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WAEC Commerce 2002 Question 29

Question 29

Banking

The minimum charge at which the Central Bank lends to commercial banks is called

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

Answer: B (bank rate)

Explanation

The bank rate (minimum rediscount rate) is the rate at which the central bank lends to banks.