current account

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current account

Economics that part of the balance of payments composed of the balance of trade and the invisible balance
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Current Account

 

a type of deposit operation in banks and savings banks. Deposits in current accounts are not time deposits; that is, the account holder can make deposits and withdrawals at any time. In the capitalist countries, current accounts for the most part hold the temporarily free capital and cash reserves of the capitalists. In the USSR, current accounts in banks may be opened by noneconomic institutions and enterprises, kolkhozes, and public organizations; current accounts in savings banks may also be opened by individuals.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.