What are the different types of monies that are required in an international transaction?
What will be an ideal response?
In international transactions, the parties must designate the money that the buyer has to deliver. Two types of monies have to be selected. First is the money of account. This is the money that expresses the amount of obligation owed. Second is the money of payment. This is the money that the buyer must use to pay for the items purchased. In most situations, the money chosen for both will be the same, but it does not have to be.
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