Question

Suppose a doctor from England is
invited to diagnose the health status
of a VIP in our State. The fees which
we pay to the doctor are entered in to
which account of the BOPs Account?​

Answer 1

Answer:

Most countries of the world have their own national currency (a.k.a. domestic currency), which is used as money within the respective countries. Although all currency is money, most of the money of the world is actually stored as electronic information, such as savings and checking accounts, in the databases of banks. Nonetheless, this electronic information always expresses quantity in terms of a certain currency; therefore, hereinafter, we will use the term currency to designate all forms of money that are denominated in the currency.

If a domestic resident wants to buy a foreign product or service, she must first convert the domestic currency into the foreign currency to make the purchase. If a business wants to sell products in a foreign country, then the business will collect foreign currency for those sales. Much of that money will probably remain with the foreign branch of the business to pay local wages and other expenses. However, the business will probably want to bring some of that money home, in which case, it will want to convert the foreign currency into its domestic currency.