The Central Bank of Colombia issued amendments to its procedures governing foreign exchange operations under External Regulatory Circular DCIP-83, updating how certain external credit substitutions are handled and introducing operational changes linked to accounts used for dispersing workers’ remittances. The changes revise the provisions on “substitution of reported credits” in Chapter 5 and add a new “reason for non-channeling” to Chapter 5 for the substitution of external credits in different currencies. Chapter 10 is also updated, including amendments to the section on services, transfers and other concepts, the addition of an exclusive-use account category for “accounts for dispersing workers’ remittances”, new text for the “exchange rate to dollars” field in the declaration details, and new foreign exchange transaction codes 1814 and 2993 for purchases and sales of foreign currency linked to these remittance-dispersion accounts. Related forms and instructions are updated. The circular applies to foreign exchange market intermediaries and natural and legal persons conducting foreign exchange and international investment operations, and takes effect upon publication.
Central Bank of Colombia 2025-12-16
Central Bank of Colombia amends foreign exchange procedures including new rules for external credit substitutions and worker remittance dispersion accounts
The Central Bank of Colombia amended External Regulatory Circular DCIP-83, updating procedures for foreign exchange operations, including credit substitutions and remittance accounts. Key changes involve new provisions for credit substitutions in different currencies, an exclusive-use account category for remittances, and new transaction codes. These amendments apply to foreign exchange market intermediaries and entities involved in international investments.