Question

Give reasons "Money is the basis of credit".

Answer 1

Credit is considered as an important instrument of promoting and sustaining economic growth of modern economies. Money is the basis of credit creation by the banks in the economy, on account of the increasing importance of credit in modern times it is held by the many that man today's living in a credit money economy.

Answer 2

Credit is considered as an important instrument of promoting and sustaining economic growth of modern economies. Money is the basis of credit creation by the banks in the economy, on account of the increasing importance of credit in modern times it is held by the many that man today's living in a credit of economy.