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Current account, capital account and the financial account are the three categories of transactions in the balance of payments.
All of the economic transactions involving the influx and outflow of commodities and services are included in the current account. This also includes unilateral transfers, investment returns, and the exchange of goods.
Transfers of non-financial assets across borders, changes in the ownership of fixed assets, gifts, and heirlooms are all included in the capital account.
Business investments, financial assets, real estate, and government foreign reserves like SDR and FDI are all included in the financial account.
When it comes to financial assets, a financial account is a part of a nation's balance of payments that covers claims on or liabilities to nonresidents. Direct investments, portfolio investments, and sector-specific reserve assets are some of the financial account's components.
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