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What is a Central Bank?

 

A central bank or monetary authority is a monopolized and often nationalized institution given privileged control over the production and distribution of money and credit. In modern economies, the central bank is usually responsible for the formulation of monetary policy and the regulation of member banks.

The central bank of the United States is the Federal Reserve, or “the Fed”. In the UK it is the Bank of England or “the BOE” and in Europe its the Central European Bank also known as “the ECB”.

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