The Bank of the Nation, known in Spanish as the ''Banco de la Nación'', is the bank which represents the

Peruvian government , border = Central , image = , caption = Logo of the Government of Peru , date = 1990 , state = Peru , address = Government Palace , leader_title = President of PeruWhile there is ...

in financial transactions in both the public and private sectors, as well as at both domestic and international levels. It is a state institution, but it should not be confused with the

Central Reserve Bank of Peru The Central Reserve Bank of Peru ( es, Banco Central de Reserva del Perú; BCRP) is the Peruvian central bank. It mints and issues metal and paper money, the sol. Its branch in Arequipa was established in 1871, and it served the city by issuing ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

which coins money. The BN (its official Spanish initials) belongs to the Peruvian Ministry of Economy and Finance. Its headquarters is located in the San Isidro District of

Lima Lima ( ; ), originally founded as Ciudad de Los Reyes (City of The Kings) is the capital and the largest city of Peru. It is located in the valleys of the Chillón River, Chillón, Rímac River, Rímac and Lurín Rivers, in the desert zone of t ...

, the capital of

Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = Seal (emblem), National seal , national_motto = "Fi ...

History

The BN was created January 27, 1966, by Law 16000, approved by the

Peruvian congress The Congress of the Republic of Peru ( es, Congreso de la República) is the unicameral body that assumes legislative power in Peru. Congress' composition is established by Chapter I of Title IV of the Constitution of Peru. Congress is compose ...

and was signed into law by the then-president

Fernando Belaúnde Terry Fernando is a Spanish and Portuguese given name and a surname common in Spain, Portugal, Italy, France, Switzerland, former Spanish or Portuguese colonies in Latin America, Africa, the Philippines, India, and Sri Lanka. It is equivalent to the G ...

. Its predecessors date to 1905, when José Pardo created the Caja de Depósitos y Consignaciones or Bank of Deposits and Consignments. During the

Four Quarters March The Four Quarters March or Four Suyos March ( es, Marcha de los Cuatro Suyos) was a popular mobilization and later riots held in Peru on July 26, 27 and 28, 2000. The march was organized in opposition of Alberto Fujimori's third consecutive elect ...

in 2000 the original building (built by Enrique Seoane Ros), was destroyed by a fire. The headquarters moved to the district of San Isidro until the opening of the bank's new headquarters in 2015. The Bank of the Nation has functioned uninterrupted since its creation. Currently, it employs its own system of ATMs and provides its own credit and debit cards.

Functions

Throughout the years, the bank's functions have either been expanded or reduced according to the policies of the current government although its most basic functions usually never change. Currently, the Bank of the Nation is used to: *Provide payment services in accordance with the policies of the General Directory of the Public Treasury *Provide collection services on behalf of tax creditors *Perform operations on behalf of sub-accounts of the public treasury *Act as the primary financial agency of the state *Act on the behalf of other banks and financial institutions in the channeling of resources *Participate in the foreign commerce transactions of the state *Grant credit to the

Central Government A central government is the government that is a controlling power over a unitary state. Another distinct but sovereign political entity is a federal government, which may have distinct powers at various levels of government, authorized or dele ...

, to

Regional governments In geography, regions, otherwise referred to as zones, lands or territories, are areas that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography), and the interaction of humanity and ...

, and to

local governments Local government is a generic term for the lowest tiers of public administration within a particular sovereign state. This particular usage of the word government refers specifically to a level of administration that is both geographically-loca ...

, in cases when they have not been granted by the National Finance System *Credit granted by the bank is not subject to the limits established by the General Law of Banking, Financial, and Insurance institutions *Provide correspondence services *Provide services to accounts of entities belonging both the National public sector and state providers *Receive savings deposits in locations where private banks don't have offices

Distribution

Branch offices can be found in every Peruvian province, with a total of 403 branch offices, of which 87% are located in rural areas of the country where private banks do not operate

References

External links

Bank of the NationMinistry of Economy and Finance
Banks of Peru Economy of Peru {{Bank-stub