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Capital controls and foreign exchange market intervention in Colombia

This paper examines two aspects of the Colombian experience with capital flows between 1990 and 2003. First, it discusses capital account liberalisation, the evolution of external debt and the role of the price-based capital account regulations imposed in Colombia in September 1993. Second, it describes the intervention mechanisms set up by Banco de la República (the central bank) from September 1999 onwards, when the crawling exchange rate band system was abandoned and a free float was adopted in a fully fledged inflation targeting regime.