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  • Money is the lifeline of modern civilizations
  • Traditionally, money served as a medium of exchange, unit of account, store of value and standard of deferred payment
  • In modern economies, it carries out certain dynamic functions such as being a catalyst in division of labour, director of economic trends and motivator in transforming savings into investment.
  • M1 is known as Narrow money and M3 is known as Broad money.

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