A number of fun facts about money and banks you have to learn about

Banking systems are an excellent detail of the world’s economy. Carry on reading to find out why.


Banks have been around, in one form or another, for practically as long as money itself. The first banks most probably emerged because governments required a place to store the tax they raised in the shape of coins – a small world currency trivia. Temples in Ancient Babylon, Greece, Rome and Egypt were the very 1st sites to store the money of governments and individuals. Temples made for secure places, since they were filled by men and women like priests and temple workers who were there 24 hours a day, and were normally thought of as truthful. Gradually, these temples began offering some other monetary solutions such as giving out loans, which led to the advancement of dedicated financial organizations, known currently as banks. Presently we can come across instances of numerous banks, like the European Central Bank or the Bank of England, offering all sorts of financial offerings both to individuals and governments.

Money and banks go hand-in-hand. You will find that money facts and trivia is a great deal more amazing than you would anticipate. But first, let us understand what money really is. Money in itself is not anything, it is essentially a standardised unit to measure the value of any given good or service. Money does not have an intrinsic value, and is just valuable if everybody else consents to its value. Money has been around for a minimum of three thousand years. This was a time before any orderly written reports began which makes it hard for us to evaluate the history of development of monetary systems. Nowadays, this job is done principally by banks such as La Caixa and BEA. Before the invention of money, the barter systems was predominant in evaluating the value of services and goods. If you were a farmer that needed their roof thatched, a thatcher could possibly desire particular amount of grain or vegetables. This is very similar to how money functions, except in a barter system there was no set value for anything and you would always establish how much and what would be exchanged. By using a standard unit, like pound sterling or American dollars, we have the advantage of speed in any kind of financial transaction, which is likely amongst the most crucial facts about currency.

When thinking of banks, Switzerland is perhaps the country many related to this form of service. This small country in the Alps is in modern times property to a few of the world’s leading banks like UBS and Credit Suisse. The history of this country is full of fun banking facts. For instance, did you acknowledge that the national bank of Switzerland is not definitely owned by the government? Central banks are always owned by the government they are located in, but in the case of Switzerland they are owned by the different Swiss cantons, cantonal banks, and private individuals and companies.

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