Banking Term: Balance of Payments
May 30, 2015 16:54 IST
- Balance of Payments (BoP) statistics systematically summarize for a specific period, the economic transaction of an economy with the rest of the world.
- Also, It is a double entry system of record of all economic transactions between the residents of the country and the rest of the world carried out in a specific period of time.• It takes into account the export and import of both visible and invisible items.
- The compilation and dissemination of Balance of Payment data is the prime responsibility of RBI.
- The Balance of Payment can broadly divided into two accounts, namely
- Current account
- Capital and Financial account