Banking. Currency transactions (most important)

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Banking. Currency transactions (most important)

Lecture notes, cheat sheets

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Topic 77

Currency transactions include transactions related to: 1. - with the transfer of ownership of currency values, 2. - using currency as a means of payment, as well as rubles in the implementation of foreign economic activity, 3. - with export and shipment to Russia (and back) currency values, 4. - with the implementation of international money transfers. Operations with foreign currency and securities in foreign currency are divided into current operations and operations related to the movement of capital.

To current operations include transfers to Russia and back of foreign currency for settlements without deferred payment for exports and imports of goods, works and services, as well as transfers for settlements of foreign trade operations related to lending for a period not exceeding 180 days. Current operations also include the receipt and provision of loans for a period not exceeding 180 days, transfers from Russia and to Russia of interest, and dividends and other income on deposits, investments, loans and other operations related to the movement of capital. Transfers to and from Russia of a non-commercial nature, such as salary, pension, inheritance, alimony, etc., are also current transactions.

Foreign exchange transactions related to capital movements, include:

▪ direct investment, i.e. investing in the management company of an enterprise in order to generate income and obtain rights to participate in the management of the enterprise,

▪ portfolio investments, i.e. purchasing securities prices,

▪ providing and receiving financial loans for a period of more than 180 days,

▪ all other currency transactions are not current.

To determine the nature of the operation, the period of the transaction is of fundamental importance. When importing goods, the starting date of the transaction is the date of shipment, which is understood as the date of loading on board, dispatch or acceptance for carriage, indicated in the transport documents. The starting date of the transaction for the export of goods is the date of customs clearance of each individual shipment. Obligations under the transaction are considered fulfilled on the day of receipt of funds to the exporter's account. The object of transactions in the Russian foreign exchange market are currencies and currency values, the concept of which is formulated in the Law of the Russian Federation "On currency regulation and currency control" of 1992.

Spot currency transactions. The essence of a spot currency transaction is the purchase and sale of currency on the terms of its delivery by counterparty banks on the second business day from the date of conclusion of the transaction at the rate fixed at the time of its conclusion. The delivery date of the currency is called the “value date”, i.e. it is the date when the relevant funds are actually due to be available to the parties to the transaction. In a spot currency transaction on the market, the telegraphic transfer rate is usually used.

Currency futures transactions. Futures transactions represent the purchase and sale of assets at a price fixed at the time of the transaction with the execution of the transaction after a certain period of time. This purchase and sale is carried out on the basis of signing a futures contract.

Currency futures is a contract for the purchase and sale of currency in the future, according to which the seller assumes the obligation to sell, and the buyer to buy a certain amount of currency at a set rate and within a specified period.

Foreign exchange forward transactions.

Forward transactions - these are transactions for the purchase and sale of currency by banks in the over-the-counter foreign exchange market, subject to their payment at the rate agreed upon at the time of the conclusion of the transaction after a certain time after the conclusion of the contract. In the forward market, forward contracts are bought and sold, which differ in volume and terms of the contract - 1, 3, 6, 9 and 12 months. At the time of the transaction, no deposits or other amounts are transferred.

Goals of forward operations: real buying and selling of currency, insurance, speculation.

Authors: Shevchuk D.A., Shevchuk V.A.

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