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In banking and accounting, the balance is the amount of money owed (or due) on an account.. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. [1]
The current account is an important indicator of an economy's external sector. It is defined as the sum of the balance of trade (goods and services exports minus imports), net income from abroad, and net current transfers.