Money. Credit. Banks. Foreign exchange market (lecture notes)

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Money. Credit. Banks. Foreign exchange market (lecture notes)

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Foreign exchange market

The foreign exchange market is a set of foreign exchange transactions carried out by residents and non-residents. The structure of the foreign exchange market is formed by foreign exchange relations as a result of foreign exchange transactions carried out by subjects of the foreign exchange market. Foreign exchange transactions can be carried out in national and foreign currencies, and also be associated with foreign currency values and securities denominated in Russian currency. In accordance with Russian legislation, currency transactions are actions related to:

a) transfer of ownership and other rights to currency values, including operations related to the use of foreign currency and payment documents in foreign currency as a means of payment;

b) import and shipment to the Russian Federation, as well as export and shipment from the Russian Federation of currency values;

c) making international money transfers;

d) settlements between residents and non-residents in the currency of the Russian Federation.

Currency values are:

a) foreign currency;

b) securities denominated in foreign currency, payment documents (checks, bills and other payment documents), equity securities (including shares, bonds) denominated in foreign currency,

c) precious metals - gold, silver, platinum and platinum group metals in any form and condition, with the exception of jewelry and other household products, as well as scrap of such products;

d) natural precious stones - diamonds, rubies, emeralds, sapphires, and pearls, with the exception of jewelry and other household products made from these stones and scrap of such products.

Subjects: residents (individuals, branches of enterprises abroad, consulates), non-residents.

Currency transactions are carried out on the basis of currency agreements. A currency contract is a monetary transaction with a currency. Currency contracts are concluded in accordance with national currency law.

Current foreign exchange transactions: currency transfer associated with the immediate movement of goods (<90 days); credit <180 days; transfer%, dividends; non-trade transfers (salary, transfers, training).

Foreign exchange transactions with capital movements: direct investments (in UK); portfolio investments (shares); transfers in payment for the ownership of subsoil, buildings; deferred payments >90 days; credit >180 days.

Author: Shevchuk D.A.

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