1)What is the difference between current account deficit and revenue deficit?

2)When the central bank sells government bonds does it do so by applying monetary policies such as expansionary and deflationary policies or do they sell them to specific buyers?

1)Current account deficit refers to the excess of a country's imports over its exports in a given period of time whereas revenue deficit is the excess of government revenue expenditure over revenue receipts in a particular year. It shows the inability of the government to generate enough revenues to finance its expenditures. The government can increase the tax rates in order to increase its revenue to finance the expenditure.

2)

Open market operation is the part of monetary policy and central bank sells government bonds to the commercial banks through open market operation. By selling government bonds central bank reduces the money supply and therefore, it is terms as deflationary monetary policy.

Therefore, central bank does not sell government bonds to the specific buyers instead they use deflationary policy to sell the government bonds to the commercial banks.