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JAMB Commerce 1999 Question 23

Question 23

Banking

The rate at which a central bank discounts first class bills is called the

  1. A.fixed rate
  2. B.bill rate
  3. C.bank rate
  4. D.interest rate.
Show the answer and explanation

Answer: C (bank rate)

Explanation

The bank rate is the rate at which the central bank rediscounts first class bills.