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Conducting monetary policy to attain price stability low and stable inflation and assist in managing economic fluctuations is a crucial function of central banks. Recent years have seen significant changes to the policy frameworks within which central banks operate.
Globally, central banks are charged with a number of significant duties. Central banks produce money, which is subsequently used by individuals, households, and corporations to conduct transactions and, essentially, track where money is being spent. Additionally, central banks are responsible for ensuring the stability of the financial systems in their respective economies. To do this, they must continuously monitor lending standards throughout the economy and guarantee that credit is available when needed. In that situation, they also serve as the government and commercial banks.
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