International trade and other finanacial dealing between countris make it necessary fir them. In other words, it can be defined simple a record of economic transactions of residents of a country with the rest of the world during a period of one year. It is thus sort of statement of income and expenditure on international account. The main purpose of keeping the record balance of payments is to inform Government of the International postion of the country and to help it reaching decision on monetary and fiscal policy on one hand, and trade and payment question on the other.
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