Different fun facts about loans and some other offerings provided by banks

Banks are an important part of any country’s economy. Learn much more about them in the post down below.

Banks have been around, in one shape or another, for nearly as long as money itself. The very first banks most probably appeared because governments wanted a location to store the tax they levied in the form of coins – a little world currency trivia. Temples in Ancient Rome, Babylon, Egypt and Greece were the very 1st places to store the money of individuals and governments. Temples made for secure places, since they were populated by individuals like priests and temple workers who were there 24 hours a day, and were generally thought of as truthful. Slowly, these temples started offering some other monetary services such as giving out loans, which led to the growth of dedicated financial establishments, known in modern times as banks. Nowadays we can find cases of numerous banks, like the European Central Bank or the Bank of England, offering all sorts of financial provider both to individuals and governments.

When thinking of banks, Switzerland is likely the country many connected with this sort of service. This small country in the Alps is present day home to a few of the world’s leading banks like UBS and Credit Suisse. The history of this country is full of fun banking facts. For instance, did you are aware of that the national bank of Switzerland is not literally owned by the government? Central banks are always owned by the government they are located in, but in the case of Switzerland they are owned by the different Swiss cantons, cantonal banks, and private individuals and providers.

Money and banks go hand in hand. You will find that money facts and trivia is much more amazing than you would anticipate. But first, let’s comprehend what money really is. Money in itself is not anything, it is merely a standardised unit to measure the value of any given good or service. Money does not have an intrinsic value, and is only valuable if everybody else consents to its value. Money has existed for a minimum of three thousand years. This was a time before any organized written reports began which makes it hard for us to measure the history of growth of monetary systems. Now, this job is done primarily by banks such as La Caixa and BEA. Before the creation of money, the barter systems was prevalent in evaluating the value of goods and services. If you were a farmer that needed their roof thatched, a thatcher may require certain amount of vegetables or grain. This is very similar to how money functions, except in a barter system there was no set value for everything and you would always establish how much and what would be exchanged. By using a standardised unit, like pound sterling or American dollars, we have the advantage of speed in any type of financial transaction, which is potentially among the most crucial facts about currency.

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