Meaning of currency operations and their types

3. International banking payments and transfers carried out in order to acquire: the residents of securities issued by non-residents; residents of securities issued by residents - are produced in accordance with the National Bank of Kazakhstan and consistent with the authorized state body on regulation and supervision of financial markets and financial institutions, subject to the provisions of international treaties to which the Republic of Kazakhstan.

4. Foreign currency earnings flowing to the export of goods and services from the Republic of Kazakhstan, to accounts of resident banks in the Republic of Kazakhstan without restrictions.

International money orders, and forward foreign exchange assets

International money orders, and forward foreign exchange assets by the National operator of mail in accordance with the laws of the Republic of Kazakhstan.

Import and export of currency values, cash in national currency, securities and payment instruments, value and (or) the cost of which is denominated in national currency:

1. Import of foreign exchange assets by residents or nonresidents shall be in accordance with the laws of the Republic of Kazakhstan.

2. The procedure and rules of export of currency values ??established by the National Bank of Kazakhstan.

3. (Excluded)

4. Import and export of cash in national currency and payment instruments in the national currency effected in the manner prescribed by the National Bank of Kazakhstan.

5. Importation and exportation of securities, whose nominal value is expressed in national currency shall be exercised in the manner determined by the authorized state body on regulation and supervision of financial markets and financial institutions, in coordination with the National Bank of Kazakhstan.

6. Customs clearance of import and export of currency values ??is carried out in accordance with customs legislation.

2. Types of currency operations

2.1 Term (forward) operations in foreign currencies

Currency transactions are:

1) transactions involving the transfer of ownership and other rights in currency values;

2) The importation and transfer to the Republic of Kazakhstan, as well as the removal and shipment of the Republic of Kazakhstan currency values in any way.

2. Currency operations between residents and nonresidents are classified into current operations and operations involving the movement of capital.

3. Current operations are:

1) transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for a period of 180 days;

2) the provision and access to credit for not more than 180 days;

3) the transfer and receipt of dividends, interest and other income on deposits (deposits), investments, loans and other transactions;

4) transfers of non-trade concerns, including grants, transfers of sums of inheritance, wages, pensions, alimony, and others;

5) All other foreign exchange transactions not covered by this Act to transactions involving the movement of capital.

4. Operations involving the movement of capital are:

1) Implementation of investments;

2) transfer to the settlement of transactions, providing a complete transfer of exclusive rights to intellectual property;

3) Transfers of property in payment for property rights, except for the property, which is equated to the real things;

4) Transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for more than 180 days;

5) The giving and receiving credits for a term exceeding 180 days;

7) international transfers for transactions related to the accumulation of pension assets;

8) international transfers of insurance and reinsurance contracts cumulative nature;

9) transfer to trust management of currency values.

5. Currency in payment for exports of goods (works, services) must be received by residents and credited to their accounts in authorized banks within 180 days from the date of export of goods (works, services), or within 365 days from the date of export of certain goods, list of which is Government of the Republic of Kazakhstan, unless otherwise established in the license of National Bank of Kazakhstan.

Based on the license of the National Bank of Kazakhstan may be credited currency received by residents as payment for exports of goods (works, services) to their accounts in foreign banks or other financial institutions have the appropriate authorization under the laws of the States in which they are registered.

6. Currency, translated by a resident in a non-resident, for the settlement of import transactions, providing for advance payment for goods (works, services) in the event of default by non-residents must be received by a resident and deposited to his accounts in authorized banks within 180 days from the date of transfer unless otherwise established in the license of National Bank of Kazakhstan.

7. Failure to return from abroad of foreign currency to be paid in accordance with the laws of the Republic of Kazakhstan to mandatory transfer to the accounts in authorized banks of Kazakhstan, as well as non-receipt of goods, an equivalent amount of money paid for it, or failure to return the money to import transactions within the deadline set currency legislation of the Republic of Kazakhstan, punishable under the laws of the Republic of Kazakhstan.

Urgent exchange transactions (forward, futures) - it's foreign exchange transactions in which parties agree to supply due to the amount of foreign currency after a certain period after the transaction at the rate fixed in the time of its conclusion. From this definition implies two features of term foreign exchange transactions.

* There is an interval in time between the conclusion and execution of the transaction. In the present conditions of the transaction execution time, ie, the supply of currency is defined as the end of the period from the date of the transaction (the period 1-2 weeks, 1,2,3,6,12 months to 5 years) or any other period within period of time.

* Exchange Rate Futures currency transaction is recorded at the time of the transaction, although it is performed after a certain period of time.

Futures in foreign currencies are committed to:

* conversion (exchange) currency for commercial purposes, advance sale of foreign exchange or purchase foreign exchange for future payments to hedge currency risk;

* Insurance portfolio or direct investments abroad against losses in connection with a possible lowering of the currency in which they are implemented;

* obtaining speculative profits at the expense of foreign exchange.

The use of forward contracts to cover currency risks when making business transactions has become widespread in the late 60's and early 70's in a crisis the Bretton Woods monetary system and the transition to floating exchange rates.

2.2 Foreign exchange transactions

«SPOT»

These operations are the most common and account for up to 90% of foreign exchange transactions. Their essence is the buying and selling currencies on the terms of its delivery partner banks on the second business day following the date of the transaction at the rate fixed in the time of its conclusion. Are regarded as working days for each of the currencies involved in the transaction, ie, if the next day after the date of the transaction is not a business for a single currency, the delivery rate is increased by one day, but if a non-working day thereafter for another currency, the delivery time increases by 1 day. For the transactions concluded on Thursday, the normal delivery time - Monday to Friday and Tuesday (Saturday and Sunday - days off).

Transaction «spot» delivery of currency is the accounts listed banks - recipients. Two days of the transfer rates for the previously concluded transaction was dictated by the objective difficulties to implement it in a shorter period.

Foreign exchange transactions for immediate delivery are the most mobile element of the foreign exchange position and contain risks. With operations «spot» banks provide their customers' needs in foreign currency, capital mobility, including «hot» money from one currency to another, carry arbitrage and speculation.

«SWAP»

A variety of monetary transactions, which combines the cash transaction, the transaction is «swap». Such deals are known since the Middle Ages, when Italian bankers conducted operations with the bills, were further developed in the form of operations. Report-a combination of two mutually related transactions: cash foreign currency sales and purchase it on time. Backwardation is a combination of the same transactions, but in reverse order: the purchase of foreign currency on a «spot» and the short sale of the same currency.

Later, the operation «swap» taken the form of share banks deposits in various currencies in equivalent amounts. The disadvantage of such an operation was to increase the bank's balance sheet in the amount of the operation, which worsened his odds and created additional risks. Exchange transaction «swap» solve these problems: recognition of liabilities carried on off-balance-sheet item, exchange occurs in the form of sale, ie, a single transaction.

«Swap» - this exchange transaction, which combines the purchase and sale of two currencies on the conditions for immediate delivery with simultaneous for a certain period with the same currency. At the same time agree on payment of colliding two partners (banks, corporations, etc.). Of Operations «swap» cash transaction is carried out at the rate of «spot», which kontrsdelke (time) is adjusted for the premium or discount, depending on exchange rate movements. The client saves on margin - the difference between the rates of the buyer and seller in cash transaction. Operation «swap» convenient for the banks: they do not create an open position (buying selling covered) temporarily provide the necessary currency without risk of changing its course. Operation «swap» is used to:

* making business transactions: The bank sells foreign currency for immediate delivery conditions and simultaneously buys at the time.

* the acquisition of Bank of currency without currency risk (based on coverage) for International Settlements, the diversification of foreign exchange holdings.

* the mutual inter-bank lending in two currencies.

The essence of the transaction «swap» between the central banks is as follows. Federal Reserve Bank of New York, by arrangement, for example, the German Federal Bank sells U.S. dollars to him under the immediate delivery (writes dollars in the bank account in itself), and the German Federal Bank shall credit the equivalent amount in DM at the expense of Bank of New York. Thus, the U.S. gets the credit, create a reserve of foreign currency by using it for currency intervention or currency diversification. At the same time the Federal Reserve Bank of New York concluded forward contracts with the German Federal Bank, and upon the occurrence of the term from the central bank buys dollars on stamps of Germany. The U.S. actively use the transaction «swap» in order to support the dollar in the fall of his course in the 70s.

Operation «swap» committed not only to the currencies, but with interest. The essence of this deal with the interest lies in the fact that one party agrees to pay another interest at LIBOR in exchange for receiving interest at a fixed rate in order to profit from the difference between them. At the same party with the medium-term investment at a fixed percentage, but the short-term liabilities, or liabilities under revision percentage, insures its interest rate risk (interest position), «buying» long-term fixed rate or vice versa.

Documentation of Operations «swap» relatively standardized, includes provisions for non-payment of their termination, technology exchange obligations, as well as the usual points of the loan agreement. They make it possible to obtain the necessary currency to compensate for the temporary outflow of capital from the country to regulate the structure of foreign exchange reserves, including the official ones.

currency term foreign exchange

Conclusion

Thus, we learned that the main document that regulates the exchange relations in Kazakhstan - Law of the Republic of Kazakhstan «On Currency Regulation» December 24, 1996 №54-I» Payments between companies resident Kazakhstan in rubles can be performed without restrictions. But foreign exchange transactions between entities are prohibited (Section 1, Art. 9 of the Law №173-). Kazahstan firms have the right to buy and sell foreign currency. Allowed to perform such operations only through the banks, that is licensed by the Bank of Kazakhstan for foreign currency transactions (Section 1, Art. 11 of Law №173-). Purchases and sales of foreign currency in the domestic foreign exchange market there ¬ organizations are empowered through ¬ nye banks.

In addition, Kazakhstan companies can have accounts and deposits in foreign currency. And to open foreign currency account in a bank can not only Kazakhstan but also abroad.

Settlements between Kazakhstan and foreign firms can be carried out in foreign currency and in rubles. Conducting foreign exchange transactions, firms are also required to issue a passport for each transaction the foreign trade contract.

In conclusion, we note that all bank transactions involving foreign exchange, requires a special skill, and not accidentally Western businessmen called the foreign exchange is not a science, and art that should have every bank wants to achieve success in international business.

This appears even more relevant in today's market, because the deep restructuring of the foreign economic activity in our country requires appropriate changes in the banks in the diversity of their external and internal communications.

The main objective of a commercial bank - extracting maximum profit. Path of growth of bank profit may be different. This growing range of services provided by the bank, raising prices for services, cost reduction Banking others. Of course, the easiest way to increase income of the bank - it's higher prices for banking services. At the same time, their level is not unlimited. Among the many factors that determine the level of prices for banking services, the main advocate a competitive market environment, increased supply of banking services, as well as the regulatory role of the state, which is implemented primarily through the establishment of the Central Bank discount rate

Specificity of banking is that partnerships with clients based on mutual interest - the most effective combination of their interests in income growth. It should be borne in mind that your goals can be realized only bank in meeting the needs of its customers. Therefore, the bank is extremely important to the optimal structuring of these interests and their activities both in the temporal aspect, and on the services provided in areas of active and passive operations.

The development strategy of the bank, combining its development goals and the means to achieve them, based on the following principles:

- Maximizing the profitability of the bank in order to ensure its competitiveness, growth and equity incentive enough workers. But the realization of this goal is closely linked with the principle that the development strategy of the bank;

- Expanding the range and quality «products» of the bank with a focus on the real needs of the financial market by studying the desires of clients - individuals and legal entities. It should be remembered that the location of the bank in the banking market and is closely related to the cost of these services - it should not exceed the current market, and to be as low as possible. This allows us to attract new depositors funds to expand clientele of the bank;

- One of the most important parts of the bank's development strategy supports a systematic approach to its activities. It is important to investigate the forward and backward linkages with the bank's external environment, flexibility and adaptability of its internal structure, so that it was always adequate to the changing conditions of its activities.

For the bank, beneficial to the relationship, «Bank - Client» were not one-off and sustained. This is one of the essential features of banking. But such stability relationships that benefit both the bank and its customers, provided the entire system of economic, social and psychological factors that each bank seeks to maintain its position and increase profits, should be carefully examined, creating your own image.

Becoming a foreign exchange market has its own specifics, which consists in preserving the still very high degree of centralization. This is due to the limited foreign exchange resources the country in general and, in particular, in the authorized banks with insufficient good contacts honey authorized banks, due to the fact that the system of credit relationships in a centralized economy was based on a vertical basis.

Nevertheless, there is reason to believe that in the long term foreign exchange market will develop in the RC line with the basic laws that are manifested in the international practice. In the meantime, it should be borne in mind that at the initial stage of development of each national currency market will be regulated. The volume of currency transactions authorized banks depends on the size (limit) of funds in their accounts in foreign currency. As the international experience, a significant decentralization of foreign currency transactions and assets occurs only at a certain stage of development of the foreign exchange market, which is characterized by a significant increase in the volume of foreign trade, foreign hardening of positions of firms and companies, as well as the solvency of commercial banks. Only after a sufficiently long period of time there is no urgent need to establish limits on open foreign exchange position of commercial banks and for the mandatory sale of foreign exchange earnings for the enterprise. However, such a limitation to a certain point allows the central bank to effectively restrain the holding of speculative operations through the implementation of operational control over foreign exchange transactions of commercial banks, as well as to maintain the relative stability of the internal circulation of money, to keep what is called the «imported inflation».

But be that as it may, the shifts in the monetary sphere are obvious: the state waived the absolute claims of foreign currency, demand for a well-defined, although considerable, the proportion of revenue. The rest of the owners may dispose of the currency at their discretion, in particular, to implement it for rubles at a very favorable market rates by means of the mechanism of inter-bank transactions, transactions in foreign exchange markets and auctions. Opportunity to commit these transactions of purchase - sale of foreign currency mark the beginning of the formation of the present foreign exchange market. This process will be encouraged to further decentralization, dispersion of foreign exchange transactions of authorized banks. It is obvious that the real currency market can not be built without a broad network of independent brokers and banks, without their cooperation and healthy competition.

Summing up the results of this work the following conclusions:

With the introduction of the Law «On currency regulation» a new stage of economic development.

By establishing the basic provisions of the currency legislation places greater responsibility on the most highly organized economy - banking.

However, for more efficient exchange controls in the country will require close cooperation between all authorities and currency control agents. This interaction should manifest itself as a joint creation of new regulations, and in the active implementation of these acts in life, in exchange for all the important subjects of the exchange control information about managing objects, performing currency transactions.

In this paper, we consider two functional schemes of exchange control in an authorized bank and made their comparative characteristics.

Discussed in greater detail the operation of legal entities, as requiring special attention from the foreign exchange control.

Literature

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