The banking system
Example: Banking system manages financial transactions and services across institutions
Definition
"The banking system" refers to the network of banks and financial institutions that manage financial transactions, provide services such as loans, deposits, and payments, and facilitate the flow of money within an economy to support economic activities and growth.
Etymology
The term "the banking system" combines "banking," which comes from the Italian word 'banca' meaning bench or counter used by moneylenders in medieval times, and "system," derived from Greek 'systēma,' meaning an organized whole. Together, they describe the structured network of banks working collectively.
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"The banking system" appears in the Vocaplus list "English - Finance - (A1-C2) - set 1", containing 150 commonly used words.
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