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The formation of the first parliamentary corporations in Chilean history is closely linked to the process of Independence in Chile and the formation of the first Junta de Gobierno, on September 18, 1810.

In any case, the first Junta de Gobierno took some important steps: the creation of the first national newspaper, La Aurora de Chile, and the support to other juntist movements, such as the Argentinean one, would start a march that would only stop a decade later with the formation of an independent and sovereign national entity. However, the most important measure taken by the Junta was the call for elections to elect a National Congress.

During the session of October 13, 1810, the Junta elaborated a first regulation to carry out an election of deputies, in what can be considered a first step to form a first legislative corporation. Two months later, on December 15, 1810, it summoned the citizens of the territory to elect their respective representatives as deputies, who would form the National Congress.

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The reforms undertaken put an end to the disorderly monetary issuance, created a real backing for the national currency, stabilized its parity and established order in the banking and financial flows of the country. However, as can be guessed, the reform process itself was extremely complicated, as shown by Orellana’s own chronicle of the events (La Administración del General José María Orellana y el Arreglo Económico de Guatemala):

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The Great World Depression (1929-1933) severely affected the Guatemalan economy, and put the Central Bank and its monetary policy based on the classical gold standard to a difficult test. Since this standard did not allow for an anti-cyclical monetary policy, it became necessary to promote the monetary and banking reform of 1944-1946, through which the Banco de Guatemala was created as the heir of the former Central Bank of Guatemala. This reform was completed during the revolutionary government of Dr. Juan José Arévalo, and was led by Dr. Manuel Noriega Morales (Minister of Economy and, later, first president of the Banco de Guatemala), whose work team was advised by Dr. Robert Triffin2 and David L. Grove, economists of the Federal Reserve System of the United States of America3 .

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Article 4.- The provisions issued by the Bank in the exercise of its functions are mandatory for all entities of the Financial System, as well as for other natural and juridical persons when applicable.

The authorized capital of the Bank is S/. 50’000,000 (Fifty Million and 00/100 Nuevos Soles) subscribed and paid by the State. No shares shall be issued, and their value shall only be recorded in the Capital Account.

The Board of Directors is the highest institutional authority. It is responsible for determining the policies to be followed for the achievement of the objectives of the Company.

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Banco de México, which opened its doors on September 1, 1925, was the consummation of a long-cherished desire of the Mexican people. Its creation closed a long period of instability and monetary anarchy, which began at the beginning of the 19th century, and during which a system of a plurality of banks of issue reigned; a system that was further aggravated by the revolutionary conflict of 1910, and with which came the distrust of paper money and the destruction of the monetary system in force up to that time.

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However, it is little remembered today that the history of Banco de México dates back at least to the beginning of the 19th century. In fact, in 1822, during the reign of Agustín de Iturbide, a project to create an institution with the power to issue banknotes, to be called “Gran Banco del Imperio Mexicano”, was unsuccessfully presented.

The establishment of Banco de México did not become a reality until 1925, thanks to the budgetary and organizational efforts of the Secretary of Finance, Alberto J. Pani, and the support of President Plutarco Elías Calles. At the time, someone even jokingly commented that the Institution should be called “Banco Amaro”, since the funds to integrate the capital could finally be raised by virtue of the budgetary savings achieved in the Army by the then Secretary of National Defense, General Joaquín Amaro.

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