what is the meaning of balance of payments?
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1. The balance of payments (BoP) refers to a statement of all economic transactions in goods, services, and assets of the country with the rest of the world for a specified time period, usually a year.
2. It is a statement of all transactions made between entities in one country and the rest of the world over a defined period of time.
3. The balance of payments of a country is the difference between all money flowing into the country in a particular period of time and the outflow of money to the rest of the world.