How is the Colombian monetary system constructed? What policies govern the Banco De Republica? How are that and the Federal Reserve in the USA similar and different? 

It is very important that  a country has a has an organized monetary system that can control all the money and maintain the economy of colombia in a good way. This monetary system is controlled by the Banco de la Republica de Colombia since 1923, this bank is in charge of taking care that inflation does not occur and that money is safe and has a value. This bank supervises the credits of the country and also the other money that is around in the economy of the country. This bank is in charge of controlling the money that the country loans and receives, it is well controlled because the inflation in colombia is known for a moderate inflation. The Banco de la Republica has three main goals for the economy in Colombia. 

The three main goals that the Banco de la republic de Colombia has are: to maintain a determine and stable exchange rate, also to maintain an stable interest rate, and to have a capital mobility. The federal reserve is the one who manages the monetary system in the USA and the Banco de la Republica is the one who manages it in Colombia.The monetary system in United States and the monetary system in Colombia have something in common that is  inflation  but also have a big difference that is the level of inflation. As i mentioned above the inflation in Colombia is known for been moderate, but in the United States is bigger than in Colombia. During 1930's was the great depression in United States and one main cause was because of inflation, while in Colombia it took seven years to go up from 1,000 pesos to 2,000 pesos. 

Citation: 1. http://en.wikipedia.org/wiki/Economy_of_Colombia
2. http://en.wikipedia.org/wiki/Currency_of_Colombia