Balance of Payments, balance reflecting the correlation between the monetary appropriations of a given country from abroad and all its payments abroad for a definite period (a year, three months, etc.). The balance of payments reflects accounts for different types of economic relations between countries—foreign trade, migration of capital, trade in licences, transport, tourism, maintenance of diplomatic missions abroad, private individuals’ remittances, etc. The balance of payments of the capitalist countries includes the balance of the movement of capital (long- and short-term), apart from the balance of 22 current operations comprising accounts for foreign trade in commodities and services, and incomes from foreign investment and remittances. The balance of payments deficit is covered by exports or imports of gold (which is reflected in the balance of payments item Changes in Gold Currency Reserves) and increasing or reducing foreign debts. Balance of payments is an important indicator of the country’s economic position. A deficit points to the country’s weakened position in the world market and serious economic difficulties. To improve the balance of payments, the capitalist countries often resort to devaluation. In the socialist countries the balance of payments reflects the planned nature of foreign economic operations under the state’s monetary monopoly.