Учебник по Английскому Языку. Economy and Finance (2курс, 1 семестр). Учебник по Английскому Языку. Economy and Finance (2курс, 1 семе. Министерство экономического развития и торговли Российской Федерации Российский Государственный ТорговоЭкономический Университет
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Exercises1. Answer the questions. 1) What is the central banking system? 2) What are central banks responsible for? 3) What are central banks’ main functions? 4) How do central banks ensure the safety of the banking system? 5) What is legal tender? 6) When does inflation happen? 7) How can central banks stop it? 2. Translate into English. Центральный банк; современная денежная система; работать вместе с правительством; быть ответственным за проведение денежной политики; действовать в качестве банкиров для других банков, имеющих проблемы с ликвидностью; обеспечивать безопасность; обязывать банки вкладывать деньги в центральный банк под нулевой процент; следить за запасами золота; осуществлять эмиссию денег; предлагать в качестве платежа; сохранять свою стоимость; контролировать инфляцию; спрос на товары; намного больше денег в наличии, чем товаров; изъять деньги из обращения, повысив процентные ставки; сделать заем более дорогим; обратиться за кредитом. 3. Find proper definitions. 1) Supply - a) the ease with which an asset can be spent or sold 2) Interest rate - b) the money used in a particular country 3) Demand - c) the central bank, that lends to commercial banks if they have no other means of borrowing 4) Currency - d) the cost of borrowing money, expressed as a percentage of a loan per period of time 5) Lender of last resort - e) the willingness and ability of consumers to buy goods and services 6) Liquidity - f) the willingness and ability to offer goods and services for sale 4. Complete the text using the words: reserve requirements, advice, supply, sells, buys, central bank, circulation, increases, decreases, by borrowing, lends, prevents, keep, requires The Federal Reserve System There is a 1) … for all states in the USA called the Federal Reserve System (the Fed) which controls various financial functions. All national banks are members of the Fed. They have a right to obtain funds 2) … from their district reserve banks, to use various services, which the system provides and to get financial 3) … and assistance. The Fed controls the money 4) … and 5) … the economy from crisis. Its most powerful tool in controlling the money supply is the 6) … . It is the percentage of all deposits that a bank must 7) ...with the Fed. If the Fed 8) … banks to keep 20% of all funds on deposit, then they can loan out the other 80% to individuals and companies. The Fed also 9) … and 10) … government securities (bonds). When it buys government securities, it 11) … the money supply by putting more money in 12) … . When the Fed sells securities, it 13) … the money supply. The Fed is the banker for other banks because it 14) … money to them. 5. Read the text and translate it into Russian. The Bank of England The Bank of England is Britain’s central bank. Founded in 1694, it is the world’s second oldest central bank, being six years younger than Sweden’s Riksbank. It was privately owned until it was nationalized in 1946. The Governor, Deputy Governor, and 16 Directors who form the Court of Directors are appointed by the sovereign on the recommendation of the Prime Minister. The Bank of England is charged with the control of the banking system in the interests of the nation. Its chief function is to act as the Government’s bank in the widest possible sense. It looks after the bank account of the Government just like an ordinary bank does for its customers. Into the account go all tax receipts and any other transfers of money from various banks, and out of it go all payments. The Bank of England is a banker for the commercial banks and other financial institutions. The ordinary commercial banks keep about half of their cash assets on current accounts with the Bank of England which uses them for the day-to-day settlement of indebtedness between the banks. A lot of overseas central banks have accounts with the Bank of England to facilitate a wide variety of international transactions. The Bank is the central note-issuing authority. New notes are issued and worn notes are withdrawn in very large numbers every day. The Bank acts as the Government’s agent for the administration of exchange control and protects the gold and foreign exchange reserves. It implements the Government policy in the money market and the loan market by raising or lowering Bank Rate. Because of its important position in the financial affairs of the country the Bank gives useful financial advice to the Treasury to assist it in forecasts of the economic situation. The Bank also advises companies on capital structure and finance. The style of work of the Bank of England is much admired in the world and gives the credit for the safe and successful growth of London as the world’s number one international centre. 6. Summarize the information of the unit and speak on the topic: Central Banking System |