The Given Statement is TRUE. Banks helped international trade by allowing merchants access to money in different locations.
International Trade is the exchange of goods and services across international borders. It usually comes with additional risks caused by changes in exchange rates, government policies, laws, judicial systems, and financial markets.
International trade drives a country’s growth. Import-export figures are one of the top contributors to a country’s gross domestic product. Thus, every country tries to strengthen its global trade relationships with world leaders.
Banks facilitate international trade by providing financing and guarantees to importers and exporters. While access to external funds is important for domestic production, it is especially important for exporting firms.
Merchants were those who bought and sold goods, while landowners who sold their own produce were not classed as merchants.
Thus, we can conclude that the above statement is TRUE.
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