International monetary relations - Foreign exchange relationships


1. The International Monetary System and exchange rates 5

1.1. World currency system 5

1.2. Exchange rate and the factors influencing its value 13

1.3. Adjusting the exchange rate 17

2. Features of the foreign exchange market of the Russian Federation 20

2.1. Stages of formation of the currency market in Russia 20

2.2. Features of the currency legislation of the Russian Federation 22

2.3. Exchange control in the Russian Federation 24

2.4. Currency control over export-import operations 26

2.5. Responsibility for violation of currency legislation 27

3. The financial crisis in August 1998 in the Russian Federation 31





A large number of industrial and trading companies, banks, governments and individuals various international monetary and financial transactions. These operations may have a significant impact on the overall performance of economic entities, including Russian, who has been actively involved in international monetary transactions. With these circumstances related relevance and practical importance of the study of international monetary relations.

Currently, only a few countries do not use the advantages of the international division of labor, specialization and cooperation. The growing internationalization of production makes economic actors (enterprises, banks, governments and individuals) actively enter the world market.

Principles of operation of the economic entity in the foreign market are very different from how it works in the domestic market. That is why when entering the international market should be considered a huge amount of economic and political circumstances. In particular, in the international market, the company is faced with a lot of currency needed to pay its obligations acceptable means of payment, to evaluate various types of risks that arise in the implementation of foreign trade activities, as well as to follow the requirements and recommendations of international institutions, convection and contracts.

Chapter 1 focuses on the nature and structure of the global monetary system, the reasons for its occurrence and the main structural elements, as well as the driving forces of its evolution.

Consistently covers all stages of development of the world monetary system, since the system "gold standard" and then Bretton Woods and the Jamaican currency system. The characteristic of the European Monetary System, as the most significant regional currency grouping, has a strong impact on the development of integration processes in the world.

The main categories used in foreign trade is the exchange rate. The fundamental role of the exchange rate is related to the need to convert one currency to another in the commission of international operations. That is why in Chapter 1 discusses the issues related to the definition of the exchange rate, the formation of its value on the relationship between the various processes that affect the value of the exchange rate, as well as the essence of economic theories to explain the relationship between currencies at the moment.

Chapter 2 deals with the functioning of the foreign exchange market of the Russian Federation. Analyzes the evolution of Russian foreign exchange market and the Russian legislation governing the rules of "the game" all the participants of the currency market, and also reflects its distinctive features and the main directions of further improvement. This chapter analyzes the exchange control and regulation of export-import operations related to the movement of goods across the customs border of the Russian Federation, and is considered responsible for the violation of currency legislation.

In Chapter 3, the publications in periodicals, provides an overview of the views of scientists, entrepreneurs and politicians about erupted in August 1998 in the Russian Federation of the financial crisis. The questions of causal nature that led to the collapse of the financial system and given directions that may move toward correcting the situation. Carried out the relationship of the financial crisis in the Russian Federation with the global financial crisis.

1. The International Monetary System and exchange rates 1.1. The world monetary system

World Monetary System (MVS) is a historical form of organization of international monetary relations, international agreements attached. MBC is a set of methods, tools, and international bodies, with the help of which the payment and settlement turnover within the global economy. Its emergence and subsequent evolution reflects the objective development of the internationalization of capital, demanding adequate conditions in the international monetary sphere.

MBC includes a number of design elements, among which are the following:

- World money commodity and international liquidity;

- The exchange rate;

- Foreign exchange markets;

- International monetary and financial institutions;

- Interstate dogovorennosti.Mirovoy money commodity and international liquidity

World money commodity is taken by each country as equivalent exported from, wealth and maintains international relations.

The first international money commodity acted gold. Next world money became national currencies of leading world powers (lending money). At the present time in this capacity are also common composite, or fiduciary (trust-based issuer) money. These include international and regional payment units (such as SDR and ECU).

Currency - this is not a new kind of money, and the way they function, when the national money mediate international trade and credit relations. Thus, the money used in international economic relations, become currency.

Distinguish between the concept of "national currency" and "foreign currency". Under the national currency refers to the statutory monetary unit of the State. For foreign currency include foreign notes and coins, as well as claims denominated in foreign currencies in the form of bank deposits, bills and checks.

In addition, important is the concept of "reserve currency", which is defined as a foreign currency in which the central banks of other countries to accumulate and store reserves for International Settlements on foreign trade operations and foreign investment.

Classification rates given in Annex 1.

In addition to national currencies in international payments used international currency unit - SDR and ECU.

SDR - Special Drawing Rights (Special Drawing Rights) are non-cash money in the form of entries in a special account in the Fund. Value of the SDR is calculated based on the standard "basket", including major world currencies (see. Appendix 2).

In 1979 appeared the ECU (European Currency Unit) - currency unit of the European Monetary System, which exists in the form of non-cash entry on the EMU member countries of the European Monetary Institute European Union. In contrast to the SDR, ECU is ensured not only by joint commitments group of countries, but the actual assets (collateral) in the form of gold and US dollars (20% gold and 20% of foreign exchange reserves of the EMU member countries). Currency basket ECU is presented in Appendix 3. In December 1996, leaders of the European Union adopted a decision to move to a single currency of the EU - Euro (Euro).

The notional value of the SDR and the ECU is calculated in US dollars. Daily quotations are published in major financial newspapers.

International liquidity - an opportunity to countries or groups of countries to meet their short-term external liabilities acceptable means of payment. International liquidity associated with the provision of the global monetary system international reserves necessary for its normal functioning, the order of their establishment and management. International liquidity characterizes the state of the external solvency of individual countries or regions. Basis of the foreign exchange reserves of liquidity form the state.

The structure of international liquidity includes:

- The official foreign exchange reserves;

- The official gold reserves of countries;

- Reserve position in the IMF;

- Account of the SDR and the ECU.

International liquidity has three functions:

- Means of education liquid reserves;

- Means of international payments;

- The means of intervention.

The main part of the international monetary liquidity constitute official foreign exchange reserves, ie gold reserves and foreign currency the central bank and financial agencies strany.Mezhdunarodnye monetary and financial institutions

The main supranational monetary and financial institutions that provide stability of the international monetary system is the International Monetary Fund (IMF). It is tasked with combating foreign exchange restrictions, the creation of a multinational system of payments for foreign exchange transactions, etc.

In addition, the international monetary and financial institutions include a number of international institutions, investment and credit activity which is at the same time and monetary in nature. These include the International Bank for Reconstruction and Development (IBRD), the Bank for International Settlements in Basel (BIS), the European Investment Bank, the International Development Association, the International Fund for Agricultural Development and dr.Mezhgosudarstvennye agreement

To implement an effective international trade and investment between the two countries, streamline calculations and consistency in the interpretation of the rules on payments received a number of international agreements, which are followed by the vast majority of countries in the world. These include the "Uniform Rules for documentary credit", "Uniform Rules for documentary collection", "Uniform Act bill", "Uniform Law on checks", "bank guarantee" Charter SWIFT, CHIPS Charter and other documents.

In general, the functioning and stability of the MBC depends on its compliance with the structure of the world economy. When the structure of the world economy and the balance of forces on the world stage is a replacement of the existing forms to the new MBC. Appearing in the XIX century., Monetary system went through three stages of evolution: the "gold standard" of the Bretton Woods system of fixed exchange rates and monetary system of floating exchange rates. Briefly describe these stages of evolution MVS.Sistema "gold standard"

Start the "gold standard" was initiated by the Bank of England in 1821. Official recognition of this system was at a conference held in 1867 in Paris. Existed "gold standard" to the Second World War. Its basis is the gold, for which legislate the role of the main forms of money. Of the national currency to peg to gold and gold content through currency relate to each other at a fixed exchange rate.

Varieties of "gold standard":

- Gold standard (up to the early twentieth century.);

- Zolotslitkovy standard (the beginning of the twentieth century. - Beginning of World War I);

- The gold (the gold exchange) standard (with 1922. - Genoa).

Advantages of the "gold standard":

1. Ensuring the stability both in domestic and foreign economic policy, which can be explained as follows: transnational flows of gold stabilized exchange rates and thus create favorable conditions for the growth and development of international trade;

2. The stability of exchange rates, which ensures the accuracy of the forecasts, cash flows, expenses and profit planning.

Disadvantages of the "gold standard":

1. The dependence of the money supply from mining and production of gold (the discovery of new deposits and increase its production led to transnational inflation);

2. The inability to pursue an independent monetary policy aimed at solving the internal problems of the country.

The Second World War led to the crisis and the collapse of the monetary system of Genoa, which was replaced by the Bretton Woods monetary Vudskoy.Bretton system

The second monetary system was formalized by the International Monetary and Financial Conference of the United Nations, held from 1 to 22 July 1944. in Bretton Woods (USA). Here were based International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD).

The objectives of creating a second MBC were:

1. Restoration of the extensive free trade;

2. The establishment of a stable equilibrium of the system of international exchange through a system of fixed exchange rates;

3. Transfer at the disposal of resources to deal with temporary difficulties in the external balance.

Second MBC based on the following principles:

1. established solid exchange rates of the participating countries to the course leading currency;

2. The course leading currency pegged to the dollar;

3. The Central Bank maintained a stable exchange rate of its currency relative to the leading (within 1%) currency via foreign exchange interventions;

4. Changes in exchange rates achieved by devaluation and revaluation;

5. The organizational unit of the system are the IMF and the World Bank, which are designed to promote mutual cooperation between the countries currency and help in reducing the current account deficit.

Become a reserve currency US dollar, as soon as he could at that time be convertible into gold (the US had 70% of the world's stock of gold). It was found the golden ratio of the US dollar. Other countries have tied their currencies to the US dollar. The dollar began to perform internationally all the functions of money: the international medium of exchange, the international unit of account, the international reserve currency and a store of value. Thus, the national currency of the United States became the world's money at the same time and therefore is often called the second MVS system zolotodollarovogo standard.

Second MBC could exist only as long as the US gold reserves could provide conversion of foreign dollars into gold. By the end of the 70s is clearly manifested paradoxical nature of this system, based on the internal contradictions, known as a paradox or dilemma Triffith.

By dilemma Triffith, zolotodollarovy standard should combine two opposing requirements:

1. Issue of key currency should be correlated with changes in the gold reserves of the country. Excessive emission of key currency not backed by gold, could undermine the reversibility of the key currency in gold and eventually cause a crisis of confidence in it;

2. The key currency should be produced in quantities sufficient to provide an increase in the international money supply to serve the growing number of international transactions. Therefore, it should be much greater than the emission of the gold reserves of the country.

Thus, there is a need to review the basis of the existing monetary system. Crisis of the second MBC lasted 10 years. Its forms are: currency and gold rush; massive devaluation and revaluation of currencies; panic on the stock market in anticipation of changes in exchange rates; the active intervention of central banks, including the collective; Enhanced national and interstate currency regulation.

After a long period of transition during which the country could try out different models of the monetary system, began to form a new MVS, for which was characterized by significant fluctuations in the exchange kursov.Yamayskaya Monetary System

The device current world monetary system was officially stated at the conference of the IMF in Kingston (Jamaica) in January 1976. The basis of this system are floating exchange rates and multicurrency standard.

The main characteristics of the Jamaican currency system:

1. System polycentric, i.e. based on not one, but several key currencies;

2. Canceled mint parity of gold;

3. The main means of international payments has become a freely convertible currency and SDR and reserve position in the IMF;

4. There is no limit currency fluctuations. The exchange rate is influenced by supply and demand;

5. The central banks of the countries are not obliged to intervene in currency markets to maintain a fixed parity of its currency. However, they carry out foreign exchange intervention to stabilize exchange rates;

6. The country chooses the exchange rate regime, but she is not allowed to express it through the gold;

7. The IMF oversees the country's policy on exchange rates; IMF members should avoid manipulating exchange rates, allowing to prevent the actual restructuring of the balance of payments or obtain unilateral advantages over other IMF members.

According to the IMF classification country can choose from the following exchange rate regimes: fixed, floating and mixed (see. Appendix 4).

The functioning of the Jamaican currency system is contradictory. Expectations associated with the introduction of floating exchange rates, only partially fulfilled. One reason is the variety of possible actions of the participating countries are available under this system. Another reason is to maintain the leading US dollar.

Against the background of the many problems associated with currency fluctuations, of particular interest is the world's experience of the zone of stable exchange rates in Europe, which allows entering into this currency grouping of countries to develop steadily, despite the problems encountered in MVS.Evropeyskaya Monetary System

The existence of the European Monetary System is one of the features of modern monetary relations. On trade between the member countries of the EMU accounts for between 55 to 70% of foreign trade turnover. The decision to create EMU came into force on 13 March 1979.

The main objectives of the EMU:

1. Establishment of stable exchange rates in Europe, the lack of which hampered the cooperation of members of the European Community (EC) in the implementation of common programs and in mutual trade relations;

2. The convergence of economic and financial policies of member countries. These tasks would contribute to the construction of European monetary organization able to reflect the speculative attacks of the market, as well as to restrain fluctuations in the international monetary system (especially the change in the dollar).

Basic principles of EMU:

1. Member EMU fixed their exchange rates relative to the central rate of the ECU;

2. On the basis of the central rate to the ECU to calculate all the major parities between the exchange rates of the participating countries;

3. EMU member countries are required to maintain a fixed exchange rate through intervention. At the beginning of the creation of the exchange rate could not bow by more than 2,25% from parity, is currently permitted fluctuation within 15% of parity.

The basic tool of the EBU - European Currency Unit - ECU. Its value is determined through a currency basket consisting of the currencies of the participating countries (see. Appendix 3).

With the introduction of fixed exchange rates in Western Europe had the so-called phenomenon of currency snake. Currency snake or a snake in the tunnel - the curve that describes the joint fluctuations of the currencies of the European Community in relation to other currencies, which are not included in this group currency.

Despite the contradictions in the functioning of EMU, it accomplished the task of a pen. Until 1992, the EU was observed exchange rate stability. For 5 years (1987 - 1992), the central exchange rates have not changed, while at the same time managed to lose again and scored 30% of its value against the French franc and the German mark. By the early '90s was supposed to move from a zone of stability in Europe to a higher level of integration. These sentiments have been expressed in the text of the Maastricht Treaty, which provided for the transition to Economic and Monetary Union (WEC) by 1999.

However, the crisis in Europe, 1992-1993, and stiffness performance requirements necessary to move to the WEC, dates have been moved to the beginning of the 2000s godov.1.2. Exchange rate and the factors influencing its value

Development of foreign economic relations requires a special tool through which the entities that operate on the international market could support each other closer financial cooperation. Such a tool are the banking operations of foreign exchange. The most important element in the system of bank operations with foreign currency is the foreign exchange rate kurs.Valyutny

Exchange rate - this is the exchange ratio between the two currencies, such as 100 yen per US $ 1 or 18 Russian rubles per 1 US dollar.

Hypothetically, there are five exchange rate systems: free-swimming; managed float; fixed rates; target zones; hybrid system of exchange rates. The set of exchange rates can be classified according to various criteria (see. Appendix 5).

One of the most important concepts used in the forex market is the notion of real and nominal exchange rate.

The real exchange rate can be defined as the ratio of the prices of goods between the two countries, taken in the respective currency.

er = Ph / Pf * en,

er- where the real exchange rate;

Ph- prices in the domestic market;

Pf- prices on the international market;

en- nominal exchange rate.

The nominal exchange rate shows the exchange rate, valid at the moment of time in the foreign exchange market.

The exchange rate is kept constant purchasing power parity (eppp), has a similar nature to the real exchange rate. It refers to a nominal exchange rate at which the real exchange rate is unchanged.

In modern conditions the exchange rate is formed, like any market price, under the influence of supply and demand. Balancing the latest foreign exchange market leads to the establishment of the equilibrium level of market exchange rate. This so-called "fundamental equilibrium" (Fig. 1.2.1).






Fig. 1.2.1. Formation of the equilibrium exchange rate

Here, the size of the demand for foreign currency (D) is determined by the needs of the country's imports of goods and services, tourist expenditure of the country, traveling abroad, the demand for foreign financial assets and the demand for foreign currency in connection with the intentions of residents to implement investment projects abroad.

The size of the supply of foreign currency (S) is determined by demand of residents of a foreign country for the currency of the State, the demand for the services of foreign tourists in this state, the demand of foreign investors in assets denominated in the national currency of the State, and the demand for local currency in connection with the intentions to carry out non-residents investment projects in this gosudarstve.Faktory that influence the exchange rate

There are a number of factors that lead to a change in the fundamental equilibrium exchange rate. They are divided into structural (acting in the long run) and ko?yunkturnye (causing short-term fluctuations of the exchange rate).

The structural factors include: the competitiveness of goods on the world market and its change; the balance of payments of the country; purchasing power of the currency and inflation; the difference in interest rates in different countries; government regulation of the exchange rate; the degree of openness of the economy. Ko?yunkturnye factors associated with fluctuations in business activity in the country, the political situation, rumors and predictions. These include: the foreign exchange markets; speculative currency transactions; crises, wars, natural disasters; forecasts; cyclical nature of business activity in strane.Tempy inflation and exchange rate

Ceteris paribus inflation rate is inversely proportional to affect the value of the national currency, ie, increase in inflation leads to a reduction of the national currency, and naoborot.Izmenenie interest rates and the exchange rate

Changes in interest rates affect the exchange rate in two ways. On the one hand, their nominal increase in the country causes a decrease in demand for domestic currency, as businesses become expensive to take the credit. Taking as its entrepreneurs increase the cost of their products, which in turn leads to an increase in the prices of goods within the country. This is a relatively devalues ??national currency against foreign currencies.

On the other hand, the increase in real interest rates (ie nominal interest rates adjusted for inflation) makes ceteris paribus placement of funds in the country for foreigners more profitable. That is why in countries with higher real interest rates replenished capital, demand for foreign currency increases, and it becomes more expensive.

Thus, a change in interest rates may both directly and inversely proportional to affect the amount of currency kursa.Platezhny country's balance and the exchange rate

Balance of payments directly affects the value of the exchange rate. Thus, the favorable balance of payments improves the national currency, as increased demand for it from foreign debtors. Unfavorable balance of payments creates a downward trend of the national currency, as domestic debtors try to sell it for foreign currency to repay their external liabilities. The dimensions of the impact of the balance of payments on the exchange rate determined by the degree of openness of the economy. Thus, the higher the share of exports in GDP (the higher the openness of the economy), the higher the elasticity of the exchange rate to change the balance of payments.

In addition, the exchange rate affects the economic policy of the state in regulating the components of the balance of payments: current account and the capital account. On the trade balance, for example, the impact of changes duties, import restrictions, trade quotas, export subsidies, etc. With an increase in the trade surplus increased demand for the currency of the country, which increases its chicken, and the manifestation of the negative balance of the process is reversed. The movement of short and long term capital depends on the level of national interest rates, restricting or encouraging the import and export of capital. Changing the balance of capital movements has a certain impact on the currency, which is the sign ("plus" or "minus") is similar to the trade balance. However, there is a negative impact of excessive short-term capital inflows to the country at the rate of its currency, as it may increase the excess money supply, which in turn can lead to higher prices and the depreciation of valyuty.Natsionalny income and exchange rate

National income is not an independent component, which can be changed by itself. Overall, however, the factors that cause changes in the national income, have an impact on the exchange rate. Thus, the increase in the supply of products increases the rate, and the increase in domestic demand reduces its course. In the long run, higher national income and higher mean value of the currency of the country. The trend is reversed when considering the short period of time the effects of increasing household income by the amount of foreign exchange kursa.Ko?yunkturnye factors of exchange rate changes

These factors can significantly alter the value of the national currency in the short time intervals. Thus, the general economic expectations of future economic growth, changes in fiscal and trade deficits directly affect the exchange rate. In addition, the expectations of the market players have a significant impact on the value of the exchange rate.

The factors also include exchange rate speculation in the foreign exchange market, ie game on unknown (estimated) exchange rates. This operation is carried out by financial market participants to achieve a profit on the difference in exchange rates.

Finally, a significant impact on the currency have seasonal peaks and troughs of business activity in strane.1.3. Adjusting the exchange rate

There is a market and state regulation of the value of the exchange rate. Market regulation, based on competition and the law of value, as well as supply and demand, carried out spontaneously. State regulation is aimed at overcoming the negative consequences of market regulation of currency relations and to achieve sustainable economic growth, balance of payments, reduction of unemployment and inflation in the country. It is carried out by means of monetary policy - a set of measures in the field of international monetary relations, undertaken in accordance with current and strategic goals of the country. Legally formalized monetary policy and currency legislation exchange agreement between states.

Measures of state influence on the value of the exchange rate:

- Foreign exchange interventions;

- Discount Policy;

- Mery.Valyutnye protectionist intervention

The most important instrument of monetary policy States are foreign exchange interventions - operations of the central banks in the currency markets for the purchase and sale of the national currency against major foreign currencies.

The purpose of foreign exchange interventions - changes in the level of the corresponding exchange rate, the balance of assets and liabilities in different currencies or expectations of the market players. The mechanism is similar to holding currency interventions commodity interventions. In order to increase the rate of the national currency, the central bank must sell foreign currencies, buying national. Thereby reducing demand for foreign currency and, as a consequence, increases the rate of national currency. In order to reduce the rate of the national currency, the central bank sells the currency by buying foreign currency. This leads to an increase in foreign exchange rate and the depreciation of the national currency.

For interventions tend to use the official foreign exchange reserves, and changes in their levels can be an indicator of the extent of government intervention in the formation of exchange rates. The scale of the interventions of the central bank are usually sensitive information that reflects the desire of the authorities to maintain the confidentiality of their actions in order to ensure the effectiveness of interventions. However, much of the data on the amount of foreign exchange intervention CBR often published in the press.

Official intervention can be carried out by different methods - on the stock exchanges (public) or in the interbank market (private), through brokers or directly through transactions with banks for a term or immediate execution. In addition to official reserves, the source of funds for intervention may be short-term borrowings and operations "swap". Specific intervention strategies determined by the overall economic strategy of the government as well as the peculiarities of the position of the central bank in the foreign exchange market.

In addition, the official foreign exchange interventions are divided into "sterilized" and "unsterilized". "Sterilize" refers to the intervention, during which the change in official foreign net assets is offset by corresponding changes in domestic assets, ie virtually no impact on the value of the official "monetary base". If the change in official foreign exchange reserves during the intervention leads to a change in the monetary base, the intervention is "unsterilized".

Foreign exchange intervention to produce the desired results on the change of the national currency exchange rate in the long run, you must:

1. The presence of the required amount of reserves at the central bank for foreign exchange intervention;

2. Confidence of market participants to the long-term policy of the Central Bank;

3. Changes in economic fundamentals such as economic growth, inflation, the rate of change of monetary policy massy.Diskontnaya

This change in central bank interest rates, including for the purpose of adjusting the exchange rate by influencing the cost of borrowing in the domestic market and thus on the international movement of capital.

In recent decades, its importance for the regulation of the exchange rate gradually umenshaetsya.Protektsionistskie measures

Measures to protect its own economy, in this case the national currency called protectionist. These include, first of all, foreign exchange restrictions. Currency restrictions - legislative or administrative prohibition or regulation of operations of residents and nonresidents with currency or other currency values. Types of currency restrictions are: monetary blockade; a ban on the free sale of foreign currency; regulation of international payments, capital flows, profit repatriation, the movement of gold and securities; concentration in the hands of the state of foreign currency and other currency values.

The state often manipulates the value of the exchange rate, using techniques such as the devaluation and revaluation.

Devaluation - the official lowering of the exchange rate (below parity) in relation to foreign currencies.

Revaluation - official exchange rate appreciation of the national currency (above parity) in relation to foreign currencies.

Parity rate is calculated by comparing the cost of a basket of goods, the same qualitative and quantitative characteristics in the two countries.

The exchange rate, both directly and indirectly affects the stability of the economy and macroeconomic balance. Manipulation of the exchange rate can have a significant impact on foreign trade operations in the country. For example, the undervalued exchange rate is favorable to exporters, as overvalued cheaper import.2. Features of the currency market of the Russian Federation 2.1. Stages of formation of the currency market in Russia

Foreign Exchange Market Russian Federation is in its formative stages. The beginning of its formation refers to 1986, when the state monopoly on currency was destroyed and almost all economic entities were granted the right to enter the foreign market.

Until 1986, the Soviet Union was no need for currency regulation of foreign economic activity. This explains the existence of a state monopoly on foreign exchange operations, which manifests itself in the absence of links between domestic capital markets, goods and services and the relevant international markets; complete centralization of management of foreign exchange resources of the state; a minimum number of participants in foreign economic activity. On behalf of the state on the international market are a few large foreign trade associations. Foreign currency earnings from exports concentrated in the accounts Vneshtorgbank. The state represented by Gosplan, the USSR Ministry of Finance and the State Bank of the USSR carried out a planned distribution of funds received from borrowed foreign currency loans and export earnings in accordance with the needs of the regions and industries. Isolation of enterprises of foreign currency carried out in strict accordance with the size limits granted to them. There are several modes of the ruble against the US dollar. The official exchange rate to the dollar sharply different from that calculated on the basis of purchasing power parity.

In 1986 (with the advent of the RF Law "On State Enterprise") begins a new stage in the formation of the foreign exchange market in the USSR. In accordance with this law, almost all subjects of the Russian economy were given the right to enter the foreign market. The process of decentralization of foreign trade. At this time, foreign exchange earnings from exports divided in certain proportions between the state and the direct producers of export products: 20% of foreign exchange earnings remained in the use of the enterprise, 80% was sold to the state at a fixed rate. It should be noted that during this period there was no special body of currency regulation, not a law regulating the foreign exchange operations on the territory of the USSR. The source of the currency legislation were decisions of the Council of Ministers of the USSR, as well as published in their development of normative acts of ministries and departments.

In 1989, first appeared officially recognized currency market in the form of currency auctions Vnesheconombank of the USSR. Currency auctions were organized on the basis of the call for proposals for the purchase and sale of foreign currency businesses and organizations who have accounts in Vneshtorgbank. During the auction sets the current market rate of the ruble against the dollar. During this period, the foreign exchange market has not played a significant role in the economy.

Period of decentralization of foreign economic activity, characterized by an almost complete absence of state regulation and control the movement of foreign currency, ended in 1991, when the Act was passed USSR "On Currency Regulation". For the first time in the practice of law have been introduced such concepts as the currency of the Soviet Union, foreign currency, currency values, the current currency transactions and others. During this period, get rapid development of foreign currency exchange, actively shape the infrastructure of the currency market. With the collapse of the Soviet Union and the formation of the Russian Federation require an adjustment of the Act allowing for the foreign exchange market of the Russian Federation and the need for its independent economic policy, including monetary.

Entry into force of the RF Law "On Currency Regulation and Currency Control" in November 1992 opened a new stage of currency regulation in Russia. In April 1992, the Russian Federation joined the IMF and, therefore, entered the international currency market. In the future, the improvement of currency regulation is moving towards centralization and tightening control over the conduct of foreign exchange transactions subjects currency market of the Russian Federation.

At present, the mechanism of legal regulation of currency relations in Russia includes three structural elements:

1. Currency legislation passed by various governmental bodies;

2. Currency relations developing between the different actors on the commission of foreign exchange operations;

3. The regulatory impact of currency legislation on currency relations, carried out by means of regulations and prohibitions, as well as measures to establish liability in the event of their narusheniya.2.2. Features of the currency legislation of the Russian Federation

Currency legislation of the Russian Federation is a non-uniform regulatory complex, which includes acts emanating from the public authorities at various levels of the state hierarchy (Appendix 6).

The main normative documents defining the specifics of currency legislation of the Russian Federation are:

- Law of the Russian Federation of 09.10.1992g. "On Currency Regulation and Currency Control";

- Instructions from the Central Bank of Russia 29.06.1992g. 7 On the order of compulsory sale of enterprises, associations and organizations of foreign exchange earnings through authorized banks and carrying out operations in the domestic market of the Russian Federation";

- Instructions CBR and SCC 19 (1993). "On the exercise of monetary control over supplies to Russia exports of goods";

- Instructions CBR and SCC 30 (1995). "On the procedure of currency control over the validity of payments in foreign currency for imported goods";

- RF Government Resolution dated 26.12.1995. 1267 On the introduction of a unified system of mandatory export estimates of the number, quality and price of export goods";

- Law of the Russian Federation of 18.08.1996g. "On state regulation of foreign trade barter."

Legal regulation in the Russian Federation for transactions with each type of currency values ??differently. Thus, the order of transactions with precious metals and stones is determined by the Russian Government, in particular the Committee of the Russian Federation in precious metals and stones. The procedure for handling and use of foreign currency in cash and securities in foreign currency installs Central Bank of Russia. The special features of the currency legislation of the Russian Federation is an unusual list of documents that are attributable to the category of securities that are denominated in foreign currencies. In addition to traditional types (stocks, bonds, checks, promissory notes and certificates) are included in it, and money orders, letters of guarantee and letters of credit, which by their nature were never securities.

The subjects of currency relations are the residents and non-residents of the Russian Federation. The basis of division of subjects of the currency market, whether resident or is recognized in international private law test of "residence". Residents of the Russian Federation recognized as legal entities established in accordance with its legislation and having it located. In determining the range of resident individuals is taken into account the criterion of permanent residence, known in private international law as the criterion of "domiciliation".

By their nature, all foreign exchange transactions carried out on the territory of the Russian Federation, divided into:

1. Transactions involving the transfer of ownership and other rights to currency values;

2. Import and forwarded to (from) the Russian Federation currency values;

3. Implementation of international money transfers.

Further, in order of implementation, foreign exchange transactions are subdivided into current foreign exchange transactions and operations related to the movement of capital.

For current currency transactions include transfers to (from) the Russian Federation of foreign currency for payments without delay of payment for exports and imports of goods and services as well as for settlements related to lending export-import operations for a period of not more than 180 days ; receiving and granting financial credits for a period not exceeding 180 days; Transfers to (from) the Russian Federation of interest, dividends and other income on deposits, investments, loans and other transactions involving the movement of capital; non-trade transfers to (from) the Russian Federation, including the transfer of the amount of wages, pensions, alimony, inheritance, etc.

Operations associated with the movement of capital, include direct and portfolio investments, giving and receiving financial loans for more than 180 days and the provision for deferred payment for a period exceeding 180 days for export and import of goods.

Russian banks can have three types of licenses to conduct foreign exchange operations: internal, expansion and general. The domestic currency license allows commercial bank to open foreign currency accounts only in Russian Federation. Extended License gives you the ability to open up to six accounts in foreign currency abroad. General license gives the right to open any number of correspondent accounts abroad and carrying out any operations with the currency of the Russian Federation and abroad.

In accordance with the currency legislation of all Russian enterprises regardless of ownership (including foreign investment) are obliged to sell 50% of foreign exchange earnings from exports of goods in the domestic market of the Russian Federation through authorized banks. The remaining amount of foreign currency can be used for any purpose permitted by law. Compulsory sale are not subject to the following foreign exchange earnings from non-residents: income as contributions to the statutory fund, as well as dividends from equity; proceeds from the sale of securities and dividends on securities; income in the form of donations to charity; income from loans borrowed and t.d.2.3. Exchange control in the Russian Federation

The liberalization of foreign economic activity has led to the emergence of new problems for the Russian economy, coupled with the "leak" of capital from the country. Developed a system of "flight" of capital from the Russian Federation, the main place in which is occupied by foreign trade operations. Estimated IBEC RF, translate up to 10% of its revenue from exports, which corresponds to about 4 billion. Dollars annually.

The reasons for hiding the Russian enterprises and citizens of foreign exchange earnings are: the economic downturn; the absence of a favorable investment climate; imperfection of the tax system; exposure limits. Lack of a clear foreign exchange legislation only promotes the development of the phenomenon.

The basic ways of capital flight from the Russian Federation are:

- Understatement and overstatement of export import price of the contract;

- Possession of offshore companies;

- Export of goods on time processing and storage abroad, followed by a non-return to the customs territory of the Russian Federation;

- Using Forms of international payments and non-currency payment mode barter, etc.

To prevent these phenomena requires an effective system of control over the timely and full repayment of foreign currency earnings to the Russian Federation.

In accordance with Article 11 of the Federal Law "On Currency Regulation and Currency Control" currency control in the Russian Federation shall exchange control authorities and their agents. Currency control authorities are:

1. The Central Bank of the Russian Federation;

2. The Government of the Russian Federation in accordance with the laws of the Russian Federation.

Currency control agents are:

1. Authorized banks reporting to the Central Bank of the Russian Federation;

2. Other organizations in accordance with the legislative acts of the Russian Federation may exercise the functions of currency control (see. Annex 7).

The Central Bank, as a body of currency regulation in the Russian Federation, is designed to implement the following functions:

- Issue licenses to banks and other financial institutions to conduct transactions in foreign currency;

- Develop and monitor the implementation of its orders, letters and instructions to commercial banks;

- Adjust the exchange rate of the ruble;

- Participate in the development of legislation on financial, including currency, market and others.

Exchange controls the movement of foreign currency in the territory of the Russian Federation carried out by authorized banks in conjunction with the SCC. However, their position in the system varies. In particular, the authorized banks have an ambivalent position. On the one hand, they are currency control agents accountable to the Central Bank of Russia and obliged to monitor implemented in Russia, residents and non-currency transactions over the compliance of these operations, law, the conditions of licenses and permits, as well as their compliance with regulatory acts of foreign exchange controls. On the other hand, in contrast to government agencies (State Customs Committee, the State Tax Service, and others.), Authorized banks are commercial organizations interested in attracting big clients, and those are the exporters and importers. This is especially relevant given the current in major cities such as Moscow and St. Petersburg, competition among commercial banks. That is why many banks are grappling with the problem of combining the two polar tasks: the implementation of the real exchange control and conservation klientov.2.4. Currency control over export-import operations

The main goal of such control - ensuring full and timely receipt of export earnings in Russia, as well as ensuring that the amount of funds in foreign currency translated at the payment for imported goods, the cost of actually imported goods into the country in a healthier state budget, strengthen financial discipline, development domestic foreign exchange market and the formation of the state foreign exchange reserves.

The basic document of currency control is the passport of the transaction (see. Appendix 8). He issued an exporter or importer of each contracting and contains a standardized form set out in the information on foreign trade, necessary to control the movement of foreign currency. The transaction passport is issued in duplicate and signed by an authorized bank or branch where open foreign currency account from which payments must be carried out under the contract. One copy of the passport of the transaction remains in the bank and serves as the basis for opening files of exchange control for export (import) of the transaction, the other copy is returned to the exporter (importer).

The transaction passport is signed: on behalf of the participant of foreign trade transactions - a person having the right of first signature on the account of the company with an authorized bank; on behalf of the bank - one of the responsible persons of the bank authorized to sign the passport of the transaction and other deals on foreign exchange control on behalf of the Bank as a currency control agent. The Central Bank shall inform the SCC of the authorized banks, banks bankruptcy victims who have been forced reorganization deprived currency license. The transaction passport, designed by one of these banks, shall be deemed invalid and the customs authorities shall release the goods, decorated with the provision of such a transaction passport.

Signing passport export transaction means that the exporter has assumed responsibility for full compliance with the information given in the data sheet, the contract on the basis of which it was made; enrollment in full and on time earnings from exports of goods under this contract to the foreign exchange account of the exporter in the authorized bank, in which he provides transaction passport for registration.

The signing of the import transaction passport means that the importer has taken responsibility for full compliance with the information given in the data sheet, the contract on the basis of which it was made; entry into the Russian Federation of goods in full and in a period not exceeding 180 calendar days between the day of payment of imported goods and the date of customs clearance, or impossible to deliver the goods - for the return of the passport to the specified current currency account importer prepayment previously translated foreign party contract or order a fixed term contract, but not more than 180 calendar days from the date of payment, unless otherwise authorized by the Bank Rossii.Osobennosti customs clearance of import and export goods in connection with the exchange control

Customs allow export and import goods for customs clearance only in the event the transaction passport (PS) in addition to the documents stipulated by the legislation. During the customs clearance on the basis of cargo customs declaration (CCD) constitute another document exchange control - registration card customs-bank control, contain the necessary information on the movement of exported and imported goods. State Customs Committee (SCC) send to the authorized banks index cards, grouping them in the registers (see. Annex 9) .2.5. Responsibility for violation of currency legislation

Responsibility for violation of currency legislation provided for in the Law of the Russian Federation of 09.10.1992, "On Currency Regulation and Currency Control". Some provisions of the Act are summarized in Table 2.5.1.

Table 2.5.1.

Basis of liability

(Offense) Sanctions

1. Making invalid by virtue of the Law "On Currency Regulation and Currency Control" deals confiscation of profits (total sanctions)

2. Unreasonable not purchase transaction as a result of illegal actions confiscation of profits not unduly acquired in the transaction, as a result of illegal actions

3. Failure to account for currency transactions penalty within unaccounted amount

4. Record keeping of currency transactions in violation of the established order of penalty up to the amount that was not properly taken into account

5. Failure to submit or late submission of organs or agents of foreign exchange control documents and information in accordance with paragraph 2 of Article 13 of the Law "On Currency Regulation and Currency Control" penalty up to the amount by which the documents and information were not submitted in the prescribed manner

Repeated execution of the offense in this table as well as prescriptions for non-residents of foreign exchange controls, including authorized banks and non-residents are liable to form:

1. Penalties state income amounts specified in this table (as well as fines within a 5-fold of these amounts), carried out CBR in accordance with the laws of the Russian Federation;

2. Suspension or withdrawal of residents, including authorized banks and non-residents issued by the authorities of foreign exchange control licenses and permits.

Recovery of these amounts of fines and other sanctions shall exchange control authorities, including at the agents of foreign exchange control, with legal entities - on an uncontested basis, with individuals - in court. Officials resident legal entities, including authorized banks and non-resident legal persons guilty of violating currency laws are criminal, administrative and civil liability under the laws of the Russian Federation.

In case of violation of the order of enrollment of foreign exchange earnings of the enterprise is a penalty in the amount of all the hidden revenue in foreign currency or the ruble equivalent of the amount of the penalty at the rate of the CBR. Payment of the penalty does not exempt the company from the compulsory transfer of foreign exchange earnings to the accounts in authorized banks of the Russian Federation and the mandatory sale of foreign currency earnings. Penalty is imposed the State Tax Service of the Russian Federation. Hidden under the proceeds in foreign currency meant revenues not credited to accounts with authorized banks in the Russian Federation, regardless of its reflection in the accounting companies, unless otherwise authorized by the Central Bank of the Russian Federation.

In addition, the company responsible for unjustified overstatement of expenses in foreign currencies that are attributable to the reduction subject to mandatory sale of export proceeds.

For wrong or delayed settlements on mandatory sale of foreign currency earnings authorized banks shall be liable to a fine for each violation of the requirements. A fine is produced mainly territorial departments of the Central Bank of the Russian Federation on an uncontested basis. To apply to authorized banks and other measures up to the revocation of the license to perform foreign exchange transactions.

Exporter liable to a fine for each day of delay in excess of the deadline for submission of the following information to the bank:

- For failure to submit to the bank information on entering into the contract, which is the basis of the signed SS;

- Additions and (or) changes that are affecting the SS (for registration of additional sheet SS);

- For failure to submit to the bank copies of GTD in a timely manner;

- For failure to comply with the instructions in the terms requested by the bank information.

But the amount of the fine shall not exceed the amount of the contract, according to which documents and information were not submitted in the prescribed manner. These fines levied Main Territorial Department of the Bank of Russia on an uncontested basis (through the cancellation of the amounts of fines from the accounts of the exporter in foreign currency or in rubles at the exchange rate ruling at the date of debiting the amount of the fine by order of the head of the respective chief of the Bank of Russia) on the results of independent audits as , including the presentation of banks and inspections carried out by the customs authorities, tax authorities, as well as the Federal Service Currency and Export Control of the Russian Federation.

Bank as a currency control agent is responsible for the actions of the exporter and importer. So, when hiding exporter of revenue for goods shipped to his bank fined all hidden exporter of revenue. Also in the case of the calculations for the imported goods currency transaction requiring a license of the Bank of Russia, without that the importer's bank is liable to a penalty in the state income all income derived from these operations. However, in a letter dated January 16, 1996 the Bank of Russia has suspended a number of provisions of the manual import currency control (30). Currently there are no guarantees of any provision of foreign exchange controls, or even sanctions, provides for the return to the state income illegally transferred abroad of foreign currency. Thus, banks are actually exempt from any liability for violation of currency legislation when importe.3. The financial crisis in August 1998 in the Russian Federation

So on August 17, 1998 Russian financial crisis hit. One of the main conclusions is the foreign exchange market was the collapse of Russia. Panic over, but not stable ruble exchange rate (see. Appendix 10).

Recent attempts to hold the ruble at the level of 6.3 rubles per US dollar cost of the Central Bank of about 9 billion. Dollars for 7-10 days. However, it is inexplicable and inconsistent looks sharp transition from rigid to support the ruble to its absolutely free floating while defaulting on T-bills, which led to financial disaster. If we let the ruble, the 9 billion. Dollars at the rate of 20 rubles to the dollar could extinguish almost all domestic government securities and avoid unilateral refusal to fulfill the state's obligations and the related crisis in the banking and payment systems.

Now the policy of currency regulation occupies a central place in the economic programs, both at the domestic scientists, businessmen and politicians, as well as the western financial crisis ekspertov.Globalny

Until recently, the global financial system virtually ignored the potential instability of financial markets, and international organizations were not designed to control and regulate capital flows. The gap between the dangers that were fraught with financial markets and the possibilities of their prevention and containment dramatically increased rapidly.

It took the most serious post-war systemic financial crisis that after many years of total and widespread liberalization came, finally, the realization that the real economy differs from the formula of one of the branches of the classical theory.

The first bell rang for the existing system in the 19995, when the Mexican crisis erupted. The most insightful financiers called it the first crisis of the new era of global finance. At the same time the IMF under US pressure, was forced to play the role of fire, giving Mexico an unprecedented time of the loan - $ 40 billion. Dollars. That crisis was extinguished without major shocks, but that's why no conclusions were made. International financial system remained unchanged.

One of the "discoveries" of today is that the complete removal of restrictions on capital movements rarely leads to an optimal allocation of resources. In addition, financial markets are imperfect information, and left to their "invisible hand", they do not become effective. On the contrary, it threatens to small and structurally immature economies (Russia refers specifically to those continuing to decline rapidly with falling commodity prices and the products of the first redistribution) strong shocks.

However, it would be wrong to say that the world is something inexplicable happened. Only been in practice illustrate the findings known Mundell-Fleming model (model M-F).

Back in the early 60s, these scientists have come to a very simple conclusion: the country is not given at the same time maintain a fixed exchange rate, monetary policy autonomy and capital mobility. According to the model

M-F, free migration of liquidity under a fixed exchange rate negates all the attempts of the central bank to adjust the saturation level of the economy with money. Meanwhile, the IMF relentlessly demanded from his respectable customers just such exercises. Research of Harvard University economist Dani Rodrik has shown that for developing countries there is a positive correlation between the liberalization of operations involving the movement of foreign capital, and economic growth, investment growth and reduce inflation.

Reforms under the dictation of the IMF in the first place led to an influx of "hot money" that destabilized the already not differ force emerging economies. It should be borne in mind that if the domestic markets of developed countries, instability in some extent smoothed governments, the mechanisms of regulation of the international capital markets is not there.

Since October The IMF seems to have started to attempt to overcome the ideological crisis. At the meeting in September in Washington, the annual session of the IMF and World Bank are discussing a new mechanism of assistance to countries that were on the verge of financial crisis. "New principles of IMF assistance will enable countries with the fundamental problems in the economy to convince international investors that they are able to meet its debt obligations before investors lose confidence in them," - said US Treasury Secretary Robert Rubin. According to the authors of the new scheme, fund loans will not be as cheap as it used to, and will not be sent to the borrower's debt restructuring.

A similar program is now preparing the World Bank, which under the new scheme is likely to act jointly with the IMF. According to the president of the World Bank James Wolfensohn, based lending mechanism crisis countries will be based on a system of emergency loans, which "will be issued for five years and a higher interest rate" .Kapitalny control

Gone are the days when the free cross-border capital flows embodied universal prosperity. Among economists and politicians is growing interest in measures that can limit or mitigate painful knockdowns that causes sudden exit of hot money from the markets of developing countries.

Capital controls - is not a new idea. He was the norm throughout the world until the late 70s. In France and Italy it existed until the end of the 80s. China and India are using capital controls so far. The most famous story of capital controls in Chile, introduced after the banking crisis of the 80s. Malaysia has introduced a series of drastic measures to resuscitation of capital controls in September 1998.

Thorough control of the government unleashes hand in economic policy, corresponding to the current internal interests of the country, without regard to the reaction of foreign investors. So, hard capital constraints and limited convertibility of the RMB allow authorities over the last year to pursue a policy of reducing interest rates to stimulate economic growth without adverse effects in the form of an outflow of speculative capital from the country. Chinese Yuan - one of the few in the developing world currencies, escaped panic devaluation and a half years of the Asian crisis. In addition, any restructuring of the financial sector is more convenient to carry out in a stable environment where capital flows within and outside the country under control.

Ability to monitor the operations of capital provides not only a charter of the IMF, but also documents the OECD, the community most economically developed countries. In addition, some forms of state control are present in the banking regulation or tax law stran.Mneniya many of our scientists, entrepreneurs and policy makers about the

financial crisis

One of the first was published an open letter to the Department of Economics of RAS scientists to the President, the Federal Assembly and the Government of the Russian Federation. It scientists propose the following measures aimed at stabilizing the currency market:

The main idea - reducing the outflow of foreign currency out of the country and their mobilization to ensure the solvency of the state currency.

1. Enter the mandatory 100-percent sale of foreign currency earnings to the Central Bank for a period of stabilization of the currency market.

Tighten the procedure for the use of foreign currency. It must be sold primarily under import contracts and obligations for the liabilities.

Significantly limit the number of commercial banks have the right to conduct foreign exchange transactions.

2. The Government and the Central Bank of the Russian Federation (as the main body of currency control) to reduce the time mandatory repatriation of foreign exchange earnings on exports (except for high-tech products) and repayment of advances on imports, conduct other measures to tighten foreign exchange controls.

3. In order to maintain convertibility on current operations temporarily adjust technology trade exchange in the MICEX trading system and provide additional constraints on the application for purchase of foreign currency.

4. For the purpose of reduction of cash-dollar turnover and recruitment of foreign exchange resources of the state to place state currency loan from the population. To increase the attractiveness of such a loan to solve the issue of the legalization of income of the population through this loan without any restrictions on the amount of investment. Release earnings on the loan from taxes.

5. Restore the Institute of special exporters for strategic goods. Centralize currency flows and balances on trade in strategic goods in the authorized state banks, primarily in Vneshtorgbank.

By this letter was signed by academicians Lvov DS, Abalkin LI, Bogomolov OT, VL Makarov, Nekipelov AD, Petrakov NY et al.

An important issue of effective functioning of the financial system, according to the director of the Center study ko?yunktury prices and market (TSENAKOR) V.Shprygina is to determine the exchange parity of the ruble. Ruble should be convertible currency. Currently, however, there are sharp differences between the regional economy in the country, underdeveloped market relations. So talking about the free convertibility of the ruble in these conditions prematurely.

According TSENAKOR, before the financial crisis the market rate of the dollar, depending on the region fluctuated in relation to the weight of the ruble as a 1: 3.5. Sharp differences in the differentiation value of the dollar observed in the commodity markets. Follow non-durable goods on June 1 the ratio of the dollar against the ruble was 1:23 at an exchange rate of 1: 6, which made profitable imports to Russia, and in engineering products and basic food commodities (without meat) - 1: 4.

Assessment conducted TSENAKOR dollar for comparable consumer basket (including basic food commodities, the price and utilities) have shown that the price of the dollar in June was in Moscow 5.3 ruble, Black Earth region of Russia - 3.2 rubles, Vorkuta 14 rubles at the official exchange rate of 6 rubles.

These estimates of the dollar to a certain extent are conditional and do not claim to ultimate truth. But, according to V.Shprygina, they provide a reasonable basis for the following conclusions:

1. Folding markets the dollar more than 10 rubles is overpriced.

2. Dollar in Russia became a commodity whose price is subject to fluctuations ko?yunkturnym supply and demand, often wearing a speculative nature and do not reflect real changes in the real economy.

In this regard, the dollar is currently unable to perform the object of a hard peg of the ruble. His course should be adjusted by the state.

3. Valuation of the content of the ruble should be determined by the value produced in the country of commodity mass, that is the real state of the Russian economy prices.

Carried out in recent years the policy of price liberalization led to a complete separation of the price proportions from their base - the socially necessary labor costs, which creates incorrect cost benchmarks in the industry.

We - bankrupt? This is the thesis expressed director of the Institute of Economics Academy of Sciences, Academician L. Abalkin. He follows his comments on the idea.

Dollarization of the economy is worrying more serious than it may seem at first glance.

There is a standard provided by famous European Maastricht: if the amount of the debt exceeds 60 percent of annual GDP, the country is bankrupt.

Data on GDP for the first half - 2.18 trillion. Rubles. External debt is estimated at 140 billion. Dollars. The evaluation at the exchange rate 1 to 6, the debt - 840 billion. Rubles. If we take the total GDP of Russia for 2.4 trillion. Rubles, the external debt of the order of 35 percent. And if the rate of 1 to 20, the same 140 billion. Dollars already equals 100 percent. This restatement has no under itself any major economic reasons. Dollarization puts Russia in the situation of the country, the loss of independence in economic policy.

Many publications have appeared after the August collapse of the financial markets, is remembered in this regard "gold" gold coin of the first years of the Soviet NEP. This economic tool will then put an end to the financial chaos, the country inherited from the war communism and civil war.

What exactly is the problem? Should be offered to replace the dollar is a store that would inspire confidence and at the same time allow the deferred funds to invest in the industry. Just for this purpose best and went to gold piece - not Soviet, it is not a "gold". In short, the Russian gold coin.

But under certain mandatory conditions:

1. First of all, a gold coin should be provided with a set of precious metals - gold, palladium, platinum. "Fix" it to multiple metals then you need to increase the power of the issue and make a new currency more stable. Gold increasing its global production is cheaper, but platinum and palladium, the use of which in the art of the XXI century is expanding, becoming more expensive;

2. Golden denomination may be indicated on the bill with a high degree of protection, and in a special bank account. But for those who have repeatedly burned and on the contributions of the Savings Bank, and "mavrodievkah" can be released and coins, only those to their denomination correspond to the real value.

Arose between the ruble and foreign currency, the Russian gold coin will take the brunt of foreign trade of the country, home to fend ruble from the vagaries of the weather on the currency exchange.

It seems logical to define it for three (and only three) applications:

1. Purchase and sale of freely convertible currency;

2. Operations with precious metals (both the bank and legal entity, and any citizen can buy them only for the gold piece);

3. Maintenance of foreign trade - customs duties are paid only chervontsi.

Organization of external currency market

Institute of Foreign Currency Market

Means of exchange

The exchange rate

Allowance payments for international transactions

Import and export of goods

Non-commercial operations

Account to capital movement

Electoral effect

Effect of exchange rates on aggregate demand

The mechanism of "currency intervention"

Currency intervention in the foreign exchange market

Free Floating

Fixed exchange rates

Go to the controlled Floating

State intervention in the foreign exchange system

Effect of exchange rates on aggregate supply

Sterilization Other means and methods of influencing the foreign exchange rate

D International lending and funding to developing stranD main forms of lending to developing countries

D Official development finance on a bilateral basis

D Official development finance on a multilateral basis

D Official Development Assistance of non-OECD

$ Currency risks and methods of their insurance

$ Protective reservations

$ Currency options

Forward foreign exchange contracts $

$ Currency Futures

$ Interbank transactions "swap"

Y International Monetary Fund (IMF)

Y and IMF balance of payments of the participating countries

Y Bank for International Settlements (BIS)

Y Dollar - an instrument of American expansion

Y Kennedy - the search for salvation

O Russia in international monetary relations

O position of the Russian ruble in the world currency market

O Balance of Payments RossiiLiteratura

1. R.Makkonnell Campbell, Stanley L.Bryu

"Economics", 2m., M., "The Republic", 1993

2. Peter S.Rouz, "Bank management", M., "The thing Ltd", 1995

3. "The course of economic theory", ed. Chepurin MN Kiseleva EA, Kirov, 1993


1. The Law of the Russian Federation dated 09.10.92 3615-1 On Currency Regulation and Currency Control"

2. Instructions CBR from 29.06.92 7 On the order of compulsory sale of enterprises, organizations of foreign exchange earnings through authorized banks and carrying out operations in the domestic market of the Russian Federation"

3. Fundamentals of international monetary and credit relations: Textbook / Research. Ed. Dr. Economic Sciences, Professor VV Kruglov. - M .:

INFRA-M, 1998.

4. Gerchikova IN Management: Tutorial - 3rd ed., Rev. and add. - M .: Banks and stock exchanges, UNITY, 1997.

5. Campbell R. McConnell, Stanley L. Brue Economics: Principles, Problems and Policies. 2 v. Trans. from English. 11th ed. V.2. - M .: Republic, 1993.

6. P. Bykov, A. Ivanter Brainstorming // Expert. 1998. 39

7. V. Rzhanitsky short money Trespassing! // Expert. 1998. 42

8. Lions DS, Abalkin LI, Bogomolov OT et al. An open letter to the Department of Economics of RAS scientists to the President, the Federal Assembly and the Government of the Russian Federation // Economy and life. 1998. 37

9. N. Petrakov, A. Godzinsky and pay off your debts and revive production // Economy and life. 1998. 39

10. V. Shprygin speculative dollar reeling economy // Economy and life. 1998. 39

11. A. Movsesian At the crossroads // Economy and life. 1998. 39

12. L. Abalkin Defaults: "Behold the root" // Business and Life. 1998. 42

13. Frolov, V. Lukyanin "Gold" against the "green" // Business and Life. 1998. 45

Appendix 1 Classification of exchange

Criterion currencies

1. On the status of currency






2. In relation to the foreign exchange reserves of the country


Other currencies

3. Application Mode

Freely convertible

Partially convertible


4. By type of currency transactions

Currency of the contract price

Currency of payment

Loan currency

Currency clearing

Currency bills

5. In relation to other currencies

Strong (hard)

Weak (soft)

6. material form



7. According to the principle of building

"Basket" type


Annex 2 Special Drawing Right - SDR

From 1 January 1981 the standard "basket" of currencies includes 5 currencies. The composition and weight of the individual currencies are reviewed every 5 years. The weights of currencies in this "basket" reflect the relative importance of each of the five currencies in the world trade and payments as measured by the value of exports of goods and services each of these countries as well as in terms of assets in the currency, which used the member countries of the IMF as a reserve during the preceding period of 5 years.

At present, the "basket" of currencies SDR includes:

- US dollar 39%

- 21% of the German mark

- Japanese yen 18%

- 11% of the French franc

- British Pound 11% Appendix 3 ECU

In 1995, the currency "basket" ECU consisted of:

- German mark 30.53%

- French franc 19.43%

- British Pound Sterling 12.06%

- Italian lira 9.95%

- Dutch guilder 9.54%

- Belgian franc 7.83%

- Spanish peseta 5.18%

- Danish krone 2.53%

- Irish pound 1.12%

- Portuguese escudo 0.78%

- Greek drachma 0.77%

- Luxembourg franc 0.31%

Add to Cart ECU are not yet Currency Finland, Sweden and Austria.

The European Commission calculates the daily ECU in various currencies of EU Member States on the basis of exchange rates. Review of the composition of the currency basket is held once in five years, and at the request of the country, to the ECU exchange rate which rose more than 25% .Prilozhenie 4 the exchange rate regime in 1995

The exchange rate regime Number of Countries

Fixed rates


23 to the US dollar, Argentina, Syria, Lithuania, Iraq, Panama, Turkmenistan, Venezuela, Nigeria, Oman and others.

The French franc 14 African countries included in the franc zone

Other currencies 7 Namibia, Lesotho, Swaziland (South African Rand), Estonia (German brand), Tajikistan (Russian ruble)

By SDR 4 Libya, Myanmar, Rwanda, Seychelles

A basket of currencies of 20 Cyprus, Iceland, Kuwait, Czech Republic, Bangladesh, Hungary, Morocco and others.



With the new settings 3 Chile, Ecuador, Nicaragua

Adjustable diving 36 Israel, Turkey, South Korea, Russia, China, Malaysia, Poland, Slovenia, Singapore and others.

Free swimming 59 United States, Italy, Switzerland, India, Ukraine, Canada, the Philippines, Norway, United Kingdom, Azerbaijan and others.

Mixed swimming


For a single currency (the dollar) 4 Bahrain, Saudi Arabia, Qatar, the United Arab Emirates

The group of 10 countries in EMU currencies

Appendix 5 Classification of exchange rate

Types of exchange rate criterion

1. A method of fixing




2. Calculation Method



3. Type of transaction

Term transactions

Spot transactions

Swap transactions

4. A method for establishing



5. Relationship to purchasing power parity




6. The shareholders of the transaction

Purchasing rate

Selling rate

Mean rate

7. When adjusted for inflation



8. By way of sale

Rate of cash sales

The non-cash sale

Wholesale exchange rate


Annex 6 State bodies, emitting acts of currency legislation

Authority issued acts of currency legislation (an institutional aspect) Acts of currency legislation (normative aspect)

I. The bodies of general competence

1. The Federal Assembly of the Russian Federation Federal laws

2. The Government of the Russian Federation Resolution

3. Decrees of the President

II. Bodies of special competence

1. The Central Bank Regulations, instructions, orders, letters and explanations

2. The Ministry of Finance Regulations, instructions, orders

3. SCC Regulations, instructions, orders

4. The Committee of the Russian Federation for the precious metals and stones Regulations, instructions, orders

Appendix 9

1 - exporter provides the customs authority GTE; 2 - exporter receives a copy of the customs authority of GTE;

3 - the exporter provides the bank received a copy of the GTE; 4 - based on data from GTE SCC forms registries index cards and sends them to the authorized banks; 5 - copy of the register is divided into registration cards and distributed to the relevant files; 6 - a photocopy of the registration card bank sends the exporter; 7 - own a copy of the completed registration card exporter returns to the bank; 8 - a copy of the registration card filled exporter, the bank sends the dossier; 9 - Bank completes the second copy of the registry and send it to the State Customs Committee of the Russian Federation;

10 - after receiving the full amount of foreign currency earnings bank closes the file and sends it to the archive; 11 - after treatment in the EC SCC operational and statistical information submitted to the Central Bank and other bodies of currency control.












Central Bank of Russia

Archive Bank



Dossier Bank




Movement through commercial banks GTD index cards and registers of SCC

Annex 7

Mandatory sale of 50% of foreign exchange earnings


for imports


for export





Central Bank of Russia












The interaction of the subjects of the currency market of the Russian Federation





, '








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