On May 11, the Banco de la República (BanRep, in Spanish) published the final versions of two documents which had earlier been submitted to public consultation. Circular DEFI-354 governs open market operations and liquidity operations to ensure the proper functioning of the payment system, while Circular DEFI-360 regulates transitional liquidity support in the context of the COVID-19 pandemic. In addition, the National Tax and Customs Direction (DIAN, for its acronym in Spanish) issued a resolution modifying the tax payment schedule for large taxpayers. The regulation is already in force.
The BanRep’s Board also announced new measures to address the economic crisis, including temporary expansion operations, or repos, with portfolio securities for up to USD 93,511 million. The measures will run for six months and apply to credit institutions. The Board also introduced changes to the Temporary Liquidity Support (ATL) scheme by reducing the discounts applicable to the portfolio received in line with the credit risk assessment system drawn up by the Finance Superintendency.
In parallel, the entity also issued a series of other regulations for the financial market. External Resolution 14 governs transitory liquidity support, while Resolution 15 is aimed at facilitating the operation of the payment system. DOAM-141 regulates open market operations, and DOAM-148 amends transitional expansion operations with securities, while DGPC-413 establishes the procedure for performing transitional expansion operations using promissory notes.
Finally, Resolution 46, adopted by the DIAN, establishes modifications to the tax payment schedule for 2020, extending the deadlines for large taxpayers to file their tax returns during the health and economic emergency declared by the National Government due to the pandemic.