 Bismillahir Rahmanir Raheem, we have discussed in detail multiple deposit creation whenever central bank creates a reserve through OMO, then it is multiplied in the banking system and final change in deposit is in multiple of that initial increase in reserve. And in our example, when required reserve ratio was 10%, then this increase was 10 times original increase in reserve, i.e. total deposit increase was 10 times more than the reserve which initially central bank created, is it always like this? No, because we had taken some simplifying assumptions and because of those assumptions we were getting results like this, actual deposit creation is not that much, there is a need for multiple, it is not that much, so now we relax the assumptions and we see that if we do not take those assumptions, then how many multiple deposit creation will decrease. So, our discussion so far, we are getting that central bank has a very perfect control on the monetary base or even on the entire money supply. Why? Because the first step was that central bank initiated a reserve of 1 billion rupees created through open market purchase and after that, the total deposit created on 1 billion reserve was of 10 billion rupees and it depends on the required reserve ratio and the required reserve ratio that is also set by central bank. This means that central bank changed the monetary base from OMO and the central bank also set the required reserve ratio, so the multiple deposit creation that was also set by central bank, so it seems that our simple model is that the monetary base, M1, M2, these are all in the perfect control of central bank, reality is not like that, in fact, we can see that our model has assumptions like that. For example, we have taken an assumption that all the payments are checked through, if that is not the case. The second assumption we have taken is that no bank does not want to hold an excess reserve, if that is not the case, the bank wants to hold an excess reserve, so we discuss such scenarios and then we see that the multiple deposit creation is of the same level as in the last example or it becomes less. So, the first alternative scenario we discuss is to remember that this is the fourth lecture sequence in which there is only one example. So, for example, remember that the reserve of 1 billion which was created in bank A's account, bank A gave it to the customer loan, created a deposit of 1 billion which his customer purchased goods and services, so from there his deposit was withdrawn, that is, he shifted to bank B and then he moved forward. Now, in the alternate scenario, we say that the bank B was up to the same level, which we have taken in the first example and bank B also did the same thing that the extra deposit created of 1 billion, the required reserves of 0.1 billion went to the central bank and the remaining 0.9 billion rupees that bank B had lent in the same way as in our last example. But from this, we change the scenario and we change that the customer who has now taken the loan of 0.9 billion, instead of that he now keeps the deposit and through the check, he purchases something else so that the 0.9 billion which was withdrawn from the bank, then it goes to another bank and enters. What did he do? He took out the currency of 0.9 billion. Now, as he took out the currency, the excess reserves were over, the reserves were converted to the currency, so there is no excess reserves left in the banks, it was the currency that the customer took the loan from. So, after the currency, since the excess reserves of the bank are over, then the bank C, D, E, F, G that had to come after B all of that was over in multiple deposit creation. Why? Because this customer withdrew the cash. So, this means that the total money supply of the bank will only increase by 1.9 billion rupees, that is, the total deposit increased by 1.9 billion rupees so that the deposit cannot be created more than this. That is, the initial reserve of 1 billion and the loan that was extended to the bank, that loan was converted to the currency. So, in total money, the currency of 0.9 billion was changed and the deposit of 1 billion was changed. So, this means that the net money supply increased by 1.9 billion rupees. This results in the two parts of the monetary base, the currency and reserve. So, the currency cannot create multiple deposits. Why? It is not in the bank. The currency in circulation is called the non-bank public. So, how will the bank do the deposit creation? So, this means that no step of multiple deposit creation is required. If the currency withdraws, the reserve converts to the currency, then the process of multiple deposit creation stops there. So, now we will consider another alternative scenario. In this scenario, we will go from bank B to bank B. This means that the excess reserves of bank B have increased by 0.9 billion. I do not repeat that example again and again. But what happens after that? After that, bank B decides that the excess reserves of my 0.9 billion rupees should be lent instead of holding it as an excess reserve. But when the excess reserve is holding, then when the lending ends, the amount in the bank C's sequence will not go to E. If it does not go to E, then C will not be able to create deposits. If it does not go to E, then the entire process will stop at bank B. No further deposit creation. So, the total deposits increased by 1 billion rupees. This means that the central bank had created a reserve of 1 billion rupees and a deposit of 1 billion rupees was created. That is it. Where a deposit of 10 billion rupees was being created, in a simple example, where a deposit of 1 billion rupees was created, why? Because our assumption is that banks can hold excess reserves. This means that if banks hold excess reserves, then the deposit creation will be changed. People can withdraw the currency from the bank. Then the deposit creation will be changed. And if these two things do not work, then the deposit creation will be of some other level. This means that if we conclude now, then our result is that money supply is not in control of a single area. We have just seen that if the deposit creation is withdrawn, then the deposit creation will be changed. We have just seen that if banks hold excess reserves, if they do not land, then the entire process will stop. If they do not have multiple deposit creation, then who had this decision? The commercial bank B had no role in the central bank or the public. And the first reserve of 1 billion was created through the OMO. Who had that decision? The central bank. Who had the required reserve ratio of 10% or who had the central bank? This means that the final total money created has the central bank's decision. The commercial bank's decision has the general public's decision. The general public's decision is through the currency decision. How much currency is needed? The commercial bank's decision is through the excess reserve's decision. And the central bank's decision is through the channel of creating reserve and the required reserve ratio. Thank you.