Define 'real' and 'nominal' interest rate in brief. Is real interest rate can be negative at the time of stagflation? Explain with example.

"All forms of money are financial instruments but all financial instruments are not money". Explain.

Distinguish between 'fixed' and 'floating' interest rate. Recently Bangladesh Bank has introduced a market based interest rate, SMART rate plus maximum mark-up of 3% replacing maximum 9% interest rate on loans and advances. Give your opinion on this policy change.