Central Banks — Flashcards
ICSE · Class 10 · Economic Application
46 flashcards for Central Banks (ICSE Class 10 Economic Application) to test yourself on key terms and facts. Sample: "What is a central bank?"
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What is a central bank?
Answer
A central bank is the supreme monetary institution at the apex of the monetary and banking structure of a country. It controls, regulates and supervises commercial banks, manages currency and credit p…
Why is a central bank called the Bank of Banks?
Answer
It is called the Bank of Banks because it acts as banker to commercial banks. It keeps their reserves, gives them loans when needed, clears inter-bank payments, and supervises their working.
Who defined a central bank as "a bank which constitutes the apex of the monetary and banking structure of the country."?
Answer
De Kock defined a central bank in this way. The definition highlights the central bank’s top position in the country’s banking system.
What definition of central bank is given by Vera Smith?
Answer
Vera Smith defined a central bank as "Central bank is a banking system in which a single bank has either a complete or a residuary monopoly of note issue." This definition focuses on the note-issue fu…
Complete the BIS definition of central bank: "the bank in any country to which has been entrusted the ..."
Answer
The completed definition is: "the bank in any country to which has been entrusted the duty of regulating the volume of currency and credit in that country."…
Which was the first central bank in the world?
Answer
Riks Bank of Sweden was the first central bank in the world. It was set up in 1668.
When was the Bank of England established?
Answer
The Bank of England was established in 1694. It is the central bank of England.
What are the key facts about the Reserve Bank of India?
Answer
The Reserve Bank of India is the central bank of India. It was set up on 1st April, 1935 under the Reserve Bank of India Act, 1934. It was initially a private bank and was nationalised on 1st January …
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