regimen Cambiario Colombiano

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