Investments and Business

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Before financial entities arrived in Colombia, the credit market was dominated by the church and independent merchants. According to the cultural network of the Bank of the Republic, it was a "very little developed monetary and credit system." (Also read: What was the banking system like before 1923?). The panorama began to change at the beginning of the 1870s with the arrival of the first private bank in Colombia: Banco de Bogotá. Although there were a few more before the foundation of this entity, none with its economic impact and success within the market. Banco de Bogotá was promoted by…

In his weekly column Cuentas Claras, Mauricio Galindo, economic editor of EL TIEMPO, offers curious data on the news that happened in the last 7 days. On this occasion, the countries with a centenary population, less unemployment, the return of coal to normality and less road construction. The probability of being centenariansThe US, Japan, China, Malaysia and India are the countries with the most people aged 100 and over, according to World of Statistics. However, according to these data, in Colombia there is a greater probability of reaching 100 years of age than in three of those countries. In Colombia,…

Édgar Elizalde lives in Bogotá and two years ago he bought an apartment in Terrazas de Molinos from Zabdi Construcciones. For the 140 million pesos that it costs him, he handed over his savings, requested a mortgage loan and applied for subsidies from his family compensation fund and from Mi Casa Ya. Everything was going well, but due to the pandemic the delivery date was pushed back to August 2022, just when the money runs out to continue delivering subsidies from the Government program. The construction company gave it until January 2023, but the conditions to receive this subsidy changed.…