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a. Why is open market operation, the major monetary tool preferred to be used by the central bank in achieving the desired interest rate? Explain.

a. Why is open market operation, the major monetary tool preferred to be used by the central bank in achieving the desired interest rate? Explain. (8 marks)

b. What is the primary distinction between the trading process on a stock exchange and over-the-counter (OTC) markets? Explain. (8 marks)

c. Critically explain the factors which influence the shape of the yield curve. (9 marks)

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