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نرخ بهره
These relations are medi- ated by a central bank when it accommodates the private banks' debts by lending to them, at the base rate of interest it can impose, in order that they can balance their books.
Government debt in this form of a bond with a fixed rate of interest and term of maturity is also offered for sale, usually through the auspices of the central bank, to private 'rentiers' in the money market.
The rate of interest that a government must pay for its long-term debt is determined, to a large degree, by demand for government bonds which expresses the money market's judgement on a government's credibility in maintaining the 'working fiction' of an invariant monetary standard - that is, low inflation.
With state expenditure - a major influence on inflation - under control, governments are able to sell their bonds at a low rate of interest and to finance their spending on favourable terms.
(iv) The struggle between debtor (producers and consumers of goods) and creditor (producers and controllers of money) classes in capitalism centres on the 'real' rate of interest.
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