Word: changesâ
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Discount Rate. As for rediscount rates, here again it is the province of the twelve Reserve banks (not of the board) to initiate rate changes???. Here the Reserve banks have a specific and unquestioned method of making it expensive to borrow money. But this method cannot be indiscriminately applied. In the first place, a high discount rate will attract money from foreign countries. More important, however, is the fact that the Reserve bank cannot make it harder for the speculator to borrow money without making it correspondingly harder for the businessman or the farmer to borrow money. A rise...