Accounting import operations.main tasks of accounting and cash in foreign currency are accurate, complete and timely accounting of the funds and operations of the movement, control over the availability of funds and monetary instruments, their safety and the proper use, monitoring of compliance with the cash and cash-payment discipline; identifying opportunities for more efficient use of funds.
1. Meaning of currency operations and order in relation to the currency of legal entities and individuals
1.1 The concept of currency
(English currency) - the country's monetary unit used to measure the value of goods.concept of currency is used in three senses:currency of a country that is used in foreign economic relations and international transactions with other countries (national currency).
Banknotes foreign countries (foreign currency), as well as credit and payment instruments denominated in foreign currency units and are used in international payments.
International (Regional) monetary unit of account and means of payment (SDRs, ECUs, formerly the transferable ruble in Comecon, Arabic accounting dollar, Andean pesos, etc.).Law «On Currency Regulation and Currency Control» dated October 9, 1992 defines the term «currency of the Russian Federation») in circulation, as well as withdrawn or being withdrawn from circulation, but can be exchanged rubles in the form of banknotes and coins Central Bank;) funds in rubles in bank accounts and other credit institutions in Russia;) funds in rubles in bank accounts and other credit institutions outside the Russian Federation on the basis of an agreement concluded between the Government and the Central Bank with the relevant foreign authorities on the use of the national territory of the Russian Federation in foreign currency as legal tender.activities of the foreign exchange market is based primarily on currency transactions related to changes in ownership and other rights in currency values, using as a means of payment in foreign currency and payment documents in foreign currency, import and shipment to Russia, as well as the removal and shipment of the Russian Federation currency values, the implementation of international transfers.the aforementioned Act, under «foreign exchange» means:) bank notes in the form of bank notes, treasury notes and coins in circulation and are legal tender in the foreign country or group of states, as well as withdrawn or being withdrawn from circulation, but can be exchanged banknotes;) Funds in the accounts in the currency of foreign countries and international monetary or settlement units.
According to the principle of identity.can be subdivided into different types on the basis of membership:national currency
foreign currencyinternational (regional) currency45
Arabic dinar, Andean pesos, the transferable ruble
reserve currency(the key) currency (English reserve currency) - foreign currency in which the central banks of other countries to accumulate and store reserves for International Settlements on foreign trade transactions and foreign investment., the role of reserve currency appeared Pound, who played a dominant role in international payments. Decisions of the conference at Bretton Woods (USA, 1944) along with the pound sterling as an international payment and became the reserve currency the U.S. dollar, which has occupied a dominant position soon in international payments. To reserve currency are also brand in Germany, the Swiss franc, Japanese yen. Nevertheless, the share of U.S. dollar accounts for the overwhelming majority of foreign exchange reserves.currency convertibility means the relevant national currency, adequate stability of its exchange rate that favors the legal regime of the currency in other countries and in international exchanges. Country whose currency is used as a reserve, receive certain benefits upon receipt of external loans, imports of goods have preferred conditions for carrying out foreign expansion.most important part of the state foreign exchange reserves are central gold reserves and foreign currency, international currency and payment instruments such as the SDR, ECU's reserve currency country, placed in the International Monetary Fund (IMF).currency, including a regional currency used in the calculation of the members of international associations, international foundations and regional associations. At the moment, in some sectors of world trade as an international currency is the SDR and the ECU.Drawing Rights (SDRs) (English special drawing rights) - international payment and reserve funds, issued by the International Monetary Fund and used for clearing of international payments through the accounts and special accounts as the IMF unit of account.1969, the IMF, given the increasing risk of permanent deficit of international liquidity, but also because of the limited gold production and expansion of world trade, decided to create an artificial currency - special drawing rights. SDRs were created as a reserve currency that is used to cover the balance of payments. The first issue was the CRA implemented in three phases between 1970 and 1972 of $ 9.5 billion.necessary, the country can exchange their quota of SDR in the currency specified by the IMF, without assuming any pre-conditions for economic policy. The country must abide by the terms of use about 70% of the allocated SDRs in five-year period. In fact, the country bought the SDR, as was to introduce its own currency, or currency of another country in exchange for SDRs.of the SDR in the beginning was set in gold equivalent (1 SDR = 0.888671 grams of pure gold), but with the June 1, 1974 it began to determine the relative average cost «basket» of 16 currencies (U.S. dollar - 33% DM - 12.5%, the pound sterling - 9%, the French franc - 7.5%, Japanese yen - 7.5%, the Canadian dollar - 6% of the Italian lira - 6%, the Dutch guilder - 4.5%, the Belgian franc - 3.5% The Swiss krona - 2.5%, the Australian dollar, Danish krone, Norwegian krone, Spanish peseta - by 1.5%, Austrian schilling and yuarovsky rend-1%).July 1, 1974 value of the SDR was 1.2063 U.S. dollars. Subsequently, the IMF introduced the practice of setting the daily dollar value of the SDR. Currently, the SDR is determined by the rate of the currency basket of five major national currencies (U.S. dollar, German mark, Japanese yen, French franc and pound sterling).brings interest. The country receives them if its holdings of SDRs exceed its allocation, and vice versa, to pay interest if fewer SDRs allocations.are used not only as a means of payment for official transactions, but also to some extent, for commercial purposes. For example, in 1975, first appeared unsecured bond denominated in SDRs, and since 1977, the bodies of the International Association of transport aircraft began to use SDRs for fare and freight rates. Egypt uses SDRs for fixing the fees on the Suez Canal.has a number of functions to regulate world currency balance of payments, the completion of official foreign exchange reserves, comparing the value of national currencies, but does not have its own cost and practical support.in January 1970 were released first SDRs, and in view of the second edition in 1979-1981., There are now 21.3 billion SDRs. SDR allocation is done automatically in proportion to the quota of the IMF. Advantages of the SDR as a total commitment of countries - members of the IMF can gradually turn into the main active agent reserve world currency system. Enhancing the role of the SDR is manifested in the expansion of their quotations, and in relation to the national currencies of the leading countries of the world.reduce the risk on exchange with the use of SDRs were created by so-called special currency, the most common of which is the 90-th year was ECU - European Currency Unit.- (English European Currency Unit) - a regional international monetary unit used by countries - members of the European Monetary System from 13 March 1979. Creating ECU was intended to promote integration in the monetary sphere, against the influence of the U.S. dollar, and to provide prerequisites for the formation of a single currency market of the European Economic Community.has a certain exchange rate, calculated on the basis of the currency basket of national currencies of 12 countries participating in the EEC. Shares of individual countries in the basket is adjusted periodically. The weight of each currency in the basket is determined according to the proportion available to the State of the EU gross national product and exports within the union. 1 ECU is approximately 1.3 U.S. dollars. In contrast to the SDR issue official ECU partially cashed in gold and dollars. The issue volume exceeds ECU issue of SDRs. As well as the SDR, the ECU is presented in a cashless form - as an entry in the accounts of the central (or commercial) banks in non-cash transfers to them. Issued by the Treasury in 1987, the Belgian commemorative coins to mark the 30th anniversary of the Treaty of Rome in denominations of 50 ECU (gold) and 5 ECU (silver) are collectible in nature and had no practical value for the currency market. Half of the issued ECU deductions provided by gold and dollar reserves, and the rest - the national currencies of countries.the European Monetary System (EMS) have a main course each currency the EU Member States, expressed in ECU. On this basis, the main course of the mutual exchange rates are calculated, from which the actual rates may vary within the limits of no more than 2.25%. Preferential treatment of oscillations has been established for the Spanish peseta, which joined the EMU in 1989 for the Italian lira in August 1993 allowed fluctuation band of 15%.performs the calculation and credit functions, is used as a base alignment of the parity of the member states, regulates the deviations of market exchange rates.contrast to the SDR ECU has a broader scope. ECU is used not only in the formal and private sectors. In particular, the ECU acts as the unit of currency in mutual funds and international monetary financial institutions, as the currency of common agricultural prices, a means of interstate accounts of central banks - the EU Member States in conducting foreign exchange intervention and other private (commercial) ECU is used as currency, the euro - bonds, bank deposits and loans. More than 500 major international organizations use the ECU in loans.
. On the sphere and mode of application.basis of classification of currency is the scope and mode of application, depending on which currency is divided into a freely convertible, partly convertible and non-convertible.convertible currency - (English hard currency) - a currency freely convertible and is unlimited in other foreign currencies and international means of payment in any form and in all types of operations.the period of the gold standard convertible automatically became the currency, which could easily be exchanged for gold. After the abolition of the gold content of currencies and gold parities in the early 70's convertibility is understood as the ability to freely bought and sold, exchanged at the prevailing exchange rate used to create various types of financial assets.Monetary Fund approves and gives consent to use the currency of a country as a freely convertible. This means that a freely convertible currency can be used in all types of international banking and financial transactions by both residents and nonresidents. At the period of 10 currencies considered fully convertible, and five of them were the International Monetary Fund in 1976, qualified as «freely usable currency», thus emphasizing the highest level of convertibility. This category includes: the U.S. dollar, German mark, pound sterling, Japanese yen, French franc. These currencies most actively used in international transactions and is always available in sufficient quantity in the global foreign exchange market and accumulate foreign exchange reserves in the world. Mode of operation of a freely convertible currency, in practice, means that there are no currency restrictions.degree of currency convertibility is in direct proportion to the country's economic potential, the extent of its foreign trade, domestic monetary stability, the degree of development of national goods and money and capital markets. In addition, a prerequisite for the maintenance of convertibility is a permanent part of the central bank in the country's foreign exchange intervention to keep the rate of its currency against the U.S. dollar or to a particular basket of foreign currencies at an optimum level.convertible currency (born partially convertible currency) - is the national currencies of the countries, which are convertible into more or less restricted to certain holders, as well as for certain types of exchange. This type of currency is exchanged only on certain foreign currencies and used in all international trade transactions. This group includes the currencies of most developed and developing countries. The degree of convertibility defined by the state in special legislation. Law establishes the procedure and the list of foreign currencies, which can exchange the national currency, as well as the quantitative expression of such an exchange is allowed to purchase and sell currencies in the currency markets, the specified range of subjects such transactions (ie, residents, nonresidents, or those other companies banks, international organizations, etc.). The law also regulates the range and degree of control of foreign exchange transactions, conditions and procedures for their implementation. This is especially true of foreign trade, trade currency, opening foreign currency accounts, etc.on the breadth of individuals and the operations associated with the use of currency, isolated as the notion of external convertibility, which applies only to foreign individuals and entities, and only in the current (and most of all - only in foreign trade) calculations.is also the concept of internal convertibility of national currency, which implies the possibility for citizens and organizations of the country to make a purchase of foreign currency to pay for national and foreign trade transactions without any restrictions. Without a solid investment in a foreign currency, especially in the initial stages of implementation, internal convertibility is not possible. For example, for the introduction of internal convertibility of the Polish zloty exchange rate has received considerable assistance from foreign countries.currency (born inconvertible currency - this is the national currency, which operates within one country and not be exchanged for other foreign currencies. By a closed currencies are the currencies of countries that establish various restrictions and prohibitions on buying and selling foreign currency to import and export national and foreign currencies, and use other measures of currency regulation. The main causes of currency restrictions - the lack of currency, the pressure of foreign debt, a heavy balance of payments. It should be noted that in most member countries of the International Monetary Fund distributed some currency restrictions primarily related to international estimates of current operations, as well as with the movement of investment. Even more widespread use of foreign exchange restrictions were in countries that joined the IMF recently. It is primarily, Eastern Europe, CIS countries. In these countries, foreign exchange restrictions will be gradually reduced as their entry into the market economy and a more flexible and efficient use of economic instruments in the sphere of currency regulation and the transition to the first inner and then to the total convertibility of the currency.
. On the functional role of the currency.carrying out foreign exchange transactions (foreign trade contracts, foreign currency loans, buying and selling currencies, bonds, bilateral transactions between countries - clearing, etc.) there was the need for certain terms that characterize the position and functional role of a currency used in these operations. From this point of view, monetary relations, the following terms: currency rates, currency of payment, currency, credit, currency, loan, currency notes, clearing currency, etc.prices (also referred to currency transactions) - this is one of the conditions, along with the currency of payment, which are usually agreed upon between the exporter and importer and fixed in foreign trade contracts and means a monetary unit, which expresses the price of goods in foreign trade contract or set the amount provided by the international credit. Currency prices may be the currency of the exporter or importer, the lender or borrower, as well as the currency of third countries or any international unit of account (SDR, ECU). As a rule, the currency prices in international contracts with organizations and companies of foreign countries generally use 8.6 convertible currencies (mostly the U.S. dollar, pound sterling, Deutsche mark, French and Swiss franc, Japanese yen). Agreement on the currency of the contract price is for the purpose of insurance risk to exchange rate payment.currency - the currency in which the actual payment for goods in foreign trade or settlement of international credit. In this capacity can be any currency agreed between the parties. In the calculations in a freely convertible currency in trade and economic relations with the developed Western countries usually apply the national currencies of these countries. In trade between developing countries use currencies of the developed countries.currency may coincide with the currency of the transaction, but may differ from the latter. In the latter case, the contract provision for determining the course of conversion of currency transactions in the currency of payment, specifying:
) the date of conversion (the day of payment or the day preceding the date of payment), and 2) the foreign exchange market, quotes, which are accepted as a basis, and 3) the average rate is usually between the courses of the buyer and seller (or one of them).currency currency points, which provided export credits. As a rule, they are provided in the national currencies of the exporter or importer, although in recent years, loans have become available and in the currencies of third countries or in international units of account. Ultimately, the choice of loan currency export and import operations are subject to negotiation. The state currency loan has a direct impact on interest rates and transaction costs. This is due to the existence of so-called «strong» and «weak» currencies. If credit is given to the «weak» currencies (Italian lira, French or Belgian franc, etc.), courses which have the general downward trend, the creditors bear the risk of depreciation of the debt and, consequently, certain losses. If credit is given to the «strong» currencies (U.S. dollars, Swiss francs, Japanese yen, German marks) courses which are constantly increasing, the risk of losses due to the increased amount of debt are borrowers.of the loan may not match the currency of payment. In their determination are of great importance adopted by the practice of calculations, the position of counterparties on a given foreign exchange market, their relations with credit institutions, as well as the agreed currency loan. When the loan currency mismatch and the currency of payment in the loan agreement also provides for the order conversion of one currency to another..we define the notion of «quotation». The establishment of foreign exchange rates in the national (or vice versa) is called Quotes. In modern conditions the quotation by the state (national) and the largest commercial banks. There are two methods of quotations: direct and indirect.a direct quotation, adopted in most countries, including in the Russian Federation, 1,100 or 1000 units of foreign currency expressed in national currencies. For example, 1 U.S. dollar equals 4,500 rubles., 10 Japanese Yen are 350 RUB, 1 Eng. Pound 1, 444 Am. the dollar. When an indirect quotation, adopted in England and partly in the U.S. for the «basis» is used the national currency of the country (in England is a a.f.st. 2.350 German marks, a French a.f.st. is 7.968. Franca and t. etc.).are courses selling and buying rates, the difference between them is the bank's profit on currency transactions. Selling rate - the rate at which banks sell foreign currency for the national. Purchase rate - the rate at which banks buy foreign currency for the national.direct quotation selling rate higher than the rate of purchase. For example, in New York on 1 GBP = 1.46 am.doll. (Selling rate) and 1 GBP == 1.44 am.doll. (Buying rate).course of the buyer. At this rate the bank will gain currency. For example, the rate of 16.2200 rubles per $ 1 means that the bank is willing to buy the customer a certain amount of dollars at a price of 16.2200 per unit of U.S. currency. This relationship can save ¬ Xia in a relatively long time, but depending on the financial situation, it may change in flow ¬ tion of one day.course of the seller. At this rate the bank sells foreign currency. For example, the rate of 16.4300 rubles to the dealer a dollar means that the bank is willing to sell the customer the requested amount of dollars at 16.4300 rubles per unit of U.S. currency. The course of the seller is always higher rate buyer. The difference between the rate of the seller and the buyer's rate of profit in foreign exchange transactions ¬ s. The possibility of obtaining this profit arises from the fact that the banks actually hold in currency markets mono ¬ dipole position with regard to the overwhelming number of the Legalskih and individuals, and, taking advantage of this situation, try to sell foreign currency at a higher rate, and buy it on their national currency at a lower rate.average rate is the arithmetic mean of the course the seller and the buyer of the course. The average rate is used for economic comparisons over time, as well as in foreign trade contracts to establish rates or methods of calculation. The average rate used for reference dealers and foreign exchange markets.rate is the ratio of the two currencies, which is defined by ¬ Roe of their courses in relation to a third currency. Since the late 50s. this century is such a third currency, usually the U.S. dollar. So, if a bank wants to get the Baku cross-manat to the Iranian rial, it will then be proceeded «from the traditional foreign exchange chickens both of these currencies against the U.S. dollar. In mid-1998 for 1 U.S. dollar in the currency market of Azerbaijan gave 3950 dzhanskih manats and 3000 Iranian rials. Given these data, manat to the Iranian Rial is set by the proportion of 3000: 3950, ie it was equal to 0.7594. In other words ¬ mi, 100 Azerbaijani manats Baku bank foreign exchange market could get a 75.94 Iranian rial.spot rateof the currency of one country expressed in the currency of another country, established at the time of the transaction, subject to currency exchange partner banks on the second business day following the date of the transaction. Spot rate reflects how highly regarded national currency at the time of the operation outside the country.
1.2 Currency regulation and currency control
requirements of currency regulation and currency control are set for Russian and foreign natural and legal persons in relation to the possession, use and disposal of their currency values, the implementation of foreign exchange operations, using bank accounts and represent a number of limitations listed by the currency legislation, and is established by Kazakhstan basic legal act of currency legislation governing the exchange relationship, the rights and obligations of Russian and foreign individuals and legal entities, the powers of exchange control is the law of the Republic of Kazakhstan «On Currency Regulation» dated December 24, 1996 №54-I.a general principle of foreign exchange transactions take place, the accounts are opened and operations on them are held without limitation, if a special procedure of currency transactions and the accounts have not been established bodies of currency control in accordance with the Act.Act operates on the concepts of resident and nonresident.residents include individuals - citizens of the Republic of Kazakhstan and s except for citizens of the Republic of Kazakhstan recognized permanently residing in a foreign country in accordance with the laws of this state, foreign citizens and stateless persons permanently residing in the Republic of Kazakhstan on the basis of residence, legal persons established in accordance with the laws of the Republic of Kazakhstan, their branches, representative offices and other units outside the territory of the Republic of Kazakhstan diplomatic missions, consular offices of the Republic of Kazakhstan and other official representative of the Republic of Kazakhstan, located outside the territory of the Republic of Kazakhstan, as well as permanent representation of the Republic Kazakhstan to the interstate or intergovernmental organizations, the Republic of Kazakhstan, the subjects of the Republic of Kazakhstan, municipalities, which act in relations regulated by Monetary законодательством. Нерезидентами are, respectively, individuals that are not recognized by residents, legal entities and are not legal entities organizations established in accordance with the law foreign countries and having a location outside the territory of the Republic of Kazakhstan and their affiliates, permanent and other separate or independent business units in the territory of the Republic of Kazakhstan accredited to the Republic of Kazakhstan diplomatic missions, consular offices of foreign countries and permanent offices of designated States for interstate or intergovernmental organizations, inter-governmental and intergovernmental organizations, their branches and permanent establishments in the Republic of Kazakhstan, other persons who are not residentsconcept of currency values include foreign exchange and foreign securities.securities - are securities, including non-documentary, non-domestic securities, ie securities that are issued (registered) abroad and denominated in foreign currencies.better understand the differences between foreign and domestic securities must be borne in mind that for domestic securities are equity securities, whose nominal value is specified in the currency of the Republic of Kazakhstan and the issue of which is registered in the Republic of Kazakhstan, as well as other securities evidencing title to receipt currency of the Republic of Kazakhstan issued in the Republic of Kazakhstan.must be borne in mind that under the Act authorized banks understand credit institutions established in accordance with the laws of the Republic of Kazakhstan, as well as branches of foreign credit organizations, having the right under license Bank of Kazakhstan to conduct banking operations in foreign currency.as natural persons - residents are free to carry out foreign exchange transactions not associated with the transfer of property and provision of services in the Republic of Kazakhstan, with funds credited to the accounts (deposits) in banks abroad. In addition, individuals - residents have a right to without any limitations and without the use of accounts in authorized banks to give currency values spouse and close relatives leave currency values and receive them by inheritance, acquire and dispose of single banknotes and coins to collectors, buy from an authorized bank or sell the authorized bank cash foreign currency exchange, bank notes to replace the foreign state, to pay in foreign currency at duty free shops and the purchase of goods and services sold or provided to them in transit vehicles in international traffic.bank accounts to private individuals - resident may make transfers of funds from the Republic of Kazakhstan and the Republic of Kazakhstan to receive transfers in the manner prescribed by the Bank, which may include only the amount of transfer restriction, as well as money orders., in accordance with the Instruction of the Bank of the Republic of Kazakhstan of 30.03.2004 №1412-U, a natural person - resident has the right to translate from the Russian Federation without opening a bank account at an authorized bank foreign exchange or currency of the Republic of Kazakhstan in an amount not exceeding the equivalent of 5000 dollars. The U.S. is determined using the official exchange rates of foreign currencies against ruble set by the Bank of the Republic of Kazakhstan on the date of request to the authorized bank for the implementation of this translation. Getting a natural person - resident legal translations Bank of Kazakhstan has not been established.authorized foreign exchange transactions between residents and ranked, in particular, transactions relating to the payment of taxes, fees and other mandatory payments to the budget in foreign currency in accordance with the laws of the Republic of Kazakhstan; transfers a natural person - resident of the Republic of Kazakhstan to the benefit of other individuals - residents on their accounts opened at banks abroad, if transferred amount does not exceed a period of one trading day after an authorized bank an amount equal to the equivalent of U.S. $ 5,000 at the official rate of the Bank of the Republic of Kazakhstan, on the date debits from the account of the physical person - resident translation services by an individual - resident in the Republic of Kazakhstan from the accounts opened in banks abroad, in favor of other natural persons - residents in their accounts in authorized banks.exchange transactions of natural persons - residents to nonresidents. Currency operations between residents and nonresidents are done without any restrictions, except for certain foreign exchange transactions, in respect of which the special requirements established by the Law №411-II.respect to natural persons - residents of these operations include, inter alia, payments and transfers in the provision of loans in foreign currency by residents to nonresidents, obtaining credit and loans in foreign currency by residents from non-residents carrying out operations with foreign securities, including payments and transfers associated with the transfer of foreign securities (rights certified by foreign securities), the performance of obligations by residents of foreign securities.these cases, the Bank of the Republic of Kazakhstan may establish a requirement for the use of a special account natural person - resident (paragraph 2 of Art. 8 of the Law №411-II), which is a bank account at an authorized bank or securities account special section, the registrar or opened in register of holders of securities of a special section account for recognition of the rights to the securities used to implement it on foreign exchange transactions.addition, the implementation of these foreign exchange transactions, as well as in the case of settlements and transfers in the lending and borrowing in the currency of the Republic of Kazakhstan residents to nonresidents, operations related to the acquisition by residents from non-residents rights to domestic securities, including payments and transfers related to transfer of domestic securities (rights certified by domestic securities), the performance of obligations by residents on domestic securities the Bank may also establish a reserve requirement by a natural person - resident for a certain period a sum of money, calculated as a percentage of a particular currency transactions. It should be borne in mind that according to Article 9 hours. 8 of the Law of the Republic of Kazakhstan requires the use of a special account and the resident (or) the reserve requirement for currency transactions between individuals - residents and nonresidents with foreign securities, including payments and transfers related to the acquisition and disposal of foreign securities (rights certified foreign securities) may be set by the Bank of the Republic of Kazakhstan only if the transactions are valued at over U.S. $150000 in a calendar year. Foreign exchange transactions with foreign securities worth up to U.S. $150000 in a calendar year by individuals - residents without restrictions.use of special accounts by residents and nonresidents with currency transactions governed by the Regulations of the Bank from 07.06.2004 №116-I (in the red. From 16.12.2004). For individuals - residents of a special account set «F», which opens for settlements and transfers in the provision of resident non-resident borrowing in foreign currency and receipt of non-resident loans in foreign currency to purchase a nonresident and the exclusion of non-resident foreign securities, including payments and transfers related to the transfer of foreign securities (rights certified by foreign securities). The remaining transactions between natural persons - residents and nonresidents are done without the use of special accounts.and transfers of residents in obtaining loans and foreign currency loans from non-residents, if on the basis of the relevant loan agreement or loan contract period of repayment of principal is more than three years, carried out by residents without the use of special accounts.carrying out operations with foreign securities using a special account, «F» to an individual - resident opened a special section of the securities account «F» to account for foreign securities.special section called the depositary - professional securities market participant who is licensed to engage in depository activities, under a contract with a resident. A natural person - resident has the right to open any number of special foreign currency accounts in one or more of the authorized banks. Thus, in accordance with the Regulations of the Bank of the Republic of Kazakhstan of 15.06.2004 №117-natural persons - residents in carrying out foreign exchange operations with the use of special accounts «F» shall submit to the authorized banks of the documents specified in the Regulations.regard to the requirements of the Bank of the Republic of Kazakhstan on the reservation, at the present time such claims to the special account «F» is not set (see the Bank of Russia of 29.06.2004 №1465-U, as amended. From 29.03.2006).addition to these cases, the use of a special account and reservation resident could be established by the Government of the Republic of Kazakhstan in coordination with the Bank in case the settlement and transfer of funds on the acquisition of a natural person - resident of a non-resident of shares, deposits, shares in the property (authorized or partnership capital, stock capital of a cooperative) legal entities, making a natural person - resident deposits under a partnership with nonresidents.we do not envisage the use of a natural person - resident of the special account «F» for the acquisition of shares, contributions to legal entities, etc., these operations are carried out without the use of special accounts.of the Republic of Kazakhstan dated 11.04.2005 №204 establishes the requirement for reservation of a natural person - resident an amount equal to the equivalent of 25% of the amount of foreign currency transaction undertaken for a period of 15 calendar days. Procedure for booking and reservation for refund of currency transactions defined in the Regulations of the Bank of Russia of 01.06.2004 №114-I.natural person - resident subject to independently calculate the reserve amount in the currency of the Republic of Kazakhstan on the basis of the transaction amount and size of the backup set. For transactions in foreign currency reserve calculation of the amount carried by the official exchange rate of the Bank of the Republic of Kazakhstan on the day of making a reservation amount.amount of redundancy is introduced by a natural person - resident from his bank account opened by an authorized bank, through which have been or will be carried out the operation in a separate account at the bank or a bank account opened in any authorized bank if the operation is carried out through accounts (deposits) opened with banks located abroad.the case of settlements and transfers of funds on the acquisition of a natural person - resident of a non-resident of shares, deposits, shares in the property (authorized or partnership capital, stock capital of a cooperative) of legal entities, when you make a natural person - resident deposits under a partnership with nonresidents total reservation is made by a natural person - resident prior to the implementation of the currency transaction.make a reservation amount an individual - resident authorized bank provides written notice of redundancy in the form prescribed by the bank, and payment on the basis of which the transfer of reservation amount from his account.bank or accept an application for reservation for execution and executes the same day payment, or send the applicant a motivated refusal to accept the application for reservation. Reasons for refusal of the bank to accept the application for reservation may be the lack or insufficiency of funds in the account from which you entered the amount of redundancy, to write off the entire reservation amount specified in the statement of reservations, as well as a violation of the applicant established procedures for obtaining and submitting the application for reservation and / or order of payment orders to make a reservation amount.bank not later than the next working day from the day the resident is obliged to make a reservation amount equal to all amounts in the currency of the Republic of Kazakhstan at the expense of the Bank of the Republic of Kazakhstan.to the expiration of backup natural person - resident can perform foreign exchange transactions, in respect of which fulfilled reserve requirement. On the day of expiry of the amount of redundancy redundancy returned to the natural person - resident on his account, from which it was introduced.control
. Currency control in Kazakhstan by authorities and currency control agents.
. Currency control bodies in the Republic of Kazakhstan are public authorities who are entitled under the laws of the Republic of Kazakhstan to carry out the functions of currency regulation.
. Currency control agents are authorized banks and authorized organizations conducting certain banking operations, as well as other organizations that are in line with those obtained licenses charged with monitoring compliance with currency legislation in carrying out their operations.control agents shall:
) comply with the requirements of currency laws during their operations, including on behalf of clients;
) ensure the integrity and objectivity of accounting and reporting of currency transactions;
) to report to law enforcement agencies and the National Bank of the Republic of Kazakhstan became known to them violations of currency legislation made by their customers.
. Foreign exchange control authorities to carry out its functions have the right to engage agents of currency control and give instructions obligatory for execution of specific assignments.
1.2 Currency operations
. Currency operations are:
) transactions involving the transfer of ownership and other rights in currency values;
) 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.
. Currency operations between residents and nonresidents are classified into current operations and operations involving the movement of capital.
. Current operations are:
) transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for a period of 180 days;
) the provision and access to credit for not more than 180 days;
) the transfer and receipt of dividends, interest and other income on deposits (deposits), investments, loans and other transactions;
) transfers of non-trade concerns, including grants, transfers of sums of inheritance, wages, pensions, alimony, and others;
) All other foreign exchange transactions not covered by this Act to transactions involving the movement of capital.
. Operations involving the movement of capital are:
) Implementation of investments;
) transfer to the settlement of transactions, providing a complete transfer of exclusive rights to intellectual property;
) Transfers of property in payment for property rights, except for the property, which is equated to the real things;
) Transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for more than 180 days;
) The giving and receiving credits for a term exceeding 180 days;
) (deleted)
) international transfers for transactions related to the accumulation of pension assets;
) international transfers of insurance and reinsurance contracts cumulative nature;
) transfer to trust management of currency values.
. 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.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.
. 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.
. All payments and transfers for transactions between residents must be carried out only in the currency of the Republic of Kazakhstan, except as provided by regulations of the National Bank of Kazakhstan, as well as tax and customs legislation.
. The limitations imposed by paragraph 1 of this Article shall not apply to the operation, one of the parties by the National Bank and the Ministry of Finance of the Republic of Kazakhstan.
. Buying, selling and exchange of foreign currency in the Republic of Kazakhstan are made by residents and nonresidents through the authorized banks and authorized organizations conducting certain banking operations, as well as their exchange offices in the manner determined by the National Bank of Kazakhstan.
. Buying, selling and exchange of foreign currency, without going through authorized banks and authorized organizations conducting certain banking operations, as well as their exchange offices is prohibited.
. Payments for transactions between residents and nonresidents are done by agreement of the parties in any currency, in accordance with regulations of the National Bank of Kazakhstan on foreign exchange transactions.operations with foreign currency
. Authorized banks are free to trade, buy and sell foreign currency in the Republic of Kazakhstan and abroad within the limits of open currency positions established by the National Bank of Kazakhstan.
. Operations on the purchase, sale and exchange of foreign currency by authorized banks may be made through the National Bank of Kazakhstan.
. Authorized organizations conducting certain banking operations can exchange, buy and sell foreign currency in the Republic of Kazakhstan to carry out operations in accordance with their licensing conditions.
. Residents and nonresidents are eligible to buy, sell and exchange of foreign currency in the manner prescribed by the National Bank of Kazakhstan.banking payments and transfers
. International banking payments and transfers carried out for the performance of current transactions between residents and nonresidents, are manufactured by authorized banks without restrictions, in accordance with the National Bank of Kazakhstan.
. International banking payments and transfers out for the purpose of execution of operations involving the movement of capital, and conducted with the use of currency of the Republic of Kazakhstan and foreign currencies, effected in the manner prescribed by the National Bank of Kazakhstan.
. 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.
. 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.money orders, and forward foreign exchange assetsmoney orders, and forward foreign exchange assets by the National operator of mail in accordance with the laws of the Republic of Kazakhstan.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:
. Import of foreign exchange assets by residents or nonresidents shall be in accordance with the laws of the Republic of Kazakhstan.
. The procedure and rules of export of currency values established by the National Bank of Kazakhstan.
. (Excluded)
. 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.
. 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.
. 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
transactions are:
) transactions involving the transfer of ownership and other rights in currency values;
) 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.
. Currency operations between residents and nonresidents are classified into current operations and operations involving the movement of capital.
. Current operations are:
) transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for a period of 180 days;
) the provision and access to credit for not more than 180 days;
) the transfer and receipt of dividends, interest and other income on deposits (deposits), investments, loans and other transactions;
) transfers of non-trade concerns, including grants, transfers of sums of inheritance, wages, pensions, alimony, and others;
) All other foreign exchange transactions not covered by this Act to transactions involving the movement of capital.
. Operations involving the movement of capital are:
) Implementation of investments;
) transfer to the settlement of transactions, providing a complete transfer of exclusive rights to intellectual property;
) Transfers of property in payment for property rights, except for the property, which is equated to the real things;
) Transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for more than 180 days;
) The giving and receiving credits for a term exceeding 180 days;
) international transfers for transactions related to the accumulation of pension assets;
) international transfers of insurance and reinsurance contracts cumulative nature;
) transfer to trust management of currency values.
. 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.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.
. 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.
. 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.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.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.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»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).«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.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»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., 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.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.«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.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
, 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.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.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.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.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.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 rateof 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.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.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.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., 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».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.up the results of this work the following conclusions:the introduction of the Law «On currency regulation» a new stage of economic development.establishing the basic provisions of the currency legislation places greater responsibility on the most highly organized economy - banking., 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.this paper, we consider two functional schemes of exchange control in an authorized bank and made their comparative characteristics.in greater detail the operation of legal entities, as requiring special attention from the foreign exchange control.
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