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The bank type responsible for the formulation of rules and regulations guiding the banking industry...

Economics
JAMB 2018

The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

  • A. Commercial bank
  • B. Central bank
  • C. Mortgage bank
  • D. Merchant bank
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Correct Answer: Option B
Explanation

Central bank is the highest financial institution in a country which carries out the monetary policy of the government. The central bank controls, regulate and supervise the components of the banking system. It lays down rules and regulation to be followed by all banks to ensure smooth operation.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709