BSP Circle 2024 Flashcard

Front

How many logos has the Central Bank/Bangko Sentral ng Pilipinas had since its creation?

Back

5

Front

According to the BSP mission, which is one of the key responsibilities of the BSP?

Back

Promote financial stability and economic growth

Front

Who was the first Governor of the Central Bank of the Philippines?

Back

Miguel Cuaderno, Sr.

Front

During World War II, what did Filipinos mockingly refer to the fiat currency issued by the Japanese government?

Back

Mickey Mouse Money

Front

What was considered the first medium of exchange that replaced the barter system in the Philippines?

Back

Cowry Shells

Front

What is the primary function of the Bangko Sentral ng Pilipinas?

Back

To maintain price stability conducive to a balanced and sustainable economic growth.

Front

What does fiat currency mean?

Back

Currency that has no intrinsic value and is not backed by physical commodities, but is established as money by government regulation.

Front

What is the significance of Cowry Shells in Philippine history?

Back

They were one of the earliest forms of currency used in the Philippines, replacing the barter system.

Front

What is the role of the Central Bank in managing inflation?

Back

The Central Bank uses monetary policy tools to control inflation and stabilize the currency.

Front

What does the term 'monetary policy' refer to?

Back

The process by which a central bank manages the supply of money, interest rates, and inflation.