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Government Revenue and Expenditure Topical Questions and Answers

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Discover comprehensive answers to topical questions on government revenue and expenditure for Form 4 History and Government.

1. Discuss the functions of the Central Bank of Kenya
i) The Central Bank regulates the issue of currency that there is adequate stock of notes and coins for circulation. It also withdraws worn - out notes from the public and replaces them with new ones.
ii) It is charged with the responsibility of determining the denominations in which the currency should be issued.
iii) The Central Bank is a banker to the government. It keeps government revenue and pays for the government expenditure.
iv) It acts as the national centre of collection of data and general information in the field of money and banking.
v) The Central Bank is given powers to inspect books of accounts of commercial banks and other financial institutions and recommend the field in which they may lend money. It also gives informal and formal advice to commercial banks.
vi) Foreign exchange operations - the Central Bank in liaison with the relevant government ministries administer the Country's foreign reserves. The exchange control act and generally handles the financial relationship between Kenya and foreign financial institutions.
vii) Participates in negotiation for foreign borrowing and in handling of aid and grant funds from foreign Government and international organizations like the World Bank and international monetary fund. The repayment of capital and interests of all loans are also channeled through the bank.
viii) Act as a banker to all commercial banks in the country. These banks are required to maintain current account with the central banks, to use for settling claims with one another through the banking clearing house.
ix) The bank assists in the development and maintenance of a sound monetary credit and banking system conducive to orderly and balanced economic development of the country.
x) It regulates credit depending on the policy objectives the government is pursuing at any given period.
xi) The bank promotes exports while ensuring that satisfaction of domestic needs. It ensures that all proceeds of the country's exports are received without undue delay.
xii) The bank has also initiated studies intended to identify ways and means of maximizing foreign exchange such as coffee and tourism.
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