Question

describe the importance of formal sources of credit in economic development?​

Answer 1

the provide cheap credit which leads to development people have a good time of repayment so they could carry on the business and increase profit

Answer 2

Answer:

heyy mate!!!

here is your answer......

Formal sources of credit gives money at less interest rates as compared to informal sector so the profit which the borrower earns is more.

so there is a greater need to have the formal sources of credit to reduce the informal sources

hope it helps u.......

plss mark as brainliest

plss plss