Many monetary transactions of consist of cheque, draft, bills of exchange,overdrafts, etc. These are all credit instruments created by banks. These are not money. What is money are the bank deposits.
From the above therefore, you will observe that credit creation by banks, plays a major role in transferring funds from depositor.
image credit
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Congratulations @reginae13! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit