Indicate how the following transaction is entered into the U.S. balance of payments with double-entry bookkeeping: (a)
Question:
(a) A U.S. commercial bank exchanges $800 worth of pounds sterling for dollars at the Federal Reserve Bank of New York.
(b) What effect does this transaction have on the official settlements balance of the United States?
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a The US credits its financial account by 800 ...View the full answer
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