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Currency

West African CFA franc

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Central bank of

West African Economic and Monetary Union

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It’s predecessor, the Institut d’Emission de l’Afrique Occidentale Française et du Togo ("note-issuing institute of French West Africa and Togo"), was created in 1955 and was transformed into BCEAO in 1959.
The treaty establishing the West African Monetary Union (UMOA), signed on May 12, 1962, gave BCEAO the exclusive right to issue the currency as the common central bank for the then seven member countries:

Côte d’Ivoire

Dahomey (modern day Benin)

Haute-Volta (modern day Burkina Faso)

Mali

Mauritania

Niger

Senegal

On June 30, 1962 Mali left the group and adopted the Malian franc as national currency. On December 17, 1963 Togo officially joined the UMOA. On May 30, 1973 Mauritania withdrew and adopted the ouguiya as national currency. On February 17, 1984, Mali joined the UMOA again.

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The people's bank of China (PBC) is the central bank of china responsible for carrying out monetary policies and regulation of financial institutions in china, as determined by people's bank law and commercial bank law. The PBC maintains the banking sector's payment, managing official foreign exchange and gold reserves.

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1) The central bank of a country is the monetary authority that oversees and manages the nation's money supply,  whereas a commercial bank is a retail bank that provides financial services to its customers such as bank loans and deposits.
2) Functions of the central bank include: it is the sole issuer of banknotes, coins and currency and controls the monetary policy through changing interest rates to control the money supply. It is also the government's bank as it receives deposits from the government, makes payment and short-term loans. Moreover it the banker's bank as well as the lender of last resort. The central bank acts as a bank for other banks in the country by overseeing the cash reserves of commercial banks. The commercial banks keep a certain amount of deposits with the central bank to be used by the country's banking system.

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smart work, almost all points you covered. keep up  the good work.
Thank you

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3) The functions of commercial banks can be split into two categories: primary and secondary. The primary function include accepting deposits: from customers and private individuals, businesses and governments, for the convenience of financial operations. The commercial bank also allows to make advances, where it provides loans to their customers as well as mortgages. Credit creation allows the customer to gain purchasing power by making money available to borrowers. The secondary functions involve offering financial services, creating cheques, providing safety deposit boxes, managing internet banking as well as facilitating bill payments.

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The Reserve Bank of India (RBI) is the central bank of India, which was established on Apr. 1, 1935, under the Reserve Bank of India Act. The Reserve Bank of India uses monetary policy to create financial stability in India, and it is charged with regulating the country's currency and credit systems. It also manages the country's main payment systems and works to promote its economic development.

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WHAT INTERESTING FACTS AND FIGURES CAN YOU FIND OUT ABOUT THE CENTRAL BANK IN YOUR COUNTRY?

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WHAT INTERESTING FACTS AND FIGURES CAN YOU FIND OUT ABOUT THE CENTRAL BANK IN YOUR COUNTRY?

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1. A central bank is a banker's bank, the government of a country manages the country's financial system. A commercial bank provides banking services to businesses, institutions and some individuals. The money it takes in from its customers is deposited at its local central bank.

2. Functions of central bank includes: issues coins and currencies to the country, controls monetary policies like the increase and decrease of interest rates, banker's bank, other banks can lend and deposit in central bank, government's bank, it manages the governments account, the lender of last resort.

3. Functions of commercial banks are accepting deposits and also lending funds. Deposits are savings, current, or time deposits. Also, a commercial bank lends funds to its customers in the form of loans and advances, cash credit, overdraft and discounting of bills, etc.

4. The National Bank of Ethiopia (NBE) is the central bank of Ethiopia. Its headquarters are in the capital city of Addis Ababa.

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1. A central bank is the banker's bank, it is used as the governments bank whereas they manage the country's financial system and all the other banks. while a commercial bank provides banking services to other businesses, individuals, institutions. It stores its money at the central bank.
2. The functions of central bank include: to issue coins and currencies to the country, they control the monetary policies, like the decrease and increase in interest rates, they are the banker's bank whereas other banks can lend and deposit in the central bank. They are also the governments bank, as it manages the governments financial account, and it is the lender of last resort.
3. The functions of commercial bank include: accepting various types of deposits, from all, either business purpose or individual purpose. They can lend money by overdraft and the loans as well as mortgages, they also provide transaction accounts to the customers.

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Central banks supervise the economy and they are the ones who provide the currency in a particular nation whereas commercial banks they are the ones who provide loans to the citizens and spread money throughout the country after central banks have provided them with it

Functions of central banks:- 1) Issue currency to the nation 2) Manages the National debt 3)Manages the Government’s accounts 4)It supervises the banking system 5)It is the last resort of the government

Functions of commercial banks:-  accepting deposits, making personal and commercial loans, providing insurance, providing pension funds, providing financial and tax advice, exchanging foreign currencies, buying and selling shares for customers

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DIFFERENCEC BETWEEN CENTRAL BANK AND COMMERCIAL BANK

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DIFFERENCEC BETWEEN CENTRAL BANK AND COMMERCIAL BANK

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WHAT ARE THE FUNCTIONS OF COMMERCIAL BANKS

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WHAT ARE THE FUNCTIONS OF COMMERCIAL BANKS