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The document discusses the four major components of a country's Balance of Payments (BOP):
1. The Current Account records exports/imports of goods, services, investment income, and gifts between residents of different countries.
2. The Capital Account records purchases/sales of assets between domestic and foreign entities, including foreign direct investment and foreign portfolio investment.
3. The Official Reserves Account records a government's holdings of official reserves like gold and foreign currencies for emergency use.
4. The Errors and Omissions Account balances the other accounts, as some trading activities are not fully recorded, like smuggling. It accounts for unrecorded transactions.
The document discusses the four major components of a country's Balance of Payments (BOP):
1. The Current Account records exports/imports of goods, services, investment income, and gifts bet…