Old and New Controversies around Institutional Architecture of the Bank of the Republic of Colombia in Its First 100 Years

The presence of a central bank is fundamental in the financial system. Despite the technical consensus on its importance, political reality reveals the complexity of monetary systems, where actors with varying interests negotiate rules and establish governance processes. These systems evolve in response to the adjustment of political and social forces, adapting to the socioeconomic changes of each era. Therefore, this article explores the dynamism of the institutional design of the central bank, highlighting tensions and controversies regarding its objectives, organization, and management. Two periods are compared: the first, from 1923 to 1933, and the second, from 2020 to 2023, in the context of its centennial. Reports from the Board of Directors of the Bank of the Republic (Banco de la República, 2020a, 2020b, 2021a, 2021b, 2022a, 2022b, 2023a, 2023b) and Congress (2020-2023), as well as information from the Banking Superintendency and press reviews, are utilized. It concludes that the Bank of the Republic has evolved from a central bank with a Single Objective to a Mobile Objective, integrating inflation, growth, and employment, which implies greater alignment with political forces while maintaining its administrative and technical independence.