The components of a balance of payments account are

Commerce

JAMB 2024

A. capital, current and fixed deposit
B. current, capital and monetary movement
C. capital, savings and fixed deposit
D. current, savings and monetary movement

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Correct Answer: Option B

Explanation

The balance of payments (BOP) is a record of all economic transactions between residents of one country and residents of other countries over a specific period. It is divided into three main components, which are: Current, Capital and Monetary movement (financial) account.

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