Find important banking term that is useful in upcoming banking exam
By Jagran Josh
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