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Eco Economics

EconomicsNEB 2076 (old course)

Define balance of payment.

2

Answer

· Based on the official syllabus and past papers
Updated

Balance of Payment (BOP) refers to a systematic record of all economic transactions between the residents of a country (Nepal) and the rest of the world over a specific period (usually a year). It is a double-entry accounting system that ensures every transaction is recorded twice—once as a credit (receipt) and once as a debit (payment).

The BOP consists of three main accounts:

  1. Current Account: Records trade in goods and services (exports/imports), income (remittances, interest), and unilateral transfers (aid, gifts).
  2. Capital Account: Captures capital transfers (debt forgiveness, migration transfers) and acquisition/disposal of non-produced, non-financial assets.
  3. Financial Account: Tracks investments (portfolio, direct, reserve assets) and other financial flows.

The sum of all accounts must balance (credits = debits), reflecting the principle that every transaction has an offsetting entry. A deficit or surplus in one account is offset by movements in others, ensuring overall equilibrium.

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