<P> When all components of the BoP accounts are included they must sum to zero with no overall surplus or deficit . For example, if a country is importing more than it exports, its trade balance will be in deficit, but the shortfall will have to be counterbalanced in other ways--such as by funds earned from its foreign investments, by running down currency reserves or by receiving loans from other countries . </P> <P> While the overall BoP accounts will always balance when all types of payments are included, imbalances are possible on individual elements of the BoP, such as the current account, the capital account excluding the central bank's reserve account, or the sum of the two . Imbalances in the latter sum can result in surplus countries accumulating wealth, while deficit nations become increasingly indebted . The term "balance of payments" often refers to this sum: a country's balance of payments is said to be in surplus (equivalently, the balance of payments is positive) by a specific amount if sources of funds (such as export goods sold and bonds sold) exceed uses of funds (such as paying for imported goods and paying for foreign bonds purchased) by that amount . There is said to be a balance of payments deficit (the balance of payments is said to be negative) if the former are less than the latter . A BoP surplus (or deficit) is accompanied by an accumulation (or decumulation) of foreign exchange reserves by the central bank . </P> <P> Under a fixed exchange rate system, the central bank accommodates those flows by buying up any net inflow of funds into the country or by providing foreign currency funds to the foreign exchange market to match any international outflow of funds, thus preventing the funds flows from affecting the exchange rate between the country's currency and other currencies . Then the net change per year in the central bank's foreign exchange reserves is sometimes called the balance of payments surplus or deficit . Alternatives to a fixed exchange rate system include a managed float where some changes of exchange rates are allowed, or at the other extreme a purely floating exchange rate (also known as a purely flexible exchange rate). With a pure float the central bank does not intervene at all to protect or devalue its currency, allowing the rate to be set by the market, and the central bank's foreign exchange reserves do not change, and the balance of payments is always zero . </P> <P> The current account shows the net amount of a country's income if it is in surplus, or spending if it is in deficit . It is the sum of the balance of trade (net earnings on exports minus payments for imports), factor income (earnings on foreign investments minus payments made to foreign investors) and cash transfers . It is called the current account as it covers transactions in the "here and now"--those that don't give rise to future claims . </P>

Explain the concept of deficit in balance of payments
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