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What is balance of payments ?

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Danielle
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The balance of payments accounts record all flows of money in and out of a country.

These flows might result from exports (an inflow or credit) or from imports (an outflow or debit).

All flows of money are added together and grouped according to their type.

The overall account is then called the balance of payments - principally because the total of outflows must equal the total of inflows.

Reference: http://www.theguardian.com/business/2007/apr/11/businessglossary40

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