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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
18 Banks
1. Central banks are responsible for an adequate supply of legal tender, i. e. of banknotes and coins that have to be accepted in settlement of debts. Usually, the central bank is the sole note-issuing bank in a particular country. The minting of coins in frequently the responsibility of a separate institution under the control of a central government department (e.g., the Royal Mint in Great Britain).
2. Central banks are bankers’ banks, i.e. they perform certain tasks for commercial and specialised banks, just as these banks perform services for their own clients. Commercial banks keep accounts with the central bank. These accounts may be used to settle the net positions resulting from the clearing of cheques and credit transfers. Moreover, the commercial banks borrow directly or indirectly from the central bank, especially if funds are not available from other sources, the central bank acting as a lender of last resort. In addition, central banks are frequently charged with supervising and regulating the banking system of the country in which they operate.
3. A central bank also acts as a banker to its government, typically managing the national debt, handling or superintending the issue of government stocks and Treasury bills, making, shorter advances to the government, providing advice on financial matters, etc.
4. More importantly, central banks are concerned with the implementation of monetary policies. They regulate a country’s money supply by open-markets operations, by calling for special deposits (U.S.: legal reserves), by influencing interest rates, and by operating direct controls on bank lending. But they are also active on the external front, intervening in the foreign exchange markets to control the rates of exchange, and generally managing the external aspects of monetary policy, such as exchange controls, foreign exchange reserves (including Special Drawing Rights), etc.
In performing these tasks, central banks in different countries enjoy different degrees of autonomy from their governments. The Bank of England, for instance, is closely controlled by the Treasury, which since 1946 has had statutory powers to give directions to it. The Federal Reserve System of the United States, on the other hand, is able to steer a much more independent course.
Vocabularya wide range of powers – широка сфера повноважень
to be responsible for – бути відповідальним за
legal tender – законний платіжний засіб
settlement – вирішення
to issue – випускати
clearing – безготівкові розрахунки
last resort – останнє звернення
to be charged with supervising – надано право нагляду
to handle – керувати, регулювати
to superintend – управляти, наглядати, завідувати
to provide advice – надавати поради
implementation – здійснення, втілення
money supply – грошові ресурси
external – зовнішній
to interfere – втручатися
for instance – наприклад
to steer – вести, направляти, керувати
independent course – незалежний курс
І. Complete the sentences using the text:1. Every country needs a central institution with … .
2. Central banks are responsible for … .
3. Central banks perform certain tasks for … .
4. A central bank also acts as a banker to … .
5. Central banks regulate a country's money supply by … .
6. The bank of England is closely controlled by … .
7. The Federal Reserve System of the United States is able to .
II. Answer these questions, basing your answers on the text:1. What does every country need to look after its monetary system?
2. What central banks do you know?
3. Central banks are responsible for an adequate supply of legal tender, aren’t they?
4. Are central banks bankers “or producers” banks?
5. Where do the commercial banks borrow from?
6. Does a central bank also act as a banker to its government?
7. What do central banks regulate?
8. Central banks in different countries enjoy different degrees of autonomy from their governments, don’t they?
III. Say whether these statements are true or false and if they are false, say why.1. Usually, the central bank is the sole note - issuing bank in a particular country.
2. The minting of coins is exclusively the responsibility of a separate bank.
3. Central banks perform certain tasks for commercial and specialised banks.
4. These accounts may be used to settle the net positions resulting from the clearing of cheques and credit transfers.
5. The commercial banks borrow directly or indirectly from each other.
6. A central bank typically manages the national debt.
7. Central banks are not concerned with the implementation of monetary policies.
8. A central bank regulates a country's money supply.
Книга: Англійська для економістів - Гаращенко
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