Day 346 of 365
December 12
📈
Economics The History of Banking
Banking evolved from ancient money-changing and lending. Italian bankers invented double-entry bookkeeping. Central banks emerged to stabilize currencies. Modern banking involves fractional reserve lending, where banks create money by lending more than they hold.
💡 Did you know?
The word 'bank' comes from the Italian 'banca,' meaning bench - where medieval bankers did business!
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