COP – USD Exchange Rate 

This is the presidential directive on austerity in public spending

Through Presidential Directive No. 8 of 2022, the President of the Republic issued the guidelines on austerity in public spending, addressed to all entities that integrates the executive branch at the national level. It also empowered the Administrative Department of the Presidency of the Republic and the Ministry of Finance and Public Credit to perfom the follow-up on its compliance. 

The directive contains guidelines on: (i) optimization of resources in public procurement, (ii) Austerity in expenditure and investment, and (iii) Transparency in management, enabling and strengthening of complaint channels, judicial processes, and automation of procedures. 

With the issuance of this directive, Directive 9 of 2018 was repealed.

This is the Energy and Gas Regulatory Commission (“CREG”) resolution for the reduction of costs in the electric energy tariffs

The CREG issued Resolution 101 027 of 2022, through which it establishes the possibility of temporarily modifying the indexation factors of the variables used to determine the income and charges defined by national network operators and transmitters.

This resolution modifies and establishes measures for the calculation of the CU resulting from the tariff option; the transitory measures for the application of adjustments in the transmission and distribution charges; the adjustment of the distribution variables at the request of the Network Operators; the adjustment of the transmission variables at the request of the National Transmitters; and the term to benefit from the adjustment of the indexation factors,

This regulation became effective as of its publication in the Official Gazette.