current account

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Related to Current account deficit: Capital account deficit, Fiscal Deficit

Current account

Net flow of goods, services, and unilateral transactions (gifts) between countries.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Checking Account

An account at a bank in which a customer deposits money for immediate use. For example, one may utilize a checking account for one's monthly expenses, such as a mortgage payment or groceries. Because most customers keep money in a checking account for a shorter period than in a savings account, a current account pays a slightly lower interest rate. Typically, one can write a check or use a debt card on a checking account, and banks expect customers to do so. The term "checking account" is more common in the United States. In the United Kingdom, the common term is "current account."
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

current account

  1. an individual's or company's account kept at a COMMERCIAL BANK or BUILDING SOCIETY into which the customer can deposit cash or cheques and from which he or she can draw cheques or make withdrawals on a day-to-day basis.
  2. a financial record of a country's trade in GOODS and SERVICES with the rest of the world (see BALANCE OF PAYMENTS).
  3. an account which keeps a record of individual partner's share of profits or losses, and amounts withdrawn, in a PARTNERSHIP.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

current account

  1. 1a statement of a country's trade in goods (visibles) and services (invisibles) with the rest of the world over a particular period of time. See BALANCE OF PAYMENTS.
  2. an individual's or company's account at a COMMERCIAL BANK or BUILDING SOCIETY into which the customer can deposit cash or cheques and make withdrawals on demand on a day-to-day basis. Current accounts (or sight deposits as they are often called) offer customers immediate liquidity with which to finance their transactions. Most banks and building societies pay INTEREST on current account balances that are in credit. See BANK DEPOSIT, DEPOSIT ACCOUNT.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
'Current account deficit for January down 54% versus January last year.
It is often suggested that the large current account deficit poses a serious financing problem for the United States.
If, for example, budget deficits result in higher interest rates, private investment might fall and private savings might rise with constant or even smaller current account deficits. Between 1992 and 2000, for example, the total federal, state, and local budget balance shifted from a deficit of $297 billion to a surplus of $239 billion, but the current account deficit widened by over $365 billion, instead of falling as the twin deficit story predicts.
The expansion in the current account deficit stemmed from a surge in the trade deficit, which was traced to a higher crude oil bill and increased imports.
Normally, a country's current account deficit (trade deficit minus transfers from other countries) is financed with foreign private capital.
The current account deficit - the gap between inflow and outflow of foreign currency - widened to a record $22.3 billion, or 5.4 per cent of gross domestic product, in the financial quarter ended September as imports outstripped exports.
The June-quarter current account deficit was wider than the gap of $18.17 billion, or 3.6 per cent of GDP, in the quarter ending in March.
"Necessary measures have been initiated to contain the fiscal deficit and the current account deficit. The commitment is to bring down the fiscal deficit to 3 percent by 2016-17," he added.
"Current Account Deficit shall be contained at 60 billion dollars.
! Tokyo, Jumada I 9, 1435, Mar 10, 2014, SPA -- Japan posted a current account deficit of 1.589 trillion yen (15.4 billion dollars) in January, the largest monthly loss ever, due mainly to a mounting trade deficit, dpa quoted the government as saying Monday.
He added: "The sharp widening in the current account deficit in the fourth quarter of 2015 is a particularly uncomfortable development for the UK economy.
Bank of England governor Mark Carney had warned ahead of the EU referendum that the UK's current account deficit left it relying on the "kindness of strangers".