Meaning of currency operations and their types - Курсовая работа

The concept of currency is used in three senses: A currency of a country that is used in foreign economic relations and international transactions with other countries (national currency). 2 Banknotes foreign countries (foreign currency), as well as credit and payment instruments denominated in foreign currency units and are used in international payments. 3 International (Regional) monetary unit of account and means of payment (SDRs, ECUs, formerly the transferable ruble in Comecon, Arabic accounting dollar, Andean pesos, etc.). Federal Law «On Currency Regulation and Currency Control» dated October 9, 1992 defines the term «currency of the Russian Federation» a) in circulation, as well as withdrawn or being withdrawn from circulation, but can be exchanged rubles in the form of banknotes and coins Central Bank; b) funds in rubles in bank accounts and other credit institutions in Russia; c) funds in rubles in bank accounts and other credit institutions outside the Russian Federation on the basis of an agreement concluded between the Government and the Central Bank with the relevant foreign authorities on the use of the national territory of the Russian Federation in foreign currency as legal tender. The activities of the foreign exchange market is based primarily on currency transactions related to changes in ownership and other rights in currency values, using as a means of payment in foreign currency and payment documents in foreign currency, import and shipment to Russia, as well as the removal and shipment of the Russian Federation currency values, the implementation of international transfers. In the aforementioned Act, under «foreign exchange» means: a) bank notes in the form of bank notes, treasury notes and coins in circulation and are legal tender in the foreign country or group of states, as well as withdrawn or being withdrawn from circulation, but can be exchanged banknotes; b) Funds in the accounts in the currency of foreign countries and international monetary or settlement units. 1 According to the principle of identity. Currency can be subdivided into different types on the basis of membership: A national currency 2 foreign currency Three international (regional) currency CRA 4 ECU 5 6 Arabic dinar, Andean pesos, the transferable ruble 7 reserve currency Reserve (the key) currency (English reserve currency) - foreign currency in which the central banks of other countries to accumulate and store reserves for International Settlements on foreign trade transactions and foreign investment. Initially, the role of reserve currency appeared Pound, who played a dominant role in international payments. Decisions of the conference at Bretton Woods (USA, 1944) along with the pound sterling as an international payment and became the reserve currency the U.S. dollar, which has occupied a dominant position soon in international payments. To reserve currency are also brand in Germany, the Swiss franc, Japanese yen. Nevertheless, the share of U.S. dollar accounts for the overwhelming majority of foreign exchange reserves. Reserve currency convertibility means the relevant national currency, adequate stability of its exchange rate that favors the legal regime of the currency in other countries and in international exchanges. Country whose currency is used as a reserve, receive certain benefits upon receipt of external loans, imports of goods have preferred conditions for carrying out foreign expansion. A most important part of the state foreign exchange reserves are central gold reserves and foreign currency, international currency and payment instruments such as the SDR, ECUs reserve currency country, placed in the International Monetary Fund (IMF). International currency, including a regional currency used in the calculation of the members of international associations, international foundations and regional associations. At the moment, in some sectors of world trade as an international currency is the SDR and the ECU. Special Drawing Rights (SDRs) (English special drawing rights) - international payment and reserve funds, issued by the International Monetary Fund and used for clearing of international payments through the accounts and special accounts as the IMF unit of account. In 1969, the IMF, given the increasing risk of permanent deficit of international liquidity, but also because of the limited gold production and expansion of world trade, decided to create an artificial currency - special drawing rights. SDRs were created as a reserve currency that is used to cover the balance of payments. The first issue was the CRA implemented in three phases between 1970 and 1972 of $ 9.5 billion. If necessary, the country can exchange their quota of SDR in the currency specified by the IMF, without assuming any pre-conditions for economic policy. The country must abide by the terms of use about 70% of the allocated SDRs in five-year period. In fact, the country bought the SDR, as was to introduce its own curre