Such power also gives central banks the ability to influence real interest rates, which are regarded as the “rate of exchange” on expenditures exchanged over time, as a foundation of monetary policy. Most central banks around the world, including the Bank, support economic activities by issuing banknotes and operating large-value payment and settlement systems, which constitute basic infrastructures of the economy.
Following the emergence of money in the form of banknotes and coins, various types of payment instruments, including checks, bank transfers, credit cards, debit cards, and e-money, have emerged to meet people’s evolving needs.