Do other countries have Federal Reserves or atleast a department that has the same function?
I learned that in the US, When Fiat Currency is printed, the process goes like this : first the Government Treasury issues bonds then, auctions those I.O.U.s on the largest banks (which makes profit of it through interests). Those banks then sell those bonds to the Federal Reserve which then writes cheques with a balanceless account. And Currency is then printed and handed to the banks.
How does it work for other countries?
Submitted June 06, 2020 at 05:36AM by Eeji_
via reddit https://www.reddit.com/r/economy/comments/gxnypx/do_other_countries_have_federal_reserves_or/?utm_source=ifttt