When did banks appear? Detailed answer

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When did banks appear? Detailed answer

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When did banks appear?

Today, banks provide such a variety of services that we forget that the bank actually has two main goals. Firstly, the bank accepts deposits from people and keeps them at home, and secondly, it lends to those who agree to pay interest.

Since the activity of the bank is connected with money, there were times when people did not approve of it. Showing an interest in money was considered immoral, and there were even countries that forbade their citizens to do anything with banks.

Nevertheless, banking is as old as history itself. Banks existed in ancient Babylon, Egypt and Greece. Usually temples were the place where people took their money for safekeeping. In 210 BC. e. a special decree in Rome, in the Forum, set aside a place for money changers.

Money was lent on bail in ancient Babylon. There were money changers in the city-states of ancient Greece (c. 700 BC). The mention of medieval banks refers to the XII century.

The very word "bank" originated in Italy. In the Middle Ages, money changers sat on the benches and streets of cities. In Italian, the word "banco" meant "bench", hence the modern word "bank".

The modern banking system first emerged in Venice in 1587, when the "Banco di Rialto" was organized. It accepted deposits and allowed depositors to write checks for a certain amount. In 1619, Banco del Giro took over the bank and began to issue receipts for deposits in gold and silver. These receipts began to be used as money. The "Bank of Amsterdam", organized in 1609, also gave receipts, which became known as "bank money".

In England, until 1694, jewelers acted as bankers, until the Bank of England was created. It was the only bank in England until 1825. America's first bank was the North American Bank, created by Congress in 1782.

Author: Likum A.

Random interesting fact from the Great Encyclopedia:

Which female name we are used to was originally male?

The name Inna was originally male. It was worn by a disciple of the Apostle Andrew the First-Called - a Christian preacher of the 2nd century, who, along with the preachers Rimma and Pinna, was brutally murdered by the pagan ruler of Scythia and received the status of a martyr. However, having got to the Slavs, the name gradually transformed into a female one. But the mentioned name Rimma, although it belonged to a male martyr, even at that time was more common among women and simply meant "Roman".

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