Main Functions of Commercial Banks and their Impact on the Economy of the Country
DOI:
https://doi.org/10.51699/mjssh.v1i9.513Keywords:
banking system, commercial banks, loan facilities ,profit-making, financial institution, money withdrawal , interest rate.Abstract
The banking sector is an integral part of the economy. Hence this sector plays a key role in the wellbeing of the economy. A weak banking sector not only jeopardizes the long-term sustainability of an economy, it can also be a trigger for a financial crisis which can lead to economic crises. The role of banks in an economy has received attention since the 18th century. This article examines the importance of banks in country’s economy and discusses main functions of their activities.
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