With a fixed exchange rate system, the balance of payments of a country:

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With a fixed exchange rate system, the balance of payments of a country can be zero, positive or negative. The balance of payments is the record of all transactions between a country and the rest of the world, including trade in goods and services, financial flows, and transfers. Under a fixed exchange rate system, the exchange rate is set and maintained by the government or central bank, so the balance of payments may be positive (if exports exceed imports), negative (if imports exceed exports) or zero (if imports and exports are equal).

With a Fixed Exchange Rate System, the Balance of Payments