In 2008, the current account balance was -$706 billion and the capital account balance was +$711 billion.Therefore, the official settlements account balance was ________ and the balance of all payments accounts summed was ________.

Question

Quizplus · Accepted Answer

The official settlements account balance is the difference between the capital account and the current account. Here, it is +$711 billion - (-$706 billion) = +$5 billion. The balance of all payments accounts sums to zero because the current account, capital account, and official settlements account must balance out.

In 2008, the Current Account Balance Was -$706 Billion and the Capital