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The role of money in foreign transactions.
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[QUOTE="TOZZIBLINKZ, post: 216881, member: 37528"] Both internal and external trade and similar because both are transacted with money , yet they still differ in many ways . for example in internal trade buyers and sellers use the same currency and so no currency problem arises . But in foreign trade however this is not the case . however money plays an important role in the international transactions . Countries have different currencies and it becomes necessary to change one for another for trade to take place . Money also act as a unit of measurement in which records of transactions are kept just as individuals and firms keep records of their sales and purchases in order to know whether or not they are making profit . Countries also keep records of the money they spend on import and the money they earn from export in order to know whether international trade has been profitable or not in the period analysed . Foreign exchange market comes into existence as a result of the need to resolve the differences between 1 countries currency and that of the other money also facilitates economic development by means of foreign exchange , foreign capital , and skills are being imported thereby assisting the development process of the underdeveloped . [/QUOTE]
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The role of money in foreign transactions.
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