Evolution of Banking System History

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12 Questions

The banking system and early banking practices originated in the temples of Babylon around 2,000 B.C.

True

The Fugger Family were known as the greatest moneylenders of the 15th century.

False

Banko Enpaño-Filipino is currently known as Bank of the Philippines Islands.

True

The Chartered Bank of India, Australia, and China established branches in the Philippines in 1873.

True

The opening of the Suez Canal had no impact on the accessibility of European Markets.

False

The General Banking Act provided the rules of conduct for banking institutions regarding organization, management, and operation.

True

By the end of the Spanish Regime, there were five banks in operation in the Philippines.

False

The first private bank with genuine Filipino capital opened in 1916.

False

The Manila Clearing House was established in 1930 by a combination of domestic and international banks.

False

During the Japanese Era, both Filipino and Japanese-owned banks were permitted to operate.

False

Executive Order 96 invalidated all Japanese occupation deposits.

True

Republic Act No. 7653 governs Philippine Banking Today, focusing on establishing an independent monetary authority.

True

Explore the historical perspective of the banking system worldwide, tracing back to transactions in Babylon in 2,000 B.C. up to the practices in the 2nd Century A.D., including the role of public notaries and notable families like the Fugger Family.

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