Define foreign exchange.
What are unilateral transfers?
is the given definition of unilateral transfer is right ? if not then pls give me the right definition
UNILATERAL TRANSFERS ARE RECEIPTS WHICH RESIDENTS OF A COUNTRY RECEIVE OR PAYMENTS THAT THE RESIDENTS OF A COUNTRY MAKE WITHOUT GETTING ANYTHING IN RETURNS, I.E., RECEIPTS OR PAYMENTS FOR WHICH THERE IS NO QUID PRO QUO. THESE ARE A PART OF INVISIBLE ITEMS.
Foreign exchange refers to the stock of foreign currency held by a country at a particular point of time.
Yes, the given definition of Unilateral Transfers is correct. However, you may further refer to the below mentioned definition of Unilateral Transfers.
Unilateral transfers refer to the one-sided transfers such as gifts, donations, grants from foreign governments, etc. A country makes such transfers to the rest of the world as well as receives transfers from the rest of the world. Receipts of unilateral transfers are recorded as positive items in the Current Account of BOP, while payments of unilateral transfers are recorded as negative items in the Current Account of BOP.