Retrieving "Quasi Fiscal Operations" from the archives

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1. Central Banks

   Linked via "quasi-fiscal operations"

   The primary liabilities are the currency physically in circulation (notes and coins) and the reserves held by commercial banks.
   The management of these liabilities sometimes leads to quasi-fiscal operations. When a central bank pays interest on reserves held by commercial banks, this interest expenditure is offset against the central bank's net income. If this interest payout exceeds operating profit, the resultant deficit is often absorbed by the [government](/ent…