It lends money to the government to finance its budget deficit. Incorrect. While central banks often act as bankers to the government and may participate in government debt markets, this is a distinct function (often called the government's banker or fiscal agent), not the "lender of last resort" role which specifically pertains to banks.

Central bank lends money to trade and industry to support their export operations.Incorrect. Central banks do not directly lend to businesses or industries for their operational or export needs. This is typically the role of commercial banks.

When a country runs out of money, the central bank prints more money. Incorrect. While a central bank has the sole authority to issue currency, the "lender of last resort" function is specifically about providing liquidity to solvent but illiquid financial institutions, not simply printing money because a country "runs out" in a general sense.

Central bank lends money to banks at all times. This statement is the closest to the correct function, but it has a significant inaccuracy. The central bank does not lend to banks "at all times" for their routine operations. Instead, it lends to banks specifically when they face a severe shortage of liquidity and cannot borrow from other market sources, particularly during periods of financial distress or crisis. However, among the given choices, this option correctly identifies that the central bank lends money to banks, which is the core aspect of the lender of last resort function, distinguishing it from lending to the government or industry. The "at all times" part is an oversimplification, but it is the best fit among the provided choices.