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WAEC Economics 2003 Question 36

Question 36

Financial Institutions

The most important function of merchant banks is the

  1. A.issuing of currency
  2. B.provision of short term loans
  3. C.provision of medium and long term loans
  4. D.provision of short and long term loans
Show the answer and explanation

Answer: C (provision of medium and long term loans)

Explanation

Merchant banks mainly provide medium- and long-term finance to businesses.