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WAEC Economics 2022 Question 38

Question 38

Financial Institutions

Commercial banks are different from development banks in that the latter

  1. A.lend on short-term basis
  2. B.pay interest on current accounts only
  3. C.are mostly joint-stock companies
  4. D.do not deal in foreign currencies
Show the answer and explanation

Answer: D (do not deal in foreign currencies)

Explanation

Development banks give long-term project loans and do not run foreign-exchange services as commercial banks do.