Liability
On the top level of this hierarchy, the central bank serves as the bank of the crown (the state) and of other banks. Gold currency is still the highest form of money, but now it has started to lose its function of medium of exchange, as economic agents use either banknotes or checking accounts for the payments.
Liability
On the top level of this hierarchy, the central bank serves as the bank of the crown (the state) and of other banks. Gold currency is still the highest form of money, but now it has started to lose its function of medium of exchange, as economic agents use either banknotes or checking accounts for the payments.
