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Questions and Answers
What is the main goal of a central bank?
What is the main goal of a central bank?
- To provide financial services to the public
- To stabilize the currency, keep unemployment low, and prevent inflation (correct)
- To regulate commercial banks
- To generate profits for the government
When was the BSP established?
When was the BSP established?
- 1993 (correct)
- 1949
- 1944
- 1939
Why was the implementation of the central bank law delayed in 1944?
Why was the implementation of the central bank law delayed in 1944?
- The central bank should have overall control over the financial system
- The law was disapproved by President Roosevelt
- The arrival of American forces (correct)
- The Philippines was on the exchange standard
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Study Notes
- BSP is the central bank of the Philippines, established in 1993.
- It took over from the Central Bank of the Philippines, established in 1949.
- BSP has fiscal and administrative autonomy from the government.
- Central banking aims at national welfare, not profits, and has a special relationship with the government and commercial banks.
- Central banking is an independent national authority that conducts monetary policy, regulates banks, and provides financial services.
- Its goals are to stabilize the currency, keep unemployment low, and prevent inflation.
- A central bank for the Philippines was conceptualized in 1933, and a law was passed in 1939 but disapproved by President Roosevelt.
- Another law was passed in 1944 but was not implemented due to the arrival of American forces.
- The Philippines was on the exchange standard using the US dollar as the standard currency.
- The central bank should have overall control over the financial system.
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