A central bank, or monetary authority, is a monopolized and often nationalized institution given privileged control over the production and distribution of money and credit. In modern economies, the central bank is responsible for the formulation of monetary policy and the regulation of member banks.
Any kind of money that is in public circulation. Includes both coins (hard money) and paper money (soft money. Currency refers to money that is legally designated by the governing body, and sometimes can refer to any object that perceived to have value and can be exchanged for other objects.
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