The Central Bank of Colombia approved the transfer of slightly more than $1.6 billion in net profits to the government on February 28.

The board said it had nearly $1.8 billion in total profits from 2022 and earlier years. By law, some of these are allocated to cultural activities, other expenses and the central bank’s own reserves. The rest “is the nation’s”.

The funds will be paid to the treasury in government bonds. The state budget for 2022 was $93 billion.

The central bank’s profits