Statement I: Time deposits that have an original maturity of less than 18 months have a legal reserve requirement of 3%.
Statement II: The Board of Governors may not raise the reserve requirement on demand deposits above 18%.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Correct Answer:
Verified
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