current account

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Current account

Net flow of goods, services, and unilateral transactions (gifts) between countries.

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."

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 an account which keeps a record of individual partner's share of profits or losses, and amounts withdrawn, in a PARTNERSHIP.

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.
References in periodicals archive ?
While the current account surplus soared for the first six months of the year, economists warned the trend may not continue for many more months given the risks of deceleration of the U.S.
This has two important implications, one for the current account surplus and the other for the external value of currencies.
The net lending of the Hungarian economy amounted to 4 percent of GDP and its current account surplus to 2.5 percent of GDP in the second quarter of 2018.
The current account surplus of Azerbaijan's oil and gas sector stood at $7.4 billion in 2017 compared to $4.4 billion in 2016, according to the balance of payments.
The Bangko Sentral ng Pilipinas expects the current account surplus to slide to below $5 billion next year as the country spends more dollars on imported capital goods amid the resurgence of the manufacturing sector.
The country's current account surplus with China, its largest trade partner, reached $45.14 billion in 2015, down 19.5 percent from the previous year's $56.06 billion, according to the data compiled by the Bank of Korea (BOK).
In view of low oil prices and the continued economic upswing in key trading partner countries outside the euro area, Germany's current account surplus looks set to rise to around 240 bln euros.
The current account surplus of the oil and gas sector fully covers the current account deficit in the non-oil sector of $9.8 billion.
The UAE has a healthy current account surplus. It has structurally recorded current account surpluses ranging from three per cent to 17 per cent of GDP due to large oil exports, the report said.
Germany's current account surplus, at 19.7 billion euros in September, is the biggest in the world.
At the same time, the current account surplus peaked on robust export performance and inflation remained moderate.
"That increase in the current account surplus was mainly an outcome of the rise in the surplus of the Balance on Goods (merchandise exports minus merchandise imports on f.o.b.