Yes, you are right.
Example:
static (inside,outside) 200.1.1.1 10.1.1.1 netmask 255.255.255.255
Outbound traffic from inside to outside, 10.1.1.1 will be NATed to 200.1.1.1
Inbound traffic from outside to inside towards 200.1.1.1 will be NATed back to 10.1.1.1