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*2020 COMMERCE THEORY ANSWERS*
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11-20: DBEAACCCDC

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THEORY:

1)
(Choose Any Five)
(i)Banker to the government
(ii) Insurance and control of currency
(iii) Lender of last resort
(iv) Foreign exchange transaction
(v) Responsible for monetary policy
(vi) Banker’s bank

EXPLANATION:

(i) Banker to the government: Central Bank is an agent and banker to the government. It control public account, receives revenue on behalf of the government and make payment from this account. Central Bank also obtains loan on behalf of the government.

(ii) Insurance and control of currency: The central bank has the right to order the printing of the currency and the issuance of it. It control the circulation of currency, exchange of bad notes for new ones and see to the destruction of the bad notes.

(iii) Lender of last resort: The central bank has a duty to assist the banking system when the banks are in financial difficulties so that they can withstand the strain of excessive demands. In some countries, the banks can borrow directly from the central bank.

(iv) Foreign exchange transaction: The central bank holds the foreign reserve of a country, and this helps in enforcing foreign exchange control regulation. It operates the exchange control which is set up to purchase and sell foreign currencies.

(v) Responsible for monetary policy: The central bank is responsible for the monetary policies of the country. It can use both the expansionist and restrictionist policies to control the quantity and value of money in circulation so as to influence the level of production and distribution of the national income.

(vi) Banker’s bank: Th central bank acts as banker to the banks by ensuring that the banks open account with it in order to facilitate clearing of cheques. This helps the commercial banks to have similar facilities to offer to their customers.

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