n 1922, the Colombian Congress passed Law 30 thereby authorising the Government to promote and create a bank with the functions of currency issue, draft, deposit and discount - with the immediate goal of rectifying the precarious monetary and credit situation that the country had suffered since its inception as a Republic.
Due to the need for access to external credit it was necessary to commission a delegation of foreign experts to provide the country with advice as regards the organisation of its monetary and banking structure.