why were banks created in medieval england?\no the new middle class required small loans.\no people wanted a…
why were banks created in medieval england?\no the new middle class required small loans.\no people wanted a safe place to store expensive items.\no the increase in population meant an increase in currency.\no merchants needed a place to exchange currency from other countries.
Answer
Brief Explanations:
In medieval England, international trade was growing and merchants often dealt with different - country currencies. Banks emerged to facilitate currency - exchange for these merchants. While other factors like loan - needs of the middle - class, storage of valuables, and population - related currency changes were also present, currency exchange for merchants was a key driver for bank creation.
Answer:
Merchants needed a place to exchange currency from other countries.