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CENTRAL BANK AND ITS IMPORTANCE TO ECONOMIC DEVELOPMENT — Economics Keypoint

CENTRAL BANK AND ITS IMPORTANCE TO ECONOMIC DEVELOPMENT

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The central bank promotes/contributes to economic development through the following ways:

  1. Granting of long-term credit/loans to industries through its command over commercial banks.
  2. Development of money and capital market.
  3. Regulation of adequate money supply
  4. Tackling of balance of payment problems.
  5. Provision of money and structuring of interest rate.
  6. Creates special financial institution for promoting and facilitating economic development in different sectors such as Nigerian Industrial Development Bank.
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  3. FUNCTIONS OF CENTRAL BANK
  4. CONTROL OF COMMERCIAL BANKS BY THE CENTRAL BANK
  5. INSURANCE COMPANIES AND THEIR IMPORTANCE TO ECONOMIC DEVELOPMENT
  6. THE AFRICAN DEVELOPMENT BANK (A.D.B)
  7. ECONOMIC DEVELOPMENT

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