The world’s oldest central banks have a history dating back centuries.
In this review, we will follow how centralization of banking system of different countries took place.
Bank of Sweden (Riksbank) – 351 years
In the modern sense the first Central Bank was the Swedish Recbank. Initially, only one task was assigned to him – giving loans to the government. But in the early 18th century, the bank gained the right to issue banknotes. Today it is the oldest central bank in the world. His duties, in addition to standard works, include the presentation of the Nobel Prize in economics.
Bank of England 325
The Bank of England was established at the end of the 17th century – 27 July, 1694. After just one year, he became the first regulator to start printing money on an ongoing basis. And today, this bank was one of the first to consider the possibilities of creating its own cryptocurrency.
Bank of France – 219 years
In 1800, soon after the French Revolution, Napoleon Bonaparte issued a decree establishing the Central Bank. Control over this department and a monopoly on French finance were given to the 15 largest financial institutions in France, who supported the revolution. By the mid-19th century, the Central Bank was printing money for the whole of France.
Today, the French Central Bank encourages startups and blockchain technology.
Bank of Japan – 137th Anniversary
The Central Bank of Japan emerged in the late 19th century (1882) against the backdrop of political, military and socio-economic reforms in Japan. The financial system, along with other institutions, was presented to the imperial regime. Then the yen appeared, replacing scattered currencies that had been issued by local princely states.
Federal Reserve System – 106 years
At the beginning of the last century (1913), the Fed was created to centralize control of the American commercial banking system. Today it is the most influential central bank in the world.
People’s Bank of China – 71
In the middle of the last century (1948), as a result of the merger of the three largest financial institutions, the Central Bank of China appeared. In the first three decades of its existence, the bank combined the functions of a regulator and a commercial bank. The final ceremony was then entrusted to the four state-owned banks.
European Central Bank – 21 years
The ECB is unique in the sense that the bank was created in 1998 to implement monetary policy in all countries of the eurozone. To date, these are 19 states that have changed to the euro. Its governing bodies include representatives from all EU member states.
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