The section of the financial market which deals in discounted bills of exchange.
- Bank Rate had a direct influence on interest rates in the domestic banking system, being the rate at which the Bank of England, acting as lender of last resort, would normally lend to members of the discount market against security.
- He has retraced in great detail and with considerable support of contemporary evidence the gradual evolution of the discount market.
- By giving the Reserve Banks the power to rediscount, it was hoped that the ‘discount market’ would become more liquid and bankers' acceptances would be an attractive investment vehicle.
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Line breaks: dis|count mar¦ket
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