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Question
What is the role of Errors and Omissions in the Balance of Payments?
Options
To record official borrowings from the IMF
To account for statistical discrepancies in recording international transactions
To finance a deficit in the current account
To record changes in foreign exchange reserves
MCQ
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Solution
Errors and Omissions is a separate third element of the BoP. It accounts for the statistical discrepancies that arise while recording international transactions.
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