BANKING AFFAIRS

Detailed explanation-1: -Balance of Payment is a statement, which records all the monetary transactions made between the countries during any given period. BOP statement includes all the transactions made by individuals, corporations and the government and helps in monitoring the flow of funds to develop the economy of a nation.

Detailed explanation-2: -The balance of payments summarises the economic transactions of an economy with the rest of the world. These transactions include exports and imports of goods, services and financial assets, along with transfer payments (like foreign aid).

Detailed explanation-3: -The balance of payment is the statement that files all the transactions between the entities, government anatomies, or individuals of one country to another for a given period of time. All the transaction details are mentioned in the statement, giving the authority a clear vision of the flow of funds.

Detailed explanation-4: -The balance of payments measures. The value of a country’s transactions with the rest of the world. The difference between government revenue and spending. The total debt of a country.