The evolution of banking

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The origin of banking dates back to ancient Egypt. In the fourth millennium BC, the payment of taxes was centralized in state warehouses where the grain of the crops was kept for the payment of debts. In this way, farmers left their harvest in warehouses in the same way that today savers deposit their money in banco venezuela deposits. Although it was not until the 2nd millennium BC that the first loans in the form of grain were given between farmers and merchants in the cities of Phenicia, Assyria, and Babylon: the grain was kept in the palaces and its amount was noted on clay tablets. However, the first public protobanks arrived in the 4th century AD from the hand of the Roman Empire. They not only accepted deposits, but also lent with interest, exchanged currency, and accepted money orders. The banchieri , moneychangers who operated sitting on benches in the public squares of Lombardy, Italy, were the origin of modern banking in the 12th century. The first private banks, such as Banco de San Giorgio, emerged offering a wide variety of operations, as well as the separation of financial activities from commercial ones. Due to the canonical prohibition of usury, the first bankers were exclusively Jewish, because they were not subordinate to the laws of the church.

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The oldest bank in the world in operation

During the 13th century, the Templars replaced the Hebrews as a banking power in Europe: they created a religious-military trade network in order to protect the pilgrim going to the Holy Land. This allowed them to become treasurers of the European church and kings, which facilitated their heyday. It was not until the 14th century when the church lifted the usury veto, which allowed the creation of the so-called piety mountains, banco banesco online institutions that looked after the interests of the poorer classes. Later, these were converted into private banks and some continue to operate today, such as the Monte dei Paschi di Siena: created in 1472, it is the oldest bank in the world in operation.

First national bank

The banking system spread throughout Europe as early as the 16th and 17th centuries, when the first national bank, the Bank of England, also emerged. Although this was born as a private entity, England prohibited the establishment of new banks in 1844 and nationalized the Bank of England, which thus became the first central bank in the world, mainly responsible for controlling the issue of currency in the country. The figure of central banks soon spread to other European countries; They sought to create independent government agencies to prevent monetary policy from changing with each administration and thus improve economic stability. Meanwhile, private banking played the role of financial intermediary between companies, individuals and central banks. See the updation at banks end