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WAEC Commerce 1997 Question 59

Question 59

Banking

Which of the following is not a means by which banks facilitate foreign trade?

  1. A.Currency exchange
  2. B.Letter of credit
  3. C.Open market operations
  4. D.Discounting bills of exchange
  5. E.Trade reference
Show the answer and explanation

Answer: C (Open market operations)

Explanation

Open market operations are a Central Bank tool of monetary control, not a service to traders.