768:
2910:
370:
to implement their monetary policy. In many countries (except Brazil, China, India, Russia), reserve requirements are generally not altered frequently in implementing a country's monetary policy because of the short-term disruptive effect on financial markets. In several countries, including the United States, there are today zero reserve requirements.
860:, the central bank for the United Kingdom, previously set a voluntary reserve ratio, and not a minimum reserve requirement. In theory, this meant that commercial banks could retain zero reserves. The average cash reserve ratio across the entire United Kingdom banking system, though, was higher during that period, at about 0.15% as of 1999.
814:. The central bank will step in to lend a bank funds if necessary so that this does not happen. Historically, a central bank might have run out of reserves to lend to banks with liquidity problems and so had to suspend redemptions, but this can no longer happen to modern central banks because of the end of the
382:
system banks are not expected to hold cash to cover all deposits liabilities in full. One of the mechanisms used by most central banks to further this objective is to set a reserve requirement to ensure that banks have, in normal circumstances, sufficient cash on hand in the event that large deposits
390:
Bank deposits are usually of a relatively short-term duration, and may be “at call”, while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide
369:
by limiting or expanding the amount of lending by the banks. Monetary authorities increase the reserve requirement only after careful consideration because an abrupt change may cause liquidity problems for banks with low excess reserves; they generally prefer to use other monetary policy instruments
748:
Jaromir Benes and
Michael Kumhof of the IMF Research Department report that the "deposit multiplier" of the undergraduate economics textbook, where monetary aggregates are created at the initiative of the central bank, through an initial injection of high-powered money into the banking system that
878:
in 2009, banks were no longer required to set out a target, and so were no longer penalised for holding excess reserves; indeed, they were proportionally compensated for holding all their reserves at the Bank Rate (the Bank of
England now uses the same interest rate for its bank rate, its deposit
753:
on its head. Benes and Kumhof assert that in most cases where banks ask for replenishment of depleted reserves, the central bank obliges. Under this view, reserves therefore impose no constraints, as the deposit multiplier is simply, in the words of
Kydland and Prescott (1990), a myth. Under this
866:
From 1981 to 2009, each commercial bank set out its own monthly voluntary reserve target in a contract with the Bank of
England. Both shortfalls and excesses of reserves relative to the commercial bank's own target over an averaging period of one day would result in a charge, incentivising the
429:
Many textbooks describe a system in which reserve requirements can act as a tool of a country’s monetary policy though these bear little resemblance to reality and many central banks impose no such requirements. The commonly assumed requirement is 10% though almost no central bank and no major
395:
to cover withdrawals within the normal pattern. Banks and the central bank expect that in normal circumstances only a proportion of deposits will be withdrawn at the same time, and that the reserves will be sufficient to meet the demand for cash. However, banks routinely find themselves in a
1040:
Banks shall maintain minimum required reserves to the amount of 10% of the deposit base (effective from 1 December 2008) with two exceptions (effective from 1 January 2009): 1. on funds attracted by banks from abroad: 5%; 2. on funds attracted from state and local government budgets: 0%.
828:
Even in the United States, which retained formal reserve requirements until 2020, the notion of controlling the money supply by targeting the quantity of base money fell out of favor many years ago, and now the pragmatic explanation of monetary policy refers to targeting the
910:
of 1933, the Fed was granted the authority to set reserve requirements jointly with the president as one of several provisions that sought to mitigate or prevent deflation. The power was granted to the Fed, without presidential consent, in the
Banking Act of 1935. Under the
879:
rate and its interest rate target). In the absence of an agreed target, the concept of excess reserves does not really apply to the Bank of
England any longer, so it is technically incorrect to call its new policy "interest on excess reserves".
632:
387:. The central bank in some jurisdictions, such as the European Union, does not require reserves to be held during the day, while in others, such as the United States, the central bank does not set a reserve requirement at all.
961:, and 10% thereafter. The total removal of reserve requirements followed the Federal Reserve's shift to an "ample-reserves" system, in which the Federal Reserve Banks pay member banks interest on excess reserves held by them.
791:
uses changes in the CRR as a liquidity management tool, hiked it alongside SLR to navigate 2008 financial crisis. RBI introduced and withdrew
Incremental - Cash reserve ratio I-CRR over and above CRR for managing liquidity.
2237:
348:(vault cash), plus the amount of the bank's balance in that bank's account with the central bank. A bank is at liberty to hold in reserve sums above this minimum requirement, commonly referred to as
489:
400:, when depositors wish to withdraw more funds than the reserves held by the bank. In that event, the bank experiencing the liquidity shortfall may routinely borrow short-term funds in the
933:
used to set reserve requirements (“liquidity ratio”) based on categories of deposit liabilities ("Net
Transaction Accounts" or "NTAs") of depository institutions, such as
779:
uses changes in the reserve requirement as an inflation-fighting tool, and raised the reserve requirement ten times in 2007 and eleven times since the beginning of 2010.
2509:
2010:
2829:
964:
The total amount of all NTAs held by customers with U.S. depository institutions, plus the U.S. paper currency and coin currency held by the nonbank public, is called
666:
524:
2080:
825:
A zero reserve requirement cannot be explained by a theory that holds that monetary policy works by varying the quantity of money using the reserve requirement.
727:
696:
2824:
533:
1686:
162:
1777:
2149:
1923:
Ahorny, Joseph; Saunders, Anthony; Swary, Itzhak (1985). "The
Effects of the International Banking Act on Domestic Bank Profitability and Risk".
167:
304:
2877:
2166:
2557:
324:
regulations that set the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the
2887:
2872:
729:
the total reserve ratio (the ratio of legally required plus non-required reserve holdings of banks to demand deposit liabilities of banks).
225:
2384:
965:
81:
1896:
949:. For a time, checking accounts were subject to reserve requirements, whereas there was no reserve requirement on savings accounts and
2646:
1730:
while in the earlier years, long-term deposits financed short-term loans, now relatively short-term deposits finance long-term loans.
1822:
2844:
408:. When the bank liquidity problem exceeds the central bank’s desire to continue as "lender of last resort", as happened during the
2689:
1958:
2361:
2882:
2867:
2717:
2520:
2298:
404:
from banks with a surplus. In exceptional situations, the central bank may provide funds to cover the short-term shortfall as
2834:
2203:
378:
One of the critical functions of a country's central bank is to maintain public confidence in the banking system, as under a
2641:
Title 12 of the Code of
Federal Regulations (12CFR) Part 204--Reserve Requirements of Depository Institutions (Regulation D)
2337:
2045:
1651:
741:
Central banks dispute the money multiplier theory of the reserve requirement and instead consider money as endogenous. See
2101:
2712:
953:
accounts of individuals. The Board for some time set a zero reserve requirement for banks with eligible deposits up to
863:
From 1971 to 1980, the commercial banks all agreed to a reserve ratio of 1.5%. In 1981 this requirement was abolished.
803:
This does not mean that banks can—even in theory—create money without limit. On the contrary, banks are constrained by
297:
172:
2585:
1871:
2839:
1716:
1349:
Retain CRR at 45.00% for deposit money banks and increase that of merchant banks to 14.00% effective March 26, 2024
912:
409:
447:
2102:"Ordinance No. 21 of the BNB on the Minimum Required Reserves Maintained with the Bulgarian National Bank by Banks"
1636:
1601:
698:
the currency ratio: the ratio of the public's holdings of currency (undeposited cash) to the public's holdings of
750:
433:
With higher reserve requirements, there would be less funds available to banks for lending. Under this view, the
2613:
929:
on March 27, 2020, thus eliminating reserve requirements altogether. Before that, the Board of Governors of the
807:, which are arguably more important than reserve requirements even in countries that have reserve requirements.
2743:
2470:
1690:
850:
276:
2914:
290:
245:
17:
412:
of 2007-2008, the government may try to restore confidence in the banking system, for example, by providing
2950:
2945:
2748:
1826:
938:
2262:
2814:
2682:
2413:
2369:
1805:
907:
875:
36:
2190:
2900:
2586:"Recorded in the Trinidad and Tobago Gazette, Volume 63 Number 113, Gazette Entry Number 978 Page 1523"
2487:
2238:"MNB flexible on compliance with the new daily minimum reserve requirements in the first days of April"
1616:
379:
195:
2123:
2940:
2722:
1656:
776:
1897:
Submission to Inquiry into the Australian Banking Industry", Reserve Bank of Australia, January 1991
2935:
2058:
915:, the same reserve ratios would apply to branches of foreign banks operating in the United States.
898:
abolished "statutory reserve deposits" in 1988, which were replaced with 1% non-callable deposits.
401:
2473:
Required reserve ratio on credit institutions' liabilities to non-resident has been raised to 4.0%
215:
2219:
976:
The reserve ratios set in each country and district vary. The following list is non-exhaustive:
2675:
2652:
2170:
2028:
1976:
1596:
930:
210:
2862:
2794:
2789:
2405:
788:
405:
220:
157:
2286:
2804:
2067:
1621:
1611:
804:
800:
Canada, the UK, New Zealand, Australia, Sweden and Hong Kong have no reserve requirements.
644:
502:
413:
47:
1798:
1556:
The Federal Reserve reduced reserve requirement ratios to 0% effective on March 26, 2020.
1217:
8:
2738:
1591:
1522:
926:
109:
66:
2435:
709:
678:
328:, is generally determined by the central bank on the basis of a specified proportion of
1940:
834:
358:
119:
40:
2544:
2124:"Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada"
2483:
2342:
2323:
2199:
2174:
1712:
1711:(4 ed.). New Delhi: Tata McGraw-Hill Education (published 2004). pp. 8–35.
1626:
1001:
Statutory reserve deposits abolished in 1988, replaced with 1% non-callable deposits
627:{\displaystyle m={\frac {(1+c)}{(c+R)}}={\frac {1+{\frac {C}{D}}}{{\frac {C}{D}}+R}}}
256:
2614:"Federal Reserve Actions to Support the Flow of Credit to Households and Businesses"
2930:
2819:
2640:
2453:
1932:
742:
635:
495:(bank reserves plus currency held by the non-bank public) and the narrowly defined
441:. The multiplier effect on the money supply is governed by the following formulas:
434:
392:
261:
241:
200:
129:
61:
340:. Though the definitions vary, the commercial bank's reserves normally consist of
2774:
2769:
2347:
2056:
Lecture 8, Slide 4: "Central Banking and the Money Supply" from the presentation
1706:
1631:
1606:
1581:
934:
857:
362:
350:
329:
134:
86:
71:
2657:
2784:
2662:
1666:
1661:
1641:
1154:
Effective 18 January 2012. Down from 2% between January 1999 and January 2012.
1121:
846:
699:
266:
2924:
2779:
2753:
1548:
918:
819:
815:
767:
325:
251:
152:
76:
2698:
2122:
Carter, Thomas J.; Mendes, Rhys R.; Schembri, Lawrence (18 December 2018).
1743:
1646:
1586:
1435:
1414:
950:
946:
942:
922:
496:
438:
366:
321:
124:
1091:
China cut bank reserves again to counter slowdown as of 29 February 2016.
1486:
1379:
1328:
2519:(in Swedish). Vol. 1994, no. 2. pp. 45–47. Archived from
2070:, based on 2003 survey of CBC participants at the Study Center Gerzensee
749:
gets multiplied through bank lending, turns the actual operation of the
1944:
1510:
1455:
With effect from 29 April 2011. 8% of total rupee deposit liabilities.
1257:
1096:
1006:
795:
754:
theory, private banks almost fully control the money creation process.
345:
177:
1708:
Financial Institutions and Markets: Structure, Growth and Innovations
1447:
1279:
1171:
993:
895:
205:
2647:
Reserve Requirements - Fedpoints - Federal Reserve Bank of New York
2063:
1936:
1922:
2658:
Hussman Funds - Why the Federal Reserve is Irrelevant - August 2001
1460:
1366:
1146:
1032:
810:
A commercial bank's overnight reserves are not permitted to become
397:
384:
341:
114:
2000:
See generally Regulation D, at 12 C.F.R. sec. 204.4 and sec. 204.5
1405:
1341:
1267:
1196:
1183:
1134:
1108:
1046:
733:
This limit on the money supply does not apply in the real world.
271:
2667:
2909:
1561:
1535:
1498:
1473:
1422:
1392:
1354:
1303:
1291:
1248:
1236:
1223:
1058:
1027:
Term deposits have a 33% RRR and savings accounts a 20% ratio.
1019:
1315:
1208:
1159:
1083:
1071:
867:
commercial bank to stay near its target, a system known as
2830:
International Centre for Settlement of Investment Disputes
2545:
Liquidity ratio and liquid reserves of deposit money banks
874:
Upon the parallel introduction of quantitative easing and
2547:. Data released by Taiwan's central bank in October 2010.
2510:"Riksbanken reducerar kassakraven för bankerna till noll"
2263:"Iceland Reserve Requirement Ratio | Economic Indicators"
1872:"Sterling Operations - Implementation of Monetary Policy"
1823:"Central banks' exit strategies from quantitative easing"
469:
491: : definitional relationship between monetary base
332:
of the bank. This rate is commonly referred to as the
2643:(See Section §204.4 for current reserve requirements.)
1792:
1790:
1430:
Effective 1 April 2011, up from 2.5% in January 2011.
2898:
2825:
International Bank for Reconstruction and Development
2436:"Narodowy Bank Polski - Internet Information Service"
1231:
set by the Monetary Committee of the Bank of Israel.
925:
and eurocurrency liabilities on Dec 27, 1990 and for
712:
681:
647:
536:
505:
450:
2121:
1851:
1849:
1847:
1845:
1843:
796:
Countries and districts without reserve requirements
396:
shortfall situation or may experience an unexpected
2454:"Banca Naţională a României - Reserve requirements"
2220:"How to calculate the minimum reserve requirements"
2150:"China central bank cuts reserve requirement ratio"
1787:
641:, the factor by which lending and re-lending leads
357:The reserve ratio is sometimes used by a country’s
163:
List of financial regulatory authorities by country
1417:. 10% for foreign currency as of 24 October 2016.
1014:Raised from 5.50, effective from 15 December 2010
971:
887:Canada abolished its reserve requirement in 1992.
721:
690:
660:
626:
518:
483:
1840:
771:China's Reserve Requirement Ratio for large banks
2922:
2653:Reserve Requirements - The Federal Reserve Board
2618:Board of Governors of the Federal Reserve System
1981:Board of Governors of the Federal Reserve System
2185:
2183:
430:central bank imposes such a ratio requirement.
168:Financial Action Task Force on Money Laundering
2021:
1977:"Federal Reserve Board - Reserve Requirements"
818:worldwide, which means that all nations use a
484:{\displaystyle M_{1}={\mathit {MB}}\times m\,}
344:held by the bank and stored physically in the
2878:Central banks and currencies of the Caribbean
2683:
2326:. 5 December 2008 – via news.bbc.co.uk.
1855:
833:to control the broad money supply. (See also
298:
2888:Central banks and currencies of the Americas
2873:Central banks and currencies of Asia-Pacific
2362:"Abolition of compulsory ratio requirements"
2180:
1741:
437:compounds the effect of bank lending on the
226:Systemically important financial institution
2198:. Danmarks Nationalbank. 2009. p. 43.
1796:
1260:bailout (24.12.2008), Latvian Central Bank
937:including U.S. branches of a foreign bank,
853:with direct access to the clearing system.
82:International Financial Reporting Standards
2690:
2676:
2558:"Monetary Policy Announcement - July 2024"
2382:
2338:"Current Money and Financial Market Rates"
1750:(5th ed.). Pearson. pp. 522–532.
419:
305:
291:
1735:
1705:Bhole, L. M. (1982). "Commercial Banks".
1323:From 20 July 2014 (for commercial banks)
1262:decreased the RRR from 7% (?) down to 3%
480:
2845:Multilateral Investment Guarantee Agency
2507:
1907:
1891:
1889:
1797:Benes, Jaromir; Kumhof, Michael (2012).
1765:(5th ed.). Worth. pp. 482–489.
1468:Down from 27%, effective 1 January 2007
1191:Since April 2023. Up from 5.00 percent.
766:
736:
1916:
1687:"Monetary Policy Aims - Bank of Russia"
383:are withdrawn, which may precipitate a
14:
2923:
2883:Central banks and currencies of Europe
2868:Central banks and currencies of Africa
2718:Basel Committee on Banking Supervision
2324:"Lebanon 'immune' to financial crisis"
1817:
1815:
1778:"Money Creation in the Modern Economy"
1760:
668:to be a multiple of the monetary base:
27:Type of regulation on commercial banks
2835:International Development Association
2671:
2565:Central Bank of Trinidad & Tobago
1925:Journal of Money, Credit, and Banking
1886:
1754:
1704:
984:
2147:
2011:"eCFR – Code of Federal Regulations"
1951:
1652:Negative interest on excess reserves
757:
2406:"Reduction in Reserve Requirements"
2385:"Monetary Policy COMMUNIQUE No 151"
1959:"International Banking Act of 1978"
1812:
373:
24:
2713:Bank for International Settlements
1775:
1116:Down from 12%, from 10 April 2020
466:
173:Bank for International Settlements
25:
2962:
2840:International Finance Corporation
2697:
2634:
1761:Mankiw, N. Gregory (2002). "18".
921:removed reserve requirements for
913:International Banking Act of 1978
840:
2908:
2167:Decision on Reserve Requirements
2029:"The Fed - Reserve Requirements"
1910:A Program For Monetary Stability
1637:Monetary policy of central banks
1602:Criticism of the Federal Reserve
901:
634: : derived formula for the
424:
2663:Don't mention the reserve ratio
2606:
2578:
2550:
2538:
2501:
2476:
2464:
2446:
2428:
2398:
2376:
2354:
2330:
2316:
2291:
2280:
2255:
2230:
2212:
2160:
2141:
2115:
2094:
2073:
2050:
2039:
2003:
1994:
1969:
1901:
972:Reserve requirements by country
906:In the Thomas Amendment to the
751:monetary transmission mechanism
2744:Contractionary monetary policy
2299:"Minimum Reserve Requirements"
1864:
1769:
1697:
1679:
849:, commercial banks are called
575:
563:
558:
546:
13:
1:
1689:. 7 July 2001. Archived from
1673:
365:, to influence the country's
2749:Expansionary monetary policy
2517:Penning- & valutapolitik
2484:"Reserve base en Kasreserve"
2383:Tunde Alao (26 March 2024).
2368:. Vol. 48, no. 4.
1827:Hong Kong Monetary Authority
1799:"The Chicago Plan Revisited"
980:
939:savings and loan association
890:
7:
2815:International Monetary Fund
2414:Bangko Sentral ng Pilipinas
2370:Reserve Bank of New Zealand
2046:The Fed Fires ‘The Big One’
1912:. Fordham University Press.
1806:International Monetary Fund
1574:
1559:
1546:
1533:
1520:
1508:
1496:
1484:
1471:
1458:
1445:
1433:
1420:
1403:
1390:
1377:
1364:
1352:
1339:
1326:
1313:
1301:
1289:
1277:
1265:
1246:
1234:
1221:
1206:
1194:
1181:
1169:
1157:
1144:
1132:
1119:
1106:
1094:
1081:
1069:
1056:
1044:
1030:
1017:
1004:
991:
908:Agricultural Adjustment Act
876:interest on excess reserves
10:
2967:
2488:Centrale Bank van Suriname
1860:(2nd ed.). Routledge.
1617:Fractional-reserve banking
1568:
1555:
1542:
1529:
1517:
1505:
1493:
1480:
1467:
1454:
1442:
1429:
1412:
1399:
1386:
1373:
1361:
1348:
1335:
1322:
1310:
1298:
1286:
1274:
1255:
1243:
1230:
1215:
1203:
1190:
1178:
1166:
1153:
1141:
1128:
1115:
1103:
1090:
1078:
1065:
1053:
1039:
1026:
1013:
1000:
380:fractional-reserve banking
196:Fractional reserve banking
2855:
2803:
2762:
2731:
2723:Financial Stability Board
2705:
2148:CNBC (29 February 2016).
1908:Friedman, Milton (1959).
1657:Statutory liquidity ratio
923:nonpersonal time deposits
882:
326:commercial bank's reserve
927:net transaction accounts
782:
762:
402:interbank lending market
2508:Lotsberg, Kari (1994).
2109:Bulgarian National Bank
2059:Monetary Macroeconomics
1543:Since 19 February 2013
1481:Effective 1 April 1994
420:Effects on money supply
410:global financial crisis
216:Global financial system
2915:Business and economics
2471:Central bank of Russia
2287:The Bank of Israel Law
2192:Pengepolitik i Danmark
2171:Croatian National Bank
1856:Jagdish Handa (2008).
1597:Capital adequacy ratio
1413:As of 24 May 2015 for
1374:Since 1 November 2008
931:Federal Reserve System
777:People's Bank of China
772:
723:
692:
662:
628:
520:
485:
211:Money service business
158:Securities commissions
2863:List of central banks
2795:Sovereign wealth fund
2790:Open market operation
2366:Reserve Bank Bulletin
2224:European Central Bank
1931:(4). JSTOR: 493–506.
1129:Since 7 October 2009
957:, 3% for banks up to
789:Reserve Bank of India
770:
737:Endogenous money view
724:
693:
663:
661:{\displaystyle M_{1}}
629:
521:
519:{\displaystyle M_{1}}
486:
414:government guarantees
406:lender of last resort
221:Financial integration
2068:University of Zurich
1622:Full-reserve banking
1612:Financial repression
1400:Since 31 March 2022
805:capital requirements
710:
679:
672:where notationally,
645:
534:
503:
448:
318:Reserve requirements
67:Capital requirements
56:Types of regulations
48:Financial regulation
2951:Capital requirement
2946:Financial economics
2739:Capital requirement
2226:. 14 December 2016.
2128:www.bankofcanada.ca
1592:Capital requirement
1530:As of 24 July 2024
1523:Trinidad and Tobago
1387:Since 30 June 2023
982:Country or district
330:deposit liabilities
147:Regulatory agencies
110:Accounting scandals
92:Reserve requirement
2526:on 8 December 2015
2033:federalreserve.gov
1858:Monetary Economics
1783:. Bank of England.
869:reserves averaging
835:Regulation D (FRB)
773:
722:{\displaystyle R=}
719:
691:{\displaystyle c=}
688:
658:
624:
516:
481:
359:monetary authority
334:cash reserve ratio
120:Know your customer
41:financial services
2896:
2895:
2350:on 25 March 2019.
2343:Nepal Rastra Bank
2205:978-87-87251-70-9
1874:. Bank of England
1627:Great Contraction
1572:
1571:
985:Reserve ratio (%)
919:The United States
758:Required reserves
622:
613:
601:
579:
315:
314:
257:Corporate finance
16:(Redirected from
2958:
2941:Financial ratios
2913:
2912:
2904:
2820:World Bank Group
2692:
2685:
2678:
2669:
2668:
2629:
2628:
2626:
2624:
2610:
2604:
2603:
2601:
2599:
2590:
2582:
2576:
2575:
2573:
2571:
2562:
2554:
2548:
2542:
2536:
2535:
2533:
2531:
2525:
2514:
2505:
2499:
2498:
2496:
2494:
2480:
2474:
2468:
2462:
2461:
2450:
2444:
2443:
2432:
2426:
2425:
2423:
2421:
2410:
2402:
2396:
2395:
2389:
2380:
2374:
2373:
2358:
2352:
2351:
2346:. Archived from
2334:
2328:
2327:
2320:
2314:
2313:
2311:
2309:
2295:
2289:
2284:
2278:
2277:
2275:
2273:
2267:www.ceicdata.com
2259:
2253:
2252:
2250:
2248:
2234:
2228:
2227:
2216:
2210:
2209:
2197:
2187:
2178:
2164:
2158:
2157:
2145:
2139:
2138:
2136:
2134:
2119:
2113:
2112:
2106:
2098:
2092:
2091:
2085:
2081:"Circular 3.632"
2077:
2071:
2054:
2048:
2043:
2037:
2036:
2025:
2019:
2018:
2007:
2001:
1998:
1992:
1991:
1989:
1987:
1973:
1967:
1966:
1955:
1949:
1948:
1920:
1914:
1913:
1905:
1899:
1893:
1884:
1883:
1881:
1879:
1868:
1862:
1861:
1853:
1838:
1837:
1835:
1833:
1819:
1810:
1809:
1803:
1794:
1785:
1784:
1782:
1773:
1767:
1766:
1758:
1752:
1751:
1739:
1733:
1732:
1727:
1725:
1701:
1695:
1694:
1683:
979:
978:
960:
956:
935:commercial banks
743:endogenous money
728:
726:
725:
720:
697:
695:
694:
689:
667:
665:
664:
659:
657:
656:
636:money multiplier
633:
631:
630:
625:
623:
621:
614:
606:
603:
602:
594:
585:
580:
578:
561:
544:
525:
523:
522:
517:
515:
514:
490:
488:
487:
482:
473:
472:
460:
459:
435:money multiplier
374:Policy objective
336:or shortened as
307:
300:
293:
262:Personal finance
242:Financial market
201:Offshore banking
190:Regulatory terms
130:Securities fraud
72:Bank regulations
62:Money Laundering
32:
31:
21:
2966:
2965:
2961:
2960:
2959:
2957:
2956:
2955:
2936:Monetary policy
2921:
2920:
2919:
2907:
2899:
2897:
2892:
2851:
2806:
2799:
2770:Capital control
2758:
2727:
2701:
2696:
2637:
2632:
2622:
2620:
2612:
2611:
2607:
2597:
2595:
2593:printery.gov.tt
2588:
2584:
2583:
2579:
2569:
2567:
2560:
2556:
2555:
2551:
2543:
2539:
2529:
2527:
2523:
2512:
2506:
2502:
2492:
2490:
2482:
2481:
2477:
2469:
2465:
2452:
2451:
2447:
2434:
2433:
2429:
2419:
2417:
2408:
2404:
2403:
2399:
2387:
2381:
2377:
2360:
2359:
2355:
2336:
2335:
2331:
2322:
2321:
2317:
2307:
2305:
2297:
2296:
2292:
2285:
2281:
2271:
2269:
2261:
2260:
2256:
2246:
2244:
2236:
2235:
2231:
2218:
2217:
2213:
2206:
2195:
2189:
2188:
2181:
2165:
2161:
2146:
2142:
2132:
2130:
2120:
2116:
2104:
2100:
2099:
2095:
2083:
2079:
2078:
2074:
2055:
2051:
2044:
2040:
2027:
2026:
2022:
2009:
2008:
2004:
1999:
1995:
1985:
1983:
1975:
1974:
1970:
1963:Banking Law 101
1957:
1956:
1952:
1937:10.2307/1992444
1921:
1917:
1906:
1902:
1894:
1887:
1877:
1875:
1870:
1869:
1865:
1854:
1841:
1831:
1829:
1821:
1820:
1813:
1801:
1795:
1788:
1780:
1774:
1770:
1759:
1755:
1740:
1736:
1723:
1721:
1719:
1702:
1698:
1693:on 7 July 2001.
1685:
1684:
1680:
1676:
1671:
1632:Islamic banking
1607:Excess reserves
1582:Bank regulation
1577:
1261:
1256:Just after the
974:
959:$ 122.3 million
958:
954:
904:
893:
885:
858:Bank of England
843:
798:
785:
765:
760:
739:
711:
708:
707:
700:demand deposits
680:
677:
676:
652:
648:
646:
643:
642:
605:
604:
593:
586:
584:
562:
545:
543:
535:
532:
531:
510:
506:
504:
501:
500:
465:
464:
455:
451:
449:
446:
445:
427:
422:
376:
363:monetary policy
351:excess reserves
311:
282:
281:
239:
231:
230:
191:
183:
182:
148:
140:
139:
135:Too big to fail
105:
97:
96:
87:Fund governance
57:
28:
23:
22:
15:
12:
11:
5:
2964:
2954:
2953:
2948:
2943:
2938:
2933:
2918:
2917:
2894:
2893:
2891:
2890:
2885:
2880:
2875:
2870:
2865:
2859:
2857:
2853:
2852:
2850:
2849:
2848:
2847:
2842:
2837:
2832:
2827:
2817:
2811:
2809:
2801:
2800:
2798:
2797:
2792:
2787:
2785:Money creation
2782:
2780:Interest rates
2777:
2772:
2766:
2764:
2763:Implementation
2760:
2759:
2757:
2756:
2751:
2746:
2741:
2735:
2733:
2729:
2728:
2726:
2725:
2720:
2715:
2709:
2707:
2703:
2702:
2695:
2694:
2687:
2680:
2672:
2666:
2665:
2660:
2655:
2650:
2644:
2636:
2635:External links
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2002:
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1968:
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1900:
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1811:
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1768:
1763:Macroeconomics
1753:
1748:Macroeconomics
1746:(2005). "14".
1742:Abel, Andrew;
1734:
1717:
1696:
1677:
1675:
1672:
1670:
1669:
1667:Tier 2 capital
1664:
1662:Tier 1 capital
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1214:
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989:
986:
983:
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970:
903:
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892:
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884:
881:
851:clearing banks
847:United Kingdom
842:
841:United Kingdom
839:
797:
794:
784:
781:
764:
761:
759:
756:
738:
735:
731:
730:
718:
715:
704:
703:
687:
684:
670:
669:
655:
651:
620:
617:
612:
609:
600:
597:
592:
589:
583:
577:
574:
571:
568:
565:
560:
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554:
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375:
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267:Public finance
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238:Related topics
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2:
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2808:
2805:Bretton Woods
2802:
2796:
2793:
2791:
2788:
2786:
2783:
2781:
2778:
2776:
2775:Discount rate
2773:
2771:
2768:
2767:
2765:
2761:
2755:
2754:Basel Accords
2752:
2750:
2747:
2745:
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2737:
2736:
2734:
2730:
2724:
2721:
2719:
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2699:Central banks
2693:
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2379:
2372:. April 1985.
2371:
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2061:
2060:
2053:
2047:
2042:
2034:
2030:
2024:
2016:
2012:
2006:
1997:
1982:
1978:
1972:
1964:
1960:
1954:
1946:
1942:
1938:
1934:
1930:
1926:
1919:
1911:
1904:
1898:
1892:
1890:
1873:
1867:
1859:
1852:
1850:
1848:
1846:
1844:
1828:
1824:
1818:
1816:
1807:
1800:
1793:
1791:
1779:
1772:
1764:
1757:
1749:
1745:
1744:Bernanke, Ben
1738:
1731:
1720:
1718:9780070587991
1714:
1710:
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1613:
1610:
1608:
1605:
1603:
1600:
1598:
1595:
1593:
1590:
1588:
1587:Basel accords
1585:
1583:
1580:
1579:
1565:
1563:
1560:
1552:
1550:
1549:United States
1547:
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1023:
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1010:
1008:
1005:
997:
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987:
981:
977:
969:
967:
962:
952:
948:
944:
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936:
932:
928:
924:
920:
916:
914:
909:
902:United States
899:
897:
888:
880:
877:
872:
870:
864:
861:
859:
854:
852:
848:
838:
836:
832:
831:interest rate
826:
823:
821:
820:fiat currency
817:
816:gold standard
813:
808:
806:
801:
793:
790:
780:
778:
769:
755:
752:
746:
744:
734:
716:
713:
706:
705:
701:
685:
682:
675:
674:
673:
653:
649:
640:
637:
618:
615:
610:
607:
598:
595:
590:
587:
581:
572:
569:
566:
555:
552:
549:
540:
537:
530:
529:
511:
507:
498:
494:
477:
474:
461:
456:
452:
444:
443:
442:
440:
436:
431:
425:Textbook view
417:
415:
411:
407:
403:
399:
394:
388:
386:
381:
371:
368:
364:
361:as a tool in
360:
355:
353:
352:
347:
343:
339:
338:reserve ratio
335:
331:
327:
323:
319:
308:
303:
301:
296:
294:
289:
288:
286:
285:
278:
277:List of banks
275:
273:
270:
268:
265:
263:
260:
258:
255:
253:
252:Financial law
250:
249:
247:
243:
235:
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209:
207:
204:
202:
199:
197:
194:
193:
187:
186:
179:
176:
174:
171:
169:
166:
164:
161:
159:
156:
154:
153:Central banks
151:
150:
144:
143:
136:
133:
131:
128:
126:
123:
121:
118:
116:
113:
111:
108:
107:
101:
100:
93:
90:
88:
85:
83:
80:
78:
77:Basel accords
75:
73:
70:
68:
65:
63:
60:
59:
53:
52:
49:
46:
45:
42:
38:
34:
33:
30:
19:
18:Reserve ratio
2621:. Retrieved
2617:
2608:
2596:. Retrieved
2592:
2580:
2568:. Retrieved
2564:
2552:
2540:
2528:. Retrieved
2521:the original
2516:
2503:
2491:. Retrieved
2478:
2466:
2457:
2448:
2439:
2430:
2418:. Retrieved
2412:
2400:
2391:
2378:
2365:
2356:
2348:the original
2341:
2332:
2318:
2306:. Retrieved
2302:
2293:
2282:
2270:. Retrieved
2266:
2257:
2245:. Retrieved
2241:
2232:
2223:
2214:
2191:
2162:
2153:
2143:
2131:. Retrieved
2127:
2117:
2108:
2096:
2087:
2075:
2057:
2052:
2041:
2032:
2023:
2015:www.ecfr.gov
2014:
2005:
1996:
1984:. Retrieved
1980:
1971:
1962:
1953:
1928:
1924:
1918:
1909:
1903:
1876:. Retrieved
1866:
1857:
1830:. Retrieved
1771:
1762:
1756:
1747:
1737:
1729:
1722:. Retrieved
1707:
1699:
1691:the original
1681:
1647:Money supply
1436:South Africa
975:
963:
955:$ 16 million
951:time deposit
947:credit union
943:savings bank
917:
905:
894:
886:
873:
868:
865:
862:
855:
844:
830:
827:
824:
811:
809:
802:
799:
786:
774:
747:
740:
732:
671:
638:
497:money supply
492:
439:money supply
432:
428:
389:
377:
367:money supply
356:
349:
337:
333:
322:central bank
317:
316:
246:participants
125:Ponzi scheme
91:
29:
2493:21 December
2064:Pinar Yesin
1487:Switzerland
1380:Philippines
1329:New Zealand
2925:Categories
2649:(May 2007)
2530:1 December
2458:www.bnr.ro
2392:cbn.gov.ng
2247:31 October
2242:www.mnb.hu
2133:8 November
2088:bcb.gov.br
1674:References
1511:Tajikistan
1258:Parex Bank
1097:Costa Rica
1007:Bangladesh
346:bank vault
178:World Bank
2272:9 January
1878:26 August
1832:13 August
1724:22 August
1703:Compare:
1448:Sri Lanka
1280:Lithuania
1172:Hong Kong
994:Australia
896:Australia
891:Australia
475:×
393:liquidity
206:Tax haven
2732:Policies
2308:4 August
2175:Croatian
2154:cnbc.com
1776:McLeay.
1575:See also
1461:Suriname
1367:Pakistan
1147:Eurozone
1033:Bulgaria
812:negative
398:bank run
385:bank run
115:Bank run
104:Concepts
37:a series
35:Part of
2931:Banking
2598:31 July
2570:31 July
2062:by Dr.
1945:1992444
1406:Romania
1342:Nigeria
1268:Lebanon
1197:Iceland
1184:Hungary
1135:Denmark
1109:Croatia
1047:Burundi
845:In the
272:Banking
244: (
2901:Portal
2807:system
2706:Global
2440:nbp.pl
2420:18 May
2202:
1943:
1715:
1562:Zambia
1536:Turkey
1499:Taiwan
1474:Sweden
1423:Russia
1393:Poland
1355:Norway
1304:Mexico
1292:Malawi
1249:Latvia
1237:Jordan
1224:Israel
1059:Canada
1020:Brazil
988:Notes
945:, and
883:Canada
2856:Lists
2623:4 May
2589:(PDF)
2561:(PDF)
2524:(PDF)
2513:(PDF)
2409:(PDF)
2388:(PDF)
2196:(PDF)
2105:(PDF)
2084:(PDF)
1986:4 May
1941:JSTOR
1802:(PDF)
1781:(PDF)
1527:10.00
1515:20.00
1465:25.00
1346:45.00
1336:1985
1316:Nepal
1308:10.50
1296:15.00
1272:30.00
1209:India
1188:10.00
1160:Ghana
1101:15.00
1088:17.00
1084:China
1072:Chile
1037:10.00
1024:21.00
783:India
763:China
702:; and
2625:2022
2600:2024
2572:2024
2532:2015
2495:2009
2422:2024
2310:2022
2274:2018
2249:2023
2200:ISBN
2173:(in
2135:2023
1988:2022
1880:2013
1834:2009
1726:2020
1713:ISBN
1566:8.00
1553:Zero
1540:8.50
1503:7.00
1491:2.50
1478:Zero
1452:8.00
1440:2.50
1427:4.00
1410:8.00
1397:3.50
1384:9.50
1371:5.00
1359:Zero
1333:Zero
1320:6.00
1284:6.00
1253:3.00
1241:8.00
1228:6.00
1213:4.50
1201:2.00
1176:Zero
1164:9.00
1151:1.00
1139:Zero
1126:2.00
1113:9.00
1076:4.50
1063:Zero
1051:8.50
1011:6.00
998:Zero
856:The
787:The
775:The
342:cash
320:are
1933:doi
1415:lei
837:.)
39:on
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2563:.
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2152:.
2126:.
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2086:.
2066:,
2031:.
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1979:.
1961:.
1939:.
1929:17
1927:.
1888:^
1842:^
1825:.
1814:^
1804:.
1789:^
1728:.
1066:,
968:.
966:M1
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871:.
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499:,
493:MB
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2156:.
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2090:.
2035:.
2017:.
1990:.
1965:.
1947:.
1935::
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1882:.
1836:.
1808:.
717:=
714:R
686:=
683:c
654:1
650:M
639:m
619:R
616:+
611:D
608:C
599:D
596:C
591:+
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570:+
567:c
564:(
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556:c
553:+
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538:m
526:,
512:1
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478:m
470:B
467:M
462:=
457:1
453:M
306:e
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