International relations - economic, political and cultural - give rise to monetary claims and obligations of legal entities and citizens of different countries. The specificity of international payments lies in the fact that foreign currencies are usually used as the currency of price and payment, since there is no generally accepted global credit money that is mandatory for acceptance in all countries. Meanwhile, every sovereign state uses its national currency as legal tender. Therefore, there is a need to buy or sell foreign currency into national currency, which occurs in the foreign exchange market. There are world, regional, national (local) currency markets.

The effective functioning of the global foreign exchange market involves the use of currency regulation. The state has long intervened in currency relations - first indirectly, and then directly, given their important role in world economic relations. With the abolition of the gold standard in the 30s. XX century The mechanism of gold points ceased to function as a spontaneous regulator of the exchange rate. Significant fluctuations in exchange rates and currency crises negatively affect the national and global economy, causing severe socio-economic consequences. In this regard, currency regulation is necessary.

The subjects of the global foreign exchange market and foreign exchange regulation are international financial organizations. International financial institutions are playing an increasingly prominent role in the global economy. Firstly, their activities make it possible to introduce the necessary regulatory principles and a certain stability into the functioning of currency and settlement relations. Secondly, they are intended to serve as a forum for establishing currency and settlement relations between countries, and this function is invariably strengthened. Thirdly, the importance of international monetary, financial and credit organizations is increasing in the field of studying, analyzing and summarizing information on development trends and making recommendations on the most important problems of the world economy.

The relevance of studying the problems of currency regulation is determined by the need to quickly solve the problem of developing and implementing a national currency policy, which is designed to contribute to the effective overcoming of crisis phenomena in the Russian economy and meets its tactical and strategic interests.

Chapter 1. Theoretical foundations of the concept of the global foreign exchange market

1.1. The concept and essence of the world foreign exchange market

The world currency market as a set of national currency markets of the most developed and individual developing countries serves as the fundamental basis of the world monetary system. It is the organizational environment within which the exchange rate of the national currency is formed, which acts as a universal tool for influencing the internal and external economic situation of the country.

In addition, the foreign exchange market is the most significant (connecting) link of the world financial market, which is a specific area of ​​international economic relations (including financial institutions and instruments), where the mobilization, distribution and redistribution of all types of free monetary resources internationally and internationally takes place. national level. The foreign exchange market ensures the interaction of all components of the global financial market - national financial markets in the context of their various sectors, as well as these markets with the international Eurocurrency market, including segments of the latter (market of Euroloans, Eurobonds, Euroshares, etc.)

With the help of foreign exchange transactions carried out on the foreign exchange market, it is possible to move funds between residents of different countries both for settlement and payment transactions (for example, when buying and selling goods and services) and for credit and financial transactions (for example, with the use of foreign currency loans for investing in national currency in working capital or fixed assets of enterprises in the domestic economy).

The study of the foreign exchange market is based on theory market demand and suggestions. However, in relation to the foreign exchange market, the theory of supply and demand is used with significant changes, since currency (what it is) is a special commodity. In the international arena, it takes the same forms as monetary units within the country (which ones and how) The foreign exchange market is subject to the laws of competition. The behavior of its participants is determined by the desire to maximize their profits by playing on the difference in exchange rates. The magnitude of these profits depends on a combination of a wide range of political and economic risks. Under certain conditions, the behavior of foreign exchange market participants leads to significant fluctuations in the exchange rate and destabilization of the foreign exchange market. Instability in the foreign exchange market can lead to social costs and serious economic problems. In such a situation, the task of the official bodies responsible for conducting foreign exchange policy is to bring the foreign exchange market into balance and create the necessary conditions for its stable functioning.

The market in which international transactions with currencies take place is called the international (world) foreign exchange market. The foreign exchange market is a special market in which foreign exchange transactions are carried out, that is, the exchange of the currency of one country for the currency of another country at a certain nominal exchange rate. The nominal exchange rate is the relative price of the currencies of two countries, or the currency of one country expressed in the monetary units of another country.

The foreign exchange market reflects the interaction of exchange rates and interest rates on short-term capital in various countries, which are the main price parameter of the global financial market and underlie the movement cash flows on a global scale.

As an important element of the national economic system and the world economy as a whole, the foreign exchange market performs the following main functions:

• Servicing the transfer of purchasing power from one country to another, as a result of which the necessary conditions are created for the timely completion of settlements for international economic transactions. Having purchased currency on BP, business entities can use it to purchase goods, services or financial assets of a certain purchasing power abroad.
• Ensuring non-cash payments and offset of counter monetary claims and obligations in foreign economic turnover through concentration currency funds on correspondent accounts of commercial banks abroad.
• Protection (hedging) against currency risks. In the foreign exchange market, MEO participants can carry out transactions aimed at protecting against the risks of losses associated with unfavorable changes in the level of the exchange rate. Hedging concerns the party that deals in foreign currency and expects to receive a “soft” currency, the rate of which falls relative to the national one, or must pay obligations in a “hard” currency, the rate of which rises against the national one.
• Speculative function. Currency speculation is a form of activity carried out with the aim of extracting profit on a risky basis from the difference in the level of exchange rates in time, space (in different foreign exchange markets) or in the form of various credit documents (means of payment) in foreign currency on the same national currency market.
• Regulatory function of the foreign exchange market. This function manifests itself in two ways: through market differential currency arbitrage and through foreign exchange interventions by monetary authorities.
• Integration function. Acting as a central (connecting) link between national financial markets and the international European capital market, the foreign exchange market ensures their interaction and unification into the world global system.

World, regional, national (local) foreign exchange markets differ depending on the volume, nature of foreign exchange transactions and the number of currencies used.

The size of the currency trading market is incomparable and exceeds by an order of magnitude all other forms of international economic relations, such as trade in goods, trade in services, international movement of capital, labor or technology. The daily turnover on the foreign exchange market in 2000 reached $2 trillion. Approximately 41% of all currency transactions are spot transactions, 53% are outright forwards and swaps, and about 6% are futures and options, with the share of swaps gradually decreasing, outright forwards and swaps increasing, and futures and options continue to remain a small segment of the market.

Geographically, the foreign exchange market is highly concentrated. Three cities (London, New York and Tokyo) account for 55% of global currency trading, with London absolutely dominant with a 30% share, and the market's growth rate greatly exceeds all other currency centers. Currency trading turnover in these three cities ranges from 161 to 464 billion dollars per day. The next group includes Singapore, Hong Kong, Zurich and Frankfurt, where daily turnover amounts to 76-105 billion dollars. Within each country, currency trading is also highly concentrated; on average, 11% of financial institutions carry out 75% of currency trading. In London, the share of the 10 largest banks in this business is 44%, in New York - 47%, in Tokyo - 51%. Foreign banks play an active role in foreign exchange markets: in London they account for 79% of currency trading, in Tokyo - 49%, in New York - 46%.

I would also like to note that world currency markets are concentrated in global financial centers. Among them are the foreign exchange markets in London, New York, Frankfurt am Main, Paris, Zurich, Tokyo, Hong Kong, Singapore, and Bahrain. In global foreign exchange markets, banks conduct transactions with currencies that are widely used in global payment transactions, and almost never make transactions with currencies of regional and local significance, regardless of their status and reliability. In the early 90s, almost half of international foreign exchange transactions, which were many times the volume of world trade, were concentrated in three world currency markets: London ($187 billion per day), New York ($129 billion), Tokyo ($115 billion). .). London has long been a leader in trading foreign currencies due to its extensive experience in this area, the liquidity of foreign exchange transactions, and the abundance of foreign banks (500 per square mile of the City). However, in London it is predominantly overseas rather than European foreign exchange business that predominates. With the creation in Germany (in accordance with the Maastricht Agreements) of the European Monetary Institute - the forerunner of the supranational European Central Bank - much of the currency trading will leave London with it. In addition, the growth rate of foreign exchange transactions in London lags behind New York and Tokyo. Regional and local foreign exchange markets deal with certain convertible currencies. These include the Singapore dollar, Saudi riyal, Kuwaiti dinar, etc. The quotation of currencies used for foreign exchange transactions in a certain region is relatively regularly carried out by banks of this region, and of local currencies - by banks for which this currency is national and is actively used in transactions with local clientele.

Transactions in the foreign exchange market can be carried out both by partners within the country and by partners located in different countries. Transactions within a country account for approximately 47% of all currency transactions, with the share of the domestic market gradually increasing, while transactions in currencies between countries account for approximately 53% and their share in global foreign exchange turnover is slightly declining. However, behind the average indicators lies great diversity. For example, in Bahrain, international foreign exchange transactions absolutely dominate local ones, accounting for 91%, while in Japan, foreign exchange transactions account for only 9% of the foreign exchange market turnover, and the remaining foreign exchange transactions are carried out between banks within the country.

Data on the global foreign exchange market are collected and compiled by the Bank for International Settlements (BIS) as part of its triennial surveys of global currencies and financial derivatives markets, facilitated by central banks. Such reviews were carried out three times - in 1989, 1992 and 1995. The last of them included 26 countries and 2,414 financial institutions located in them, which reported to their Central Banks, and those to the BIS, according to a certain methodology, data on their operations in the foreign exchange market.

Participants in the foreign exchange market are central and commercial banks, currency exchanges, brokerage agencies, and international corporations. The main participants in the foreign exchange market are commercial banks, which not only diversify their portfolios with foreign assets, but also carry out foreign exchange transactions on behalf of firms entering foreign markets as exporters and importers. Foreign exchange transactions for the export and import of goods and services of each country form the basis for determining the value of the national currency. Individual participants in the foreign exchange market, for example, tourists traveling outside their country, also turn to the services of banks and non-banking financial institutions; persons receiving remittances from relatives living abroad; private investors investing in foreign economies.

1.2. History of the development of the world foreign exchange market

The international foreign exchange market operating in any given period is the result of a long evolutionary process in which economic, political and historical aspects are intertwined. Consequently, at certain historical moments it was influenced by changes in the distribution of economic and political power at the global level.

The first stage in the development of the world foreign exchange market can be considered the period of its emergence in the 19th century. before the start of the Second World War - the “Gold Standard” system. The beginning of the “gold standard” was laid by the Bank of England in 1821. This system received official recognition at a conference held in 1867 in Paris. The “gold standard” existed until the Second World War. Its basis was gold, which was legally assigned the role of the main form of money. Within this system, the exchange rate of national currencies was strictly tied to gold and, through the gold content of the currency, correlated with each other at a fixed exchange rate.

The varieties of the “gold standard” are: 1) the gold coin standard, under which banks freely minted gold coins (valid until the beginning of the 20th century); 2) gold bullion standard, under which gold was used only in international payments (beginning of the 20th century - beginning of the First World War); 3) gold exchange (gold exchange) standard, under which, along with gold, the currencies of countries included in the “gold standard” system, which is known as the Genoese standard (1922 - the beginning of the Second World War), were also used in calculations.

During the First World War and especially during the Great Depression (1929-1934), the “gold standard” system experienced crises. Gold coin and gold bullion standards have become obsolete, as they no longer correspond to the scale of increased economic ties. Due to high inflation in most European countries, their currencies have become inconvertible. The United States became a new financial leader, and the “gold standard” was modified.

Genoa International economic conference 1922 consolidated the transition to a gold exchange standard based on gold and leading currencies that are convertible into gold. Mottos appeared - means of payment in foreign currency intended for international payments. Gold parities were preserved, but the conversion of currencies into gold could also be carried out indirectly, through foreign currencies, which allowed states that were impoverished during the First World War to save gold.

The gold standard system corresponded to the conditions of a market economy based on free competition. It contributed to the expansion of economic relations between countries, stimulated the growth of production, the formation of a single world economy, since it created stable conditions for the implementation of foreign economic relations and ensured the balance of payment balances of the participating countries. However, with the transition to a mixed economy, the gold standard system came into conflict with the changed conditions, began to counteract state intervention in the economic sphere through money issue, and restrain trade and the export of capital. The collapse of the gold standard system became inevitable. It occurred with the outbreak of the First World War as a result of the widespread cessation of the exchange of national currencies for gold and the withdrawal of gold from circulation. Since the abandonment of the gold standard occurred under extraordinary circumstances, repeated attempts were made to revive it after the end of the war. There was no worthy alternative to gold at that time (Genoese monetary system). However, these attempts ended in vain. And after the crisis of 1929-1933. The gold standard system is a thing of the past.

During the period between the wars, countries consistently abandoned the gold standard. The first to leave the “gold standard” system were agricultural and colonial countries (1929-1930), in 1931 - Germany, Austria and Great Britain, in April 1933 - the USA (having taken upon themselves the obligation to exchange dollars for gold at price of 35 dollars per troy ounce for foreign central banks in order to strengthen the international position of the dollar), in 1936 - France. Many countries have introduced foreign exchange restrictions and exchange controls.

With the collapse of the gold standard, the IMF broke up into a number of currency blocs (dollar, pound sterling, French franc). Currency blocs were formed on the basis of the political, economic, and financial dependence of the colonial countries on the largest capitalist powers. They represented groupings of countries using the currency of the hegemonic country leading the bloc as an international means of payment. At the same time, all member countries of the group were required to establish and maintain fixed rates of their currencies in relation to the currency of the country leading the bloc. In the conditions of loss of connection between currencies and gold, this could only be achieved on the basis of the accumulation of large foreign exchange reserves in a given currency by focusing trade exclusively on the hegemonic country. The world market has broken up into a number of closed markets limited to countries belonging to one bloc. The volume of world trade fell by more than half. Fierce rivalry and struggle unfolded in the currency field. Competitive devaluations have become a weapon of struggle for markets.

Under these conditions, the need arose to create a new world monetary system that would meet new requirements and develop such norms of behavior for participants in international turnover that would ensure a balance of their interests.

The transition to the second stage began in the late 1930s. The world monetary system of this stage received its legal formalization at the Bretton Woods Conference (USA) in 1944. The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), called the World Bank, were also founded here.

The second IMF was based on the following principles: fixed exchange rates of the currencies of the participating countries to the rate of the leading currency were established; the rate of the leading currency is fixed to gold; central banks maintain a stable exchange rate of their currency against the leading (within +/- 1%) currency through foreign exchange interventions; changes in exchange rates are carried out through devaluation and revaluation; The organizational unit of the system is the IMF and the World Bank, which are designed to develop mutual monetary cooperation between countries and help reduce the balance of payments deficit.

The US dollar became the reserve currency, since only it at that time could be converted into gold (the US had 70% of the world's total gold reserves). The gold ratio of the US dollar was established: 35 dollars. for 1 troy ounce. Other countries have pegged their currencies to the US dollar. The dollar began to perform on an international scale all the functions of money: an international medium of exchange, an international unit of account, an international reserve currency and a store of value. Thus, the US national currency simultaneously became world money and therefore the second MMS is often called the gold-dollar standard system.

The second IMF could exist only as long as US gold reserves could ensure the conversion of foreign dollars into gold. However, by the beginning of the 70s. there was a redistribution of gold reserves in favor of Europe: in the 60-70s. The dollar holdings of European central banks tripled and by 1970 amounted to $47 billion. against 11.1 billion dollars. in USA.

The crisis of the second currency system lasted 10 years. The forms of its manifestation were: currency and gold rush; massive devaluations and revaluations of currencies; panic on the stock exchange in anticipation of changes in exchange rates; active intervention of central banks, including collective intervention; activation of national and interstate currency regulation.

Key stages of the crisis of the Bretton Woods monetary system:

March 17, 1968 Dual gold market established. The price of gold in private markets is set freely according to supply and demand. According to official transactions for the central banks of countries, the convertibility of the dollar into gold remains at the official rate of 35 dollars. for 1 troy ounce;

August 15, 1971 Temporarily prohibits dollar-to-gold convertibility for central banks;

December 17, 1971 The dollar devalued against gold by 7.89%. The official price of gold increased from 35 to 38 dollars. for 1 troy ounce without resuming the exchange of dollars for gold at this rate, the boundaries of permissible exchange rate fluctuations expanded to +/- 2.25% of the announced dollar parity;

On March 16, 1973, the International Conference in Paris subjected exchange rates to the laws of the market. Since that time, exchange rates are not fixed and change under the influence of supply and demand, contrary to the IMF Charter. Thus, the system of fixed exchange rates ceased to exist.

After the Second World War, six main currency zones were formed: a) the British pound sterling; b) US dollar; c) French franc, d) Portuguese escudo; e) Spanish peseta and f) Dutch guilder.

The most stable was the currency zone of the French franc, which exists to this day, uniting a number of countries in Central Africa.

The third stage is the current global monetary system, which emerged in the 1970s. It took organizational form after the 1976 meeting in Kingston (Jamaica).

So, the market in which international transactions in currencies take place is called the world foreign exchange market. The need for the global foreign exchange market is due to the fact that it ensures the interaction of all components of the global financial market, and also creates the opportunity for the movement of funds between residents of different countries both for settlement and payment transactions and for credit and financial transactions. The essence of the world foreign exchange market is revealed through its functions: servicing the transfer of purchasing power from one country to another; ensuring non-cash payments and offset of counter monetary claims and obligations in foreign economic turnover; protection (hedging) against currency risks; speculative function; regulatory function; integration function. The formation of the world currency market followed the industrial revolution and the formation of the world economic system. It went through three stages in its development, each of which corresponds to its own type of organization of international monetary relations: the “Gold Standard” system (1867-1944); Bretton Woods system (1944-1976); Jamaican system (1976 to present).

Forms of currency trading

Traditionally, the foreign exchange market is divided into spot transactions, as well as currency derivatives - direct forwards, swaps, futures and options. Spot exchange transactions of two currencies based on simple standardized contracts with settlements within up to two business days.

Direct forwards are structurally close to spot transactions for the exchange of two currencies based on contracts that provide for settlements after more than two business days.

The only difference between currency forwards and spot transactions is that the parties agree on the rate at which they are willing to exchange currencies today, whereas in a forward transaction, the parties agree on the rate at which they will exchange currencies at some point in the future. For example, a seller and buyer of a currency can agree today that in three months the seller will sell and the buyer will buy 100 thousand dollars at a rate of 0.72 euros per dollar, regardless of what the spot rate will exist at that time in the future . Accordingly, the difference between the actual exchange rate determined within the forward contract constitutes the profit or loss of one party. The settlement process is the same as in the spot market. The terms of forward contracts are usually one week, one month, three months, six months and one year. Currently, most forwards are concluded for a short period; forwards for a year are very rare. If the forward rate is below the spot rate, then the foreign currency is sold at a forward discount; if the forward rate is above the spot rate, then the foreign currency is sold at a forward premium. Forward markup discounts are usually expressed as a percentage per year relative to the spot rate using the formula:

Premium/Discount = Eforward-Espot/Espot n* 100,

Where E is the exchange rate, respectively the forward and spot rates.

Coefficient n shows the number of periods until payment is due and thereby converts the interest to an annualized rate.

Swaps— structurally close to spot transactions, transactions involving the exchange of a certain amount of two currencies and the reverse exchange of the same amount of currencies at an agreed date in the future.

Within forward transactions, approximately 85% are foreign exchange swaps, which are used primarily to hedge foreign exchange risks.

Futures- standardized forward currency contracts traded on exchanges.

Futures, which are the same as forwards but traded in the form of standardized contracts for certain amounts of currency on organized exchanges, appeared in 1972. The size of the contract is limited by the rules of a specific exchange, trading occurs with delivery on strictly defined days of the year, the exchange imposes restrictions on the scale of changes in the exchange rate. The currency futures market is developing only in a few cities such as Chicago, New York, London and Singapore. A futures contract is typically smaller in size than a forward contract and carries higher commissions.

Options- a contract that gives the buyer, for a certain fee, the right, which is not his obligation, to buy or sell currency on the basis of a standard contract on a certain day at a fixed price.

Options are standard contracts, half the size of standard futures contracts, that give the buyer the right to buy or sell a specified amount of a currency on a specified day (European option) or at any time before a specific day (American option) at a fixed price. Thus, the buyer of the option has a choice: either buy it or not buy it, while the seller is obliged to sell the option upon the first request of the buyer. For this, the buyer pays the seller a premium of 1-5% of the contract value. Options are also used for the purposes of currency speculation: if the buyer purchases a currency at a price that is much lower than the prevailing market price, he, even minus the option price, ends up winning relative to the seller.

The main point of commercial trading on the world market, which is carried out largely in the form of spot transactions, is the desire of participants to profit from differences in exchange rates in geographically different currency centers, the so-called arbitrage.

Arbitration operation, which involves the purchase of a currency or other asset (commodity, securities) on one market, its immediate sale on another market and making a profit due to the difference in the purchase price and the sale price.

Arbitration equalizes supply and demand for currency and therefore helps eliminate, for some time, differences in exchange rates between geographically different markets, uniting national currency markets into a single global one.

Chapter 2. Problems of regulation of the foreign exchange market

It is impossible to imagine a world without the foreign exchange market. Even the most insignificant transactions that cross national borders, at least for some of their positions, certainly require currency exchange. In any case where raw materials, labor, manufactured goods or services are imported or exported, foreign exchange is an integral part of the transaction.

In modern conditions of economic and social development Russian Federation In connection with the liberalization of foreign economic and foreign exchange activities, the issue of organizational and legal forms and methods of state influence on foreign exchange transactions and the order of their implementation has become extremely relevant. And this is understandable, since the Russian Federation is deeply interested in expanding foreign economic relations and integrating the country’s economy into the world economy without compromising its economic security and in the interests of effective growth of its economy.

The foreign exchange market is considered to be a system of economic relations both between banks and between banks and their clients regarding the sale and purchase of foreign currency. It should be noted that banks occupy a leading position in currency trading, since they are the most convenient intermediaries in the circulation of funds between business entities. Banks buy foreign currency from exporters and sell it to those who need it. That is why banks can be considered the organizational basis of modern foreign exchange markets in all countries of the world. The share of banks in currency trading on the market is about 96-97%. This means that the foreign exchange market can be called, without exaggeration, an interbank market, where banks carry out transactions with commercial and industrial clients and among themselves.

As part of any market economy, the foreign exchange market ensures the maintenance of foreign economic relations through the mechanism of exchanging national currency for foreign banknotes. The foreign exchange market is the most liquid market, since the object of purchase and sale on it is a highly liquid asset - foreign currency. Foreign currency is banknotes of foreign countries (banknotes, treasury notes, coins), credit and payment documents (bills, checks, etc.) that are used in international payments.

The state's monetary policy is the basis for regulating the balance in the system of foreign exchange relations; it is aimed at overcoming the negative consequences in the sphere of production, ensuring economic growth, maintaining a balanced balance of payments, and containing inflation and unemployment. Monetary policy is an integral part of the state’s economic policy in general and foreign economic policy in particular. The means of implementing such a policy is currency regulation. Exchange regulation and exchange control as instruments of monetary policy are aimed at the sphere of circulation of currency values ​​associated with foreign trade th and the movement of capital, transactions with cash foreign currency, and ensuring the stability and convertibility of the Russian ruble.

At the present stage, currency relations are characterized by a combination of instability and, at the same time, deepening coordination of the state’s economic policy in this area, but the very problem of regulating the currency system and its main mechanisms remains popular.

Problems in the development of the foreign exchange market are initially related to the fact that the area of ​​foreign exchange relations is quite unstable and prone to constant change. That is why the policy of regulating the foreign exchange market and solving related problems must be comprehensive and affect all areas of this market.

The main problems in the development of the foreign exchange market include the unreliability of the currencies of all countries. Currency fluctuations in the international economic arena are associated with the political aspects of the development of countries and their relations with each other. Recently, this situation has more or less normalized; currency fluctuations of a minor nature are observed, although it is very difficult to predict large changes in this area. Problems with the development of the foreign exchange market also include features of exchange rates, which are also very difficult to predict. It should be emphasized that the exchange rate is the main indicator of the operation of the foreign exchange market. An exchange rate is the price of one country's currency expressed in another country's currency. Of course, the exchange rate of one country affects the exchange rate of another country. Theoretically, each country should determine exchange rates by equating the currencies of other countries to its own, taken as a unit. But such a theoretically and legally justified approach would lead to the emergence of hundreds of exchange rates simultaneously operating in international transactions, which would create enormous inconveniences in operational foreign economic activity. The emergence of world currencies makes it unnecessary for each country to determine the exchange rate of its national currency to more than a hundred other national monetary units. It is enough to determine the exchange rate of your currency to one of the world currencies. Today, the main currencies that dictate rates for other currencies are the dollar and the euro.

The problems of regulating the foreign exchange market cannot be resolved by one country, because the comprehensive participation of all countries is necessary for these problems of regulating the foreign exchange market to truly find their solution. One of the problems of regulating the foreign exchange market is its liberalization. It is dictated by modern conditions of international economic relations. Liberalization of foreign economic and foreign exchange transactions is undoubtedly necessary. And to be effective, it must be carried out in stages, rely on measures to strengthen the domestic economy and, moreover, must be carefully prepared. From the position of the Russian leadership, the liberalization of foreign exchange transactions was supposed to solve the main problem: to promote the creation of conditions for both foreign and domestic investors (who preferred to store capital in foreign currency) that would increase the investment attractiveness of the Russian economy.

Another problem in the development of the foreign exchange market is its opacity, because all countries want to pursue a hidden policy of establishing a foreign exchange regime, which seriously hinders the development of international monetary relations. Transparency of exchange rates helps strengthen both the foreign exchange market of individual countries and the economic relations between them.

In addition, regulatory issues should always be discussed at international meetings of leaders of all countries. This is what will help strengthen mutual relations of an international nature and will definitely help find effective solutions to the problems of regulating the foreign exchange market without causing any harm to the exchange rates of individual countries. At the same time, it is necessary to pay attention that these meetings at the international level should include a discussion of such a problem of the foreign exchange market as currency speculation. In economics, the concept of speculation is defined as making a profit by using price differences over time. In other words, currency speculation is transactions of purchase and sale of foreign currency to obtain speculative profit in the form of a difference in its exchange rates. In the modern world, currency speculation is already on a huge scale, and solving this problem will be necessary for the development of currency relations.

Conclusion

Based on the above, we come to the conclusion that becoming a highly effective Russian economy impossible without a developed financial market, of which the foreign exchange market is an integral part, the regulation of which, in turn, is designed to ensure the balance of the Russian economy and its sustainable development.

An analysis of the modern world foreign exchange market, operating under the Jamaican currency system, has shown that it is based on floating exchange rates and a multi-currency standard. During the analysis of the global foreign exchange market, the following problems were identified: the problem of SDRs (issue and distribution, collateral, method of determining the exchange rate, scope of use); the problem of a multi-currency standard based on leading currencies is the linking of monetary units to different currencies and the diversification of the foreign exchange component of international foreign exchange liquidity; the problem of gold - despite the relative advantages of the dollar and the legislative break in the world monetary system with gold as a currency metal, in fact its demonetization has not been completed; the problem of the floating exchange rate regime - this regime did not ensure stability of exchange rates; The loss of the dollar's monopoly role did not deprive it of its dominant influence in monetary relations. The US manipulates the dollar and interest rates to prop up its economy at the expense of Western Europe and Japan. Thus, the strengthening of the dollar’s ​​position in the late 90s was facilitated by the crisis in the stock and foreign exchange markets of Southeast Asian countries and the temporary depreciation of the yen, unprecedented in 8 years. And one of the reasons for the current global financial crisis was the “overproduction” of dollars in the United States. Meanwhile, despite the weakness of the dollar, most investors believe in the prospects of this particular currency. Analyzing the dynamics of the exchange rate over the past couple of months, you involuntarily come to the conclusion that changes in the dollar exchange rate in relation to many currencies do not obey the laws of economics. It seems that in conditions of an economic crisis in the market

USA, the dollar exchange rate against other currencies should not rise. However, growth is evident, for example, in relation to the euro and in relation to the ruble. The problems of the Jamaican currency system give rise to an objective need for its further reform.

The role of international financial organizations in modern currency regulation comes down to: for the IMF - to promoting the development of international trade and currency cooperation by eliminating currency restrictions, providing member states with foreign currency loans to equalize balances of payments and establish norms for regulating exchange rates; IBRD and IDA - to provide credit funds to the governments of borrowing countries, mainly developing countries, for the implementation of projects and programs of an economic and social nature. The events of recent years have put reform of the IMF on the agenda, as it has been unable to prevent frequent ups and downs of currencies, which threatens to worsen crises in the global economy affecting many countries. Amid the global crisis in fiscal 2009, the World Bank Group broke records in terms of the amount of financial resources provided to developing countries to help overcome the crisis.

The prospects for the development of the global foreign exchange market and foreign exchange regulation are very vague: some propose the introduction of a single currency for all countries (Chinese yuan, Japanese yen, ruble, amero); others use SDRs or the yuan as a reserve currency; still others are the creation of a global currency or new “partially global currencies”; fourth - the formation of monetary unions.

The foreign exchange market is a system of economic relations, mechanisms and instruments that characterize the concentration, placement and redistribution of foreign exchange funds between economic entities (legal and individuals). It is on the foreign exchange market that transactions involving the purchase and sale of foreign currency assets, foreign currency and securities in foreign currency are carried out, as well as transactions related to the investment of foreign currency capital.

The main task of the foreign exchange market is to organize an uninterrupted system for the exchange of national monetary units, which are legal tender only in the territory of of this state, to foreign ones. Making a profit in the foreign exchange market results rather from transactions of a speculative nature and therefore is for most participants in foreign economic activity only a secondary goal of participation in the foreign exchange market.

From a functional point of view, foreign exchange markets ensure the timely implementation of international payments - insurance against currency risks, diversification of foreign exchange reserves, foreign exchange intervention, and the receipt of profit by their participants in the form of different exchange rates. From an organizational and technical point of view, the foreign exchange market is a set of telegraph, telephone, telex, electronic and other communication systems that connect banks of different countries carrying out international settlements and other foreign exchange transactions. From an institutional point of view, the Russian foreign exchange markets are a collection of various organizations that purchase and sell foreign currency and securities in foreign currency. These primarily include: authorized banks, various investment companies, foreign banks, exchanges, brokerage houses. A significant place in the Russian foreign exchange market is occupied by authorized banks - these are commercial banks to which the Central Bank of the Russian Federation has issued licenses to carry out transactions with foreign currency.

At the present time in Russia on the foreign exchange market there is a problem of partial convertibility of the ruble for current transactions of the balance of payments and a complete absence of convertibility for the capital account. The ruble is still only a domestic currency, and therefore its exchange rate largely depends on the policies pursued by the Central Bank.

Conducting foreign exchange transactions is inevitably associated with the danger of foreign exchange losses arising from changes in market prices, interest rates, and exchange rates, which results in problems in the foreign exchange market.

It should also be noted that the problem of risk is one of the main ones in the stable activities and competitiveness of banks in the foreign exchange market. A significant obstacle to the development of foreign currency financial instruments is the existing regulatory gaps in domestic legislation. The further development of the foreign exchange sector of the Russian economy is determined by the state of the interbank foreign exchange market, and in the regulation of interbank foreign exchange transactions is characterized by the increasing role of the Central Bank of Russia.

PROBLEMS OF THE CURRENCY MARKET IN RUSSIA AND WAYS TO SOLUTION THEM

Department of Finance and Credit

FSBEI HPE "Kemerovo State University"

The foreign exchange market is one of the links in the financial market, which mediates other areas of the world economy and is sensitive to changes in the economy and politics, exerting a reverse influence on them.

The dynamic process of formation and development of the Russian foreign exchange market requires not only comprehension and assessment of the changes occurring in it in the context of global development, but also the use of the mechanism and tools of the world foreign exchange market in Russian practice.

The Russian foreign exchange market in modern conditions is not stable, depends on many factors and has a number of problems and features.

1. For a long time in Russia there was only internal convertibility of the ruble. In 2004 The ruble was prematurely declared free, the country did not have the necessary economic base in the form of a market economy, competitive in the quality of goods, low inflation, stable and a number of other factors, which led to excessive dolarization and euroization of the Russian currency market.

The specificity of Russia, like most other countries with economies in transition, is that foreign currency circulates within the country in parallel with the national one. This situation does not exist in any developed country in the world. The Russian ruble on its own territory constantly comes into competition with much stronger and liquid currencies - the US dollar and the Euro. This situation causes distrust among the population and foreign investors. In order to maintain positions in such conditions and fully perform the functions of money (including a store of value), the national foreign exchange market must be stable and predictable. Restoring the role of the Russian ruble requires the consistent implementation of a system of economic and organizational measures to strengthen the ruble and to gradually limit the freedom of circulation of foreign currencies within the country.

2. Distrust in the ruble as a national currency led to an outflow of capital from Russia, which had a negative impact on the state of Russia and its size, especially during crisis periods.

3. Internal reversibility based on the principles of market exchange rate formation revealed the weakness of the ruble (weak commodity content). An unfavorable picture has emerged for Russia. Over the past 5-6 years, the purchasing power parity of the ruble against the US dollar has decreased by more than 2 times.

The emergence of this problem was also influenced by the fact that Russia began the transition to market relations and the formation of a foreign exchange market with a production structure inappropriate for this, with an almost complete lack of funds necessary for carrying out structural reforms. During the reforms in Russia, moral and physical obsolescence of the main ones constantly occurred. In addition to all this, the number of small businesses is not large. These factors had a negative impact on the purchasing power parity of the Russian ruble, as one of the foundations of the foreign exchange market.

The direction for solving this problem can be the development of a technological profile, investment of funds from energy resources in real economy and thereby increasing the competitiveness of Russian commodity producers in the world market.

Currently, the Russian foreign exchange market is facing an unfavorable situation caused by the crisis in Europe and the fall in oil prices below $100 per barrel. The dependence of our economy on raw materials is having an impact, clearly demonstrating the dependence of the ruble on oil prices, the stability of which has to be maintained by foreign exchange interventions of the Central Bank.

5. One of the significant problems is the problem of Russia, the volume of which last year increased by 50 billion to 538.9 billion dollars, almost everywhere there is a slowdown in GDP growth rates; according to Rosstat, GDP growth in the first quarter of 2012. amounted to 4.9% in the second quarter of 2012. - 4%, which cannot have a positive impact on the foreign exchange market. Under these conditions, the ruble has no advantages over other currencies, does not deserve the trust of foreign partners, and does not enjoy the necessary demand in the global foreign exchange market. An important direction of the strategy for transforming the national currency into a world currency is its use as an international means of savings by other states, control of inflation and its reduction, settlement of the problem of external debt will allow the Russian foreign exchange market to develop more dynamically.

6. Imperfections of compulsory insurance in banking system Russia. The most important trend is the integration of the Russian foreign exchange market into the Ministry of Foreign Affairs. Its main directions are: the entry of Russian banks to the international level, membership of Russian banks in international organizations, deepening economic ties with the CIS countries.

To solve this problem, it is necessary to modernize the risk coverage fund, allowing this important mechanism to be adapted to the changed operating conditions of the foreign exchange market. An important change could be the abandonment of rigid boundaries for fluctuations through the transition to constant monitoring of the degree of security of trading participants' positions.

7. The underdevelopment of the derivatives segment of the Russian foreign exchange market is a negative trend at least in the medium term.

Factors slowing down the growth of the derivatives segment are the fairly low level and high level of credit risk, especially when concluding derivatives contracts for a long period. It should be noted that the vast majority of transactions, both on the forward foreign exchange market and on the Russian foreign exchange market as a whole, are speculative in nature. A way to solve this problem can be the development of risk hedging operations by market participants.

8. The imperfection of the legislative framework of the Russian foreign exchange market, the lack of a well-thought-out concept for the development of foreign trade also led to colossal foreign trade, primarily through a network of zones. According to the current regulations, only organizations that have a special license from the Bank of Russia can conduct transactions with currency. It is actually issued only to banks. Therefore, most centers are registered as companies providing information services.

Russian credit institutions are much inferior to Western ones in terms of the range of services offered. Despite the fact that currently almost half of Russian banks carry out transactions in foreign currency, every sixth of them is limited only to the purchase and sale of freely convertible currency.

In this regard, significant work is needed to improve: the creation of a comprehensive system and control, the development of amendments to bills defining the status of participants in the foreign exchange market in tax matters, the creation of regulations on the certification of software products through which transactions for difference are carried out (currency rates, stocks, indices etc.) and the development of requirements for the foreign exchange market for transactions for difference, margin lending can significantly improve the situation on the Russian foreign exchange market.

7. One of the biggest problems of most dealing centers, especially small ones, is the failure to fulfill their obligations in terms of payment upon the client’s request.

Application of a strict screening procedure for all firms and individuals wishing to engage in the exchange and over-the-counter markets, regular financial audits and audit of documents and compliance with the legislative framework can have a positive development on the country’s foreign exchange market.

Increasing minimum capital and personnel requirements, the company must manage its risks and have mandatory equity capital.

8. In Russia there is no special tax law regulating the scope of brokerage activities. This is a serious problem for traders as there is no clarity on how to pay taxes on trading income. The tax base has also not been determined, and there is no clarity on the issue of determining the tax rate. A way to solve this problem could be the development and introduction of amendments to the tax legislation of the Russian Federation in terms of brokerage activities.

Thus, a radical improvement in the foreign exchange market in the country depends, to a decisive extent, on the general normalization of the Russian economy and the emergence of positive trends in it: first of all, the development of production capable of ensuring reliable commodity content of the national currency; increasing the competitiveness of domestic products in world markets, gaining stable positions in them, controlling inflation and reducing its level, resolving the problem of external debt, improving banking and tax legislation, as well as creating a legislative framework regulating brokerage activities.

Literature

1. Nagovitsyn, development of the foreign exchange market in Russia [Text] // Financial business. – 2007. No. 5. pp. 17-24.

2. External debt of the Russian Federation. Statistics: portal [Electronic resource] – Access mode. http://cbr. ru/ access date 12/30/12

3. Growth rate Russia's GDP slowed down in the third quarter of 2012: portal [Electronic resource] – Access mode. http://top. rbc. ru/ Date of access 12.11.12.

Scientific supervisor – Ph.D. in Economics, Associate Professor

Liberalization of foreign economic activity and granting the right to enter the foreign market to almost any business entity, including individuals engaged in entrepreneurial activities without forming a legal entity, have led to the emergence of new problems for the Russian economy and legislation. Such problems include, first of all, the massive outflow of foreign currency from Russia abroad and instability of the exchange rate. Let's look at each of the problems in more detail.

The current situation in the foreign exchange market is far from what is required to continue the liberalization process; it is characterized by an unstable equilibrium in the market, which is manifested in imperceptible fluctuations in the dollar exchange rate, which have become cyclical. The cyclical nature of fluctuations is that in the first days of each month the dollar exchange rate experiences a noticeable increase, and in subsequent days the dollar exchange rate decreases.

The phenomenon of cyclicality in the Russian foreign exchange market has been observed before; cyclicality in the dynamics of the dollar exchange rate is due to three factors:

The fact that the level of gold and foreign exchange reserves of the Bank of Russia remains insufficient to smooth sharp jumps dollar exchange rate. The Bank of Russia's purchase of foreign currency on the market is used not only to replenish reserves, but also to service external debt. The more funds are required to service external debt, the less opportunities the Bank of Russia has to pursue a policy of smoothing fluctuations in the dollar exchange rate;

The narrowness of the domestic financial market for ruble instruments. A peculiarity of the Russian financial market after the crisis is that the vast majority of settlements are carried out by commercial banks not among themselves, but through the Bank of Russia; accordingly, the role of correspondent accounts of commercial banks with the Bank of Russia has increased significantly. In recent days, when a significant part of the settlements related to tax payments and loan repayments are carried out both by the banks themselves and their clients, the banks’ need for ruble market instruments is increasing. The ruble shortage forces banks to sell foreign currency, and the Bank of Russia to provide financial assistance to banks in the form of short-term loans to ensure uninterrupted payments. A decrease in the need for rubles at the beginning of each month leads to the formation of a temporary surplus of ruble funds at commercial banks. With these funds, banks buy foreign currency in order to provide foreign currency assets the next time the loans received from the Bank of Russia are repaid. Such an operation brings a certain benefit to banks, since the currency is sold at a higher rate;

The increased volumes of transactions in the foreign exchange market after the liberalization of the foreign exchange market and the introduction of a single trading session, as a result of which the burden on the Bank of Russia to smooth out exchange rate fluctuations in the foreign exchange market increased. As a result of liberalization, the difference in dollar exchange rates between the single trading session and the daily trading session disappeared, the scale of capital flows between the two trading sessions increased, and the Bank of Russia was forced to either intervene in both the single and daily trading sessions, or accept exchange rate fluctuations.

Another problem is the export of capital from Russia, which amounts to millions of dollars. The return from abroad of foreign currency illegally exported from Russia in modern economic and political conditions is a priority state task. The particular importance of solving the problem lies in the fact that the scale of capital flight, increasing from year to year, was one of the reasons for the destabilization of the economy. The export and non-return of foreign currency has reached alarming proportions, both during foreign economic transactions (export-import transactions) and in the domestic foreign exchange market associated with the conversion of rubles, cashing and export of currency by individuals, and laundering of funds received as a result of criminal activity.

Expert estimates of the amount of funds exported and illegally not returned to Russia are quite contradictory. Thus, according to the Russian Ministry of Economy, over the entire period of reforms, 210-230 billion US dollars were exported from the country. 40-50 of them were obtained mainly as a result of illegal export-import, barter, currency and financial transactions, as well as the legalization of income from illegal types of business. 165 billion dollars were exported without violating the law

The Security Council of the Russian Federation, also citing expert calculations, believes that from 2005 to 2007, over 60 billion dollars were transferred from Russia to global financial centers. The share of “dirty” money is 30-40% of the total volume of Russian capital settled abroad. Every month, according to foreign law enforcement agencies, citizens of the Russian Federation transfer approximately $1 billion abroad.

According to Bank of Russia specialists, the annual illegal export of capital from the country ranges from 12 to 15 billion dollars. In 2007 alone, about $9 billion was exported. The total amount of capital that illegally left the country over 5 years, according to these estimates, is equivalent to 70-80 billion US dollars.

According to the IMF and the Paris Club, the amount of illegal outflow of monetary and financial funds from Russia is approximately 50-60 billion dollars.

There are also more pessimistic views. Some experts estimate that capital flight has reached $700 billion.

According to estimates from various Russian regulatory agencies, over the past few years our state has lost about 60 billion dollars.

Noting the scale of these processes, experts point out that if its foreign exchange resources were returned to Russia, the country could not only solve the problem of paying off external debt, but also refuse financial assistance other states and international organizations.

The severity of the problem of illegal export of Russian capital prompted the President and Government of the Russian Federation to take measures aimed at ensuring the flow of export foreign exchange earnings into the country and streamlining the export of currency from the country abroad (a system of foreign exchange regulation, the most important direction of which is foreign exchange control).

The main task of foreign exchange control in modern conditions is to limit the scale of capital flight from the country while simultaneously maintaining the supply of foreign currency in the domestic foreign exchange market. According to the Bank of Russia, the scale and speed of growth of capital outflow are such that they pose a real threat to the economic security of the country. If in past years the flight of capital from Russia annually amounted to 20-25 billion dollars and was at least “compensated” by the influx of foreign investment and credit resources, now, in the context of a reduction in foreign investment, the situation is different: capital flight “eats” today about half of export revenues and almost 3 times higher than government payments on external debt. If there is a shortage of foreign currency funds necessary to service external obligations and pay for investment imports, capital flight can worsen the balance of payments and negate the efforts of the monetary authorities to strengthen the ruble.

The problem of capital outflow from the country is now largely determining the further development of our economy. Having a number of common features with foreign analogues, the Russian phenomenon of capital flight is distinguished by great originality, both in terms of the motives for the outflow and the channels for the export of resources and macroeconomic consequences. It directly follows from the specifics of the initial accumulation of capital through the shadow redistribution of income and the extraction of speculative profits in the market of financial instruments, the desire of business entities to stabilize (or increase) the level of income in an environment of decline in production and in difficult business conditions (heavy tax burden, criminalization of the economy and low level of business security guarantees, unfinished market institutional and legal framework, etc.)

The most significant part of the capital, according to the calculations of V.N. Melnikov. amounting to 18-19 billion dollars, goes abroad in foreign trade transactions in the form of non-repatriation of export foreign currency earnings, non-receipt of goods and services to repay advance payments on imports, and lower prices for imported products.

Inspections carried out by the Bank of Russia of authorized banks - the largest buyers of foreign currency on the interbank currency exchange - revealed a number of schemes for the leakage of currency abroad, and in all of them the so-called “fly-by-night companies” play a key role. “One-day companies,” as a rule, consist of one or two individuals, have a legal address for a rented apartment and a minimum authorized capital of 100 minimum wages. Each of these firms purchases up to 3 - 4 million dollars daily to pay for supplies under import contracts. As a rule, payment terms provide for 100% advance payment, and the location of the trading partner is offshore zones. Despite the obvious fictitious nature of such transactions, current legislation does not provide an authorized bank with the right to refuse a client to carry out transactions. The specificity of the “business” of “one-day companies” makes the work of currency control authorities and law enforcement agencies meaningless, since the company disappears before it comes to their attention.

Recently, the scale of fraudulent transactions associated with the transfer of currency to offshore zones by such firms under concluded import contracts providing for 100% advance payments, as well as under import contracts for the provision of services and results of intellectual activity, has become particularly acute. In 2008 their monthly volume increased from $800 million in January to $1 billion in March, that is, more than one third of all foreign exchange earnings sold by exporters “goes” to offshore companies.

The “flight” of capital has a number of negative consequences for the country’s economy:

• 1. The supply of currency is reduced and the money supply as a whole decreases (monetary aggregate M2). Rubles enter the foreign exchange market, are converted and exported, or do not enter the country at all if, as a result of price manipulation, foreign exchange earnings are hidden or economic assets are illegally exported. The volume of supply of currency sold on the Moscow Interbank Currency Exchange is reduced, the currency field is sharply narrowed and the ruble exchange rate becomes unstable.
• 2. Foreign exchange reserves are decreasing, which indirectly affects the ruble exchange rate. If at least part of the “escaped” capital remained in the country, foreign exchange reserves could be 3-4 times larger than at present.
• 3. Investment resources are reduced and artificial demand for foreign loans is created.
• 4. The tax base is reduced. With government regulation of the export of capital, transactions are registered and therefore taxes are paid.
• 5. Profits received from capital that “escaped” abroad are not invested in the country.
• 6. The stability of the financial market decreases, and asymmetry arises between its segments.

To curb the flight of capital from the economy, it is necessary to develop a strategic program and tactics of action to make the “flight” of capital economically unprofitable. First of all, it is necessary to ensure socio-economic and political stability in Russia and the protection of property rights. In Russia, it is useful to use the world experience of combining criminal law norms aimed at curbing the “flight” of capital with measures of administrative and financial control over foreign exchange transactions, transfers and investments abroad. It is necessary to overcome the difficulties associated with the fact that each movement money capital removes it from the illegal source of origin, and several transactions in foreign financial markets make it difficult to identify this source. In addition, abroad, more than 1 million “mailbox” companies (without assets and liabilities) launder “dirty” money.

Experts in the field of currency regulation suggest that in order to curb the “flight” of capital and stimulate its repatriation, there must be a legal regime of guarantees to insure commercial and political risks and unforeseen government actions. The program to counter the flight of capital and stimulate at least partial repatriation requires special measures to influence this process. These include: strict compliance with the created single chain of Russian subjects of an export transaction (exporter - customs - bank), unification of reporting forms. An important place in this area belongs to control over the monetary and financial conditions of foreign economic transactions in order to narrow the breeding ground for the “flight” of capital.

Equally important is control over advance payments for Russian exports, which are often used as a form of “flight” of capital if, after transferring the advance payment abroad, the importer cancels the fictitious contract as invalid.

Control over barter contracts is necessary, since Russian exports under barter transactions in value are several times (from two to five to six, according to some estimates) higher than counter deliveries from abroad, and contract prices deviate from the world average. The difference “floats” abroad in favor of businessmen. Measures are required to curb capital flight to offshore zones and foreign-registered joint ventures.

Considering the important role of banks and various financial and credit institutions in the mechanism of capital flight, it is advisable to oblige them to report suspicious money transfers abroad to the competent authorities, in particular, the Interdepartmental Center for Combating Money Laundering, created on the basis of the Ministry of Internal Affairs in May 2007.

In order to partially repatriate “fugitive” capital, taking into account world experience, it is advisable to selectively apply economic amnesty, without extending it to “dirty” money associated with criminal offenses.

It is also necessary to accelerate the formation in Russia of a more effective economic management structure in order to limit the oligarchic and corrupt apparatus and the “shadow” redistribution of income in favor of businessmen who transfer it abroad. According to experts, in Russia, on average, “shadow” capital has reached 40% of GDP.

International cooperation is an indispensable condition for curbing capital flight from Russia. Russia's signing of the Vienna Convention on Combating Drug Trafficking and joining Interpol are the first steps in this direction. Intergovernmental agreements on cooperation in the field of export and currency control are needed.

To reduce the possibility of fraud with the transfer of currency abroad, it is advisable to improve the rules for opening accounts in banks abroad, cooperation with them in order to identify Russian owners of large bank accounts and their possible repatriation.

As international experience shows, to effectively counter the “flight” of capital and stimulate its repatriation, it is necessary to create a clear institutional structure for managing this process, headed by a responsible coordinator. The scope of activity of such an interdepartmental center should be not only combating the laundering of illegal income, which is within the competence of the Interdepartmental Center based on the Ministry of Internal Affairs, but also the “flight” of capital through legal and illegal channels and stimulating its repatriation. The focus of his attention should be on both illegal channels - non-return of export proceeds, lost profits on foreign economic transactions, advance payments under fictitious foreign trade contracts, smuggled export of goods; and legal channels - an increase in foreign assets of enterprises and banks, undeclared export of foreign currency, in particular using plastic cards, dollarization of the economy and more.

Russia needs a control system to limit capital flight and channel funds received from operations with raw materials into the high-value-added sector, as well as to provide the government with a certain monetary autonomy necessary to pursue a policy of rapid growth. Existing economic literature confirms the need for capital controls in environments where market institutions are weak, as in Russia.

First, capital controls can be used to achieve or gain autonomy over a particular type of monetary and exchange rate policy. Exchange rate management can be vital for a country that needs to restructure most parts of the economy. Fluctuating real exchange rates make it unclear whether you can make a profit and nullify investment attempts. Stabilization of the nominal exchange rate could lead to an overvaluation of the real exchange rate, which always turns out to be destructive. An attempt to balance a fixed exchange rate through slight inflation for the sake of indirect control over the real exchange rate usually leads to the fact that monetary policy begins to negatively affect the productive sector and turns banking sector to a huge casino. The only solution to the problem in this case would be to influence the real exchange rate of the ruble through a permanent devaluation of the nominal exchange rate. But this requires complete protection from speculation in financial markets. In the absence of a comprehensive capital control system, a country may be faced with a choice: either accept the impossibility of such influence, or rely on the administratively established exchange rate, that is, non-convertibility. The introduction of capital controls would help avoid a return to an administrative economy.

Flight of capital is a clear justification for imposing capital controls, and this is all the more true if there is a serious suspicion that a significant part of the banking community is not obeying the law. Russia's problem is, rather, not in attracting foreign capital, but in the outflow of Russian capital from the country. Goals to achieve which it is necessary to introduce restrictions on capital flows:

• - Retention of internal savings;
• - Preservation of the internal tax base;
• - Maintaining monetary autonomy for the sake of achieving manage a floating exchange rate;
• - Establishing the correct sequence of steps to achieve economic liberalization;
• - Limiting the volatility of short-term capital flows and reducing exchange rate fluctuations and reducing the frequency and strength of speculative acts.

Thus, if properly managed, capital controls could enable the Russian government to maintain its monetary and economic sovereignty and freedom of action to pursue positive growth, and to rebuild Russia's financial institutions as necessary so that markets can be efficient. only in cases where their activities are supported by appropriate institutions. Russia can and must find ways to stop the “flight” of capital and partially return it to the country in order to revive the national economy. An indispensable condition for effectively countering the “flight” of capital and its repatriation is strengthening economic and political stabilization.

“A developed financial market is the basis for the existence of the economy of any state. The foreign exchange market is an integral part of the financial market. The foreign exchange market is the area where the purchase and sale of foreign currency, checks, bills, letters of credit takes place at market prices, depending on supply and demand.”

The foreign exchange market is a kind of place where demand in the person of the buyer collides with supply in the person of the seller. In this case, the state, business entity or citizen acts only as a buyer or seller. When their financial interests coincide, purchase and sale of currency values ​​occurs. All actions of the seller and buyer in the foreign exchange market will be carried out with commercial risk . Commercial risks are possible reductions or loss of income associated with decision-making or actions under conditions of uncertainty, lack of reliable information about the ways of development of the process or the state of the market. Also in the foreign exchange market there is such a concept as currency risk

, i.e. when a business entity incurs additional expenses or, conversely, receives additional income as a result of changes in exchange rates. Relevance of the research topic. The foreign exchange market plays an important role in a modern market economy. Monetary policy and exchange rate policy have a direct, albeit selective, impact on the development of the national economy. The impact of foreign exchange policy and exchange rate policy on the national economy has become especially clear in the context of the unfolding processes of globalization of both markets for individual goods and financial markets. Monetary policy can both stimulate sustainable in the country and become its serious limiter. Selecting the optimal monetary policy from the point of view of long-term goals of national development is currently one of the priority tasks of state regulation of the economy.

The subject of the course work is the state foreign exchange market, the object of the work is its state regulation.

To fully achieve the goal, it is necessary to solve the following tasks:

1. Trace the formation of state regulation of the foreign exchange market.

2. Reveal the features of government regulation of various forms of foreign exchange markets.

3. Identify the consequences of foreign exchange market regulation.

4. Conduct comparative analysis state regulation of the foreign exchange market in the period from 2005 to 2009.

5. Describe the problems of state regulation of the foreign exchange market of the Russian Federation.

FEATURES OF THE FUNCTIONING OF FOREIGN MARKETS

The development of international economic relations, and primarily trade, determined the formation of the global monetary and financial system. Along with it, the system of currency regulation and currency control developed.

In the run-up to and during the First World War, some countries introduced bans on certain international payments for the first time. Currency restrictions were introduced by both warring and neutral countries. Frozen official exchange rates remained virtually unchanged, although purchasing power money was constantly declining as a result of inflation. The role of gold as a global reserve and means of payment increased again; military or strategic goods could only be purchased for gold. Accordingly, the exchange rate has lost its active role in economic relations.

Currency restrictions during the war years became one of the means of mobilizing foreign exchange resources to wage wars. To regulate this process and solve other economic problems, an Interstate Currency Regulation Authority, the IMF, was created. In the future, the introduction of mutual convertibility of currencies and the gradual abolition of currency restrictions, the introduction of which required the permission of the IMF, were envisaged.

The leading position in the world economy after the end of the war was reflected in the establishment of the dollar standard. The dollar, the only currency convertible into gold, became the basis of currency parities, the predominant means of international payments, the currency of intervention and reserve assets. In effect, the dollar began to play the role that gold played in a monetary system based on the gold coin standard.

Official exchange rates were artificial at this time. Economic instability, balance of payments crises and increased inflation led to a decline in exchange rates against the dollar as a result of numerous devaluations. At the same time, low exchange rates of the national currencies of Western Europe and Japan were necessary to encourage exports and restore the war-torn economy. In this regard, the Bretton Woods monetary system contributed to the growth of world trade and production for a quarter of a century. At the same time, contradictions accumulated, which became the cause of its crisis and destruction. The dollar gradually lost its monopoly position in currency relations, and the German mark, the Swiss franc and the Japanese yen began to be widely used as an international means of payment and reserve. The economic and monetary dependence of Western Europe on the United States, characteristic of post-war years. Three world currency centers have emerged - the USA, the EU and Japan.

As world experience shows, in a market economy, market and state regulation of international monetary relations is carried out. In the foreign exchange market, supply and demand for currencies and their exchange rates are formed. Market regulation is subject to the law of value, the law of supply and demand. The operation of these laws in conditions of competition in foreign exchange markets ensures the relative equivalence of currency exchange, the correspondence of international financial flows to the needs of the world economy related to the movement of goods, services, capital, and loans. Through the price mechanism and signals of exchange rate dynamics in the market, economic agents learn about the demands of currency buyers and the possibilities of their supply. Thus, the market acts as a source of information about the state of foreign exchange transactions.

However, the state has long intervened in currency relations - first indirectly, and then directly, given their important role in world economic relations. With the abolition of the gold standard in the 30s of the XX century. The mechanism of gold points ceased to function as a spontaneous regulator of the exchange rate. Significant and sharp fluctuations in exchange rates and currency crises negatively affect the national and global economy, causing severe socio-economic consequences.

Market and state currency regulation complement each other. The first, based on competition, generates incentives for development, and the second is aimed at overcoming negative consequences market regulation currency relations. The boundary between these two regulators is determined by the benefits and losses in a particular situation. Therefore, the relationship between them often changes. In conditions of crisis shocks, wars, and post-war devastation, state currency regulation prevails, sometimes very strict. As the monetary and economic situation improves, foreign exchange transactions are liberalized and market competition in this area is encouraged. But the state always maintains foreign exchange control for the purpose of regulation and supervision of foreign exchange relations.

In the system of regulation of a market economy, an important place is occupied by currency policy - a set of activities carried out in the field of international monetary and other economic relations in accordance with the current and strategic goals of the country. It is aimed at achieving the main goals of economic policy within the framework of the “magic polygon”: ensuring the sustainability of economic growth, curbing the growth of unemployment and inflation, and maintaining balance of payments equilibrium.

The direction and forms of monetary policy are determined by the monetary and economic situation of countries, the evolution of the world economy, and the balance of power on the world stage. At different historical stages, specific objectives of monetary policy come to the fore:

1. Overcoming the currency crisis and ensuring currency stabilization.

2. Currency restrictions, transition to currency convertibility, liberalization of foreign exchange transactions, etc.

Monetary policy reflects the principles of relationships between countries: partnership and disagreements that give rise to discrimination against weaker partners, primarily developing countries, and interference in the internal affairs of other states.

The justification for monetary policy is a certain theory, elevated to the rank of official dogma. Legally, monetary policy is formalized by currency legislation - a set of legal norms regulating the procedure for carrying out transactions with currency values ​​in the country and abroad, as well as currency agreements - bilateral and multilateral - between states on currency problems. The historical predecessor of modern monetary agreements was the Latin Monetary Union (1865-1926), the purpose of which was to establish a single monetary unit of member countries, with the coins of one country being considered legal tender in other countries. The Paris Agreement of 1857 formalized the creation of the first world monetary system - the gold coin standard. Next is the Genoa Conference of 1922. formalized the creation of the gold motto standard. The Bretton Woods Agreement of 1944 established the principles of the post-war monetary system. The Jamaica Monetary Agreement established the principles of the modern world monetary system. Within the framework of regional associations, currency agreements are also concluded, for example, on the creation of the EMU (1979), the European Economic and Monetary Union with a single currency - the euro - at the turn of the 20th and 21st centuries.

One of the means of implementing monetary policy is foreign exchange regulation - state regulation of international payments and the procedure for conducting currency transactions; carried out at the national, interstate and regional levels. Direct currency regulation is implemented through legislative acts and actions of the executive branch, indirect - using economic, in particular monetary and credit, methods of influencing the behavior of economic agents of the market. The globalization of economic relations contributed to the development of interstate currency regulation. It pursues the following goals:

1. Regulation of the structural principles of the world monetary system.

2. Coordination of the monetary policy of individual countries, joint measures to overcome the currency crisis.

3. Coordination of the monetary policy of the leading powers in relation to other countries.

Regional currency regulation is carried out within the framework of economic integration associations, for example in the EU, in regional groupings of developing countries.

Monetary policy determines the preparation, adoption and implementation of decisions on currency problems. Regulation of currency relations includes several levels:

1. Private enterprises, primarily national and international banks and corporations, which have enormous foreign exchange resources and are actively involved in foreign exchange transactions.

2. National state (Ministry of Finance, Central Bank, currency control authorities).

3. At the interstate level.

Interstate regulation in the form of coordination of currency, credit and financial policy due to the following reasons.

1. Strengthening the interdependence of national economies, including foreign exchange, credit, financial relations.

2. Changing the relationship between market and government regulation in favor of the market in the context of liberalization of economic relations.

3. Changing the balance of power on the world stage; The undivided leadership of the United States was replaced by the dominance of three centers of partnership and rivalry - the United States, Western Europe, and Japan. In addition, young competitors appeared - new industrial states.

4. The huge scale of global currency, credit, and financial markets, which are characterized by instability due to fluctuations in exchange rates, interest rates, periodic oil shocks, stock exchange, currency, banking crises, etc.

All elements of the global and national currency systems are subject to regulation.

An absolutely autonomous national economic policy, including currency, credit, and financial policy, is incompatible with the development of interdependence of countries and their integration into world economy.

The body for interstate currency regulation is the IMF, and since the mid-70s there have also been regular summit meetings with a limited number of participants. One of the motivations for holding them at one time was the global energy crisis (it was necessary to take concerted measures to limit the negative consequences of rising oil prices for the most developed countries). Since then, current world economic and political problems have been discussed at summit meetings. A similar summit meeting was first held in November 1975 in Rambouillet (France) with the participation of six leading states; Since 1976, annual meetings of the G7 (USA, Japan, Germany, France, Great Britain, Italy, Canada) have been held. One of the problems discussed was providing assistance to the reforms that began in Russia in 1991 for the transition to a market economy. But in 1992 - 1996. Russia's participation in the G7 meetings was limited. In Denver (1997), there was an agenda for the Eight for the first time. At a meeting in Birmingham (May 1998), where a decision was made to provide urgent financial assistance to the countries of Southeast Asia in connection with the deep financial and monetary crisis in this region, the G-7 was officially proclaimed as "eight" ("G-8").

The main reasons for regular meetings at the highest level are rooted in the globalization of economic relations, the instability of the economic and political development of countries, partnerships, and contradictions. Constant consultations between heads of state are aimed at developing a unified economic and political strategy. Summit meetings are usually preceded by preparatory work at the national level (consultations of government and enterprise representatives on issues discussed at the economic meeting) and at international meetings (coordination meetings of government representatives held three to four times a year to develop a preliminary solution by eliminating contradictions and reaching compromises).

International summit meetings are an integral element of the existing system of interaction between developed countries in all spheres of economics and politics. Two tendencies traditionally emerge at these meetings: partnership and disagreement.

Monetary policy, depending on its goals and forms, is divided into structural and current. Structural monetary policy - a set of long-term measures aimed at implementing structural changes in the global monetary system. It is implemented in the form of currency reforms carried out in order to improve its principles in the interests of all countries, and is accompanied by a struggle for privileges for individual currencies. Structural monetary policy influences current policy. Current monetary policy - a set of short-term measures aimed at everyday, operational regulation of the exchange rate, foreign exchange transactions, activities of the foreign exchange market and the gold market.

The problem of liberalizing state currency regulation and easing the state's foreign exchange policy is one of the most pressing topics that has been widely discussed in the press recently. The processes of globalization of the world economy, increased mobility of capital and continuous improvement of information exchange systems lead to the fact that the removal of restrictions on foreign exchange transactions is often considered as a necessary condition for integration into the international financial system. At the same time, ill-conceived actions to abolish existing norms administrative regulation the foreign exchange market often result in crisis consequences for the national economy.

When choosing a regime of currency regulation and state control, monetary authorities proceed from the general tasks facing the country’s economy. In general, currency regulation has the main goal of providing the government with a mechanism for effectively managing the exchange rate of the national currency. In accordance with this goal, the tasks of currency regulation can be divided into tactical and strategic.

Tactical tasks include, first of all, smoothing out exchange rate fluctuations that occur under the influence of market factors. In particular, these may be seasonal changes (for example, the beginning and end of the reporting period), the consequences of a sharp increase in volatility (price trend) of related sectors of the financial market, large payments on external debt, etc.

In a strategic plan, currency regulation is designed to ensure the exchange rate of the national currency that is necessary for the economy to enter a path of sustainable growth, improve the well-being of the population and reduce inflationary pressure. From a strategic point of view, the exchange rate is considered as one of the main macroeconomic indicators. Accordingly, currency regulation cannot be carried out in isolation from the implementation of long-term economic policy. Based on this, foreign exchange control measures are usually used to:

1. Selecting a regime for regulating the exchange rate on a long-term basis.

2. Preventing the outflow of capital abroad, when the country itself needs investment resources to modernize the economy.

3. Limitations on the flow of short-term speculative foreign capital into the country as a source of potential instability.

4. Management of the volume of gold and foreign exchange reserves.

5. Combating dollarization of the economy (in those countries where this problem exists).

One of the most important tasks of state currency regulation in recent decades is to prevent or minimize the consequences of monetary and financial crises. In this case, we are talking about both a strategic task - preventing crises and reducing their impact on the economy - and tactical measures to smooth out exchange rate fluctuations and prevent the crisis from spilling over into adjacent sectors of the capital market.

It should be taken into account that in modern conditions the degree of impact of monetary and financial crises on the economy is continuously increasing, and not only individual countries, but also entire regions are often drawn into their orbit. Moreover, the latest monetary and financial crises of 1997-1999 and 2008-2009 to one degree or another affected all the world's leading economies, causing a noticeable decline in basic economic indicators in many countries.

In this paragraph, the author found out that before the adoption of the Paris Monetary System, there were mainly economic measures of exchange control. Also, here we consider currency regulation both market and state, carried out at the regional, national and interstate levels. State regulation originates in a period when the state directly intervened in currency relations, given their important role in world economic relations. The further development of state regulation of the foreign exchange market was modified depending on the adopted interstate agreements, such as, for example, the Latin Monetary Union (1865-1926), the Paris Agreement (1857), the Genoa Conference (1922) formalized the creation of the gold-motto standard , Bretton Woods Agreement 1944, etc.

1. By area of ​​distribution, i.e. In terms of breadth of coverage, we can distinguish international (international financial centers) and domestic foreign exchange markets. Thus, international (world) currency markets are concentrated in the main financial centers of Western Europe, the USA, the Middle East, and East Asia. The largest centers are located in London, New York, Frankfurt am Main, Paris, Zurich, Tokyo, Singapore, etc. According to some estimates, the London market accounts for one third to half of the annual turnover. The New York market is gradually catching up with it.

In turn, both international and domestic markets consist of a number of regional markets, which are formed by financial centers in individual regions of the world or a given country.

The international foreign exchange market covers the foreign exchange markets of all countries of the world. The international foreign exchange market should also be understood as a chain of world regional foreign exchange markets closely interconnected by a system of cable and satellite communications. There is a flow of funds between them depending on current information and forecasts of leading market participants regarding the possible position of individual currencies.

An important role in foreign exchange regulation of the international and domestic foreign exchange markets belongs to foreign exchange legislation.

The latter is a set of legal norms that establish the procedure for implementing agreements with currency values.

Such agreements are concluded within a country, between organizations and individuals of one country with similar entities of another. They provide for the procedure for import, export, transfers and shipment abroad and receipt from abroad of national and foreign currency and other currency values ​​(payment documents in foreign currency, securities, etc.).

The currency legislation of developed countries of the world obliges their exporters to foreign exchange earnings or deposit it in special banks, regulates the activities of foreign exchange markets. Banks in these countries must obtain permission to provide foreign borrowers with long-term or short-term foreign exchange funds in national currency. Foreign exchange
legislation provides for the establishment of a regime for foreign currency accounts, limits on the export of currency, etc.

2. In relation to currency restrictions, free and non-free currency markets can be distinguished (this applies to regional and national currency markets) depending on the absence or presence of currency restrictions on it.

Regulation of foreign exchange transactions in countries is carried out, as a rule, at two levels. This is government regulation carried out within the framework of the state’s foreign exchange policy, and restrictions introduced directly by banks to insure their activities against possible losses. The monetary policy of any state is, first of all, an element of the economic strategy of the government in power.

In the most general terms, the monetary policy of developed countries represents the targeted use by the authorities of certain mechanisms to achieve the goals of economic policy - stimulating economic growth, employment and combating inflationary trends. In general, monetary policy is designed to regulate the external competitiveness of the state, to ensure the protection of the economy from negative impact currency instability and any external factors.

Currency restrictions are a system of government measures (administrative, legislative, economic, organizational) to establish the procedure for conducting transactions with the subject of operation (foreign currency, securities denominated in it, currency values) in individual countries, prescribed by national legislation.

Currency restrictions include measures for targeted regulation of payments and transfers of national and foreign currency abroad, as well as establishing the procedure for settlements in foreign currency domestic market.

A foreign exchange market with foreign exchange restrictions is called a captive market, and in the absence of them - a free foreign exchange market.

3. According to the types of exchange rates used, the foreign exchange market can be with a single regime and a double regime.

A market with one regime is a foreign exchange market with free exchange rates, i.e. with floating exchange rates, the quotation of which is established at exchange trading.

A dual regime foreign exchange market is a market with simultaneous use of fixed and floating exchange rates. The introduction of a dual currency market is used by the state as a measure to regulate the movement of capital between the national and international loan capital markets. This measure is intended to limit and control the influence of the international loan capital market on the economy of a given state.

4. According to the degree of organization, the foreign exchange market can be exchange or over-the-counter.

The exchange foreign exchange market is an organized market, which is represented by a foreign exchange exchange. A foreign exchange exchange is an enterprise that organizes trading in currencies and securities in foreign currency. The exchange is not a commercial enterprise. Its main function is not to obtain high profits, but to mobilize temporarily free funds through the sale of currency and securities in foreign currency and to set the exchange rate, i.e. its market value.

The exchange foreign exchange market has a number of advantages: it is the cheapest source of currency and foreign exchange funds; applications submitted for exchange trading have absolute liquidity (liquidity of currency and securities in foreign currency means their ability to quickly and without loss in price be converted into rubles).

The over-the-counter foreign exchange market is organized by dealers who may or may not be members of the foreign exchange exchange and conduct it by telephone, fax, and computer networks. This is the so-called currency dealing (ForEx DEALING).

Of course, being opposite sides of the same coin, the exchange and over-the-counter markets (although to a certain extent they contradict each other) at the same time complement each other. This is due to the fact that, while performing the general function of currency trading and circulation of securities in foreign currency, they use various methods and forms of selling currency and securities in foreign currency.

The advantages of the over-the-counter foreign exchange market are that the costs of currency exchange operations are quite low.

Bank dealers often use face-to-face currency auctions on the exchange to reduce their own costs for currency conversion by concluding agreements for the purchase and sale of currency at the exchange rate before the start of trading on the exchange. On the exchange, trading participants are charged commissions, the amount of which is directly dependent on the amount of foreign currency and ruble resources sold. In addition, the law establishes a tax on stock exchange transactions. In the over-the-counter market, for an authorized bank, after a counterparty to the transaction has been found, the currency conversion operation is carried out practically free of charge; higher speed of settlements than when trading on the foreign exchange exchange. This is due, first of all, to the fact that the over-the-counter foreign exchange market allows transactions to be carried out throughout the entire trading day, and not at a strictly defined time of the exchange session.

1. The Eurocurrency market is international market currencies of Western European countries, where transactions are carried out in the currencies of these countries. The functioning of the Eurocurrency market is associated with the use of currencies in non-cash deposit and loan transactions outside the countries issuing these currencies.

Today, the largest international banks, financial centers and all converted currencies are involved in the European market. On the European market, transactions are carried out in currencies that differ from the currency of the country of location of the bank that conducts the transactions. The emergence of such a market is due only to the needs of investors and investment users, therefore operations on it are not subject to state currency and tax regulation of the country issuing the currency.

The Euromarket is a part of the world market for currencies and borrowed capital, in which transactions are carried out in Eurocurrencies.

It is worth noting that the black currency market and the Eurocurrency market are under dual control, namely, under the control of the country where the specific currency is currently located and the country issuing the currency. But the issuing country does not have the right to regulate the movement of eurocurrency that has gone beyond its borders.

2. The Eurobond market expresses financial relations on debt obligations with long-term loans in Eurocurrencies, issued in the form of bonds of borrowers. The bond contains data on the amount of debt, the terms and conditions of its repayment, the procedure for receiving interest in accordance with coupons (a coupon is a part of a bond certificate, which, when separated from it, gives the owner the right to receive interest).

3. The Eurodeposit market expresses stable financial relations for the formation of foreign currency deposits in commercial banks of foreign countries at the expense of funds circulating in the Eurocurrency market.

4. The Eurocredit market expresses stable credit ties and financial relations for the provision of international loans in Eurocurrency by commercial banks of foreign countries.

5. The black currency market is the same complex system as any other market. But this system operates not according to legislative acts, but according to so-called unspoken legal principles and schemes. Participants in such a system are criminals, since the legislation of any country clearly states all the regulations for concluding foreign exchange transactions, and all transactions that are carried out in circumvention of these laws are illegal.

At the moment, the whole world has directed its efforts to fight the black currency market. Each country has adopted a number of existing measures and strengthened controls over foreign exchange values.

When characterizing derivatives markets can be distinguished:

Forward contracts market;

Futures market;

Options market.

Forwards, or cash forward transactions, whereby the buyer and seller agree to deliver a commodity or currency at a specified future date, are an alternative to exchange-traded futures and options and are one of the earliest forms of forward contract to emerge as reaction to significant price changes.

Futures market - one of the most successful and at the same time the most controversial innovations in global financial markets in recent decades has been the beginning of trading in financial futures, i.e. such futures contracts, which are based on financial instruments with a fixed interest rate and exchange rates.

A futures contract is a legally binding agreement between two parties to deliver or receive a particular commodity of a certain volume and quality at a pre-agreed price at a certain point or a certain number of points in the future.

A financial future is an agreement to buy or sell a financial instrument at a pre-agreed price during a specified month in the future (on a specific day of the month)."

Market futures contracts serves two main purposes:

1. It allows investors to insure themselves against unfavorable price changes in the spot market in the future (hedger operations).

2. It allows speculators to open positions on large amounts with little security.

The basic approach to regulating futures trading can be defined as controlled self-government. The CFTC has ultimate authority over futures trading, but in practice it places the onus on futures trading participants to develop and implement effective measures to prevent market manipulation. The CFTC itself is constantly monitoring this self-government process.

Options market – one of the types of futures transactions are options. An option is a bilateral agreement to transfer rights (for the buyer) and an obligation (for the seller) to buy or sell a specified financial asset at a fixed rate on a pre-agreed date or within an agreed period of time. The currency options market developed widely in the mid-70s. XX century, after the introduction in most countries of floating exchange rates instead of fixed ones (since March 1973).

A foreign exchange option is a contract that gives the right (but not the obligation) to one of the parties to the transaction to buy or sell a specified amount of foreign currency at a fixed price (the exercise price of the option) for a certain period of time, while the other party, for a cash premium, undertakes if necessary ensure the exercise of this right by being ready to sell or buy foreign currency at a certain negotiated price.

Today, the futures and options markets are among the most regulated industries. Every person or firm entering into futures transactions on behalf of clients or specializing in market advice must be registered (licensed) and must follow strict laws and regulations designed to protect you as an investor. In dealing with registered brokerage firms, knowing your rights and how they are protected will answer many questions and concerns about the possibility of fraud, dishonesty and financial manipulation.

In the second paragraph, the author examined the features of state regulation of various forms of the foreign exchange market. We can conclude that foreign exchange markets can be classified according to a number of significant characteristics, such as the scope of distribution, attitude to foreign exchange restrictions, types of foreign exchange resources, and degree of organization. We should also highlight the markets for Eurocurrencies, Eurobonds, Eurodeposits, Eurocredits, as well as the “black” and “gray” markets and the futures market, which in turn is divided into 3 types. All types of foreign exchange markets have their own legislation and regulations for regulating transactions.

The object of regulation is the procedure and conditions for:

Transactions in currencies;

Operations and transactions with other currency values;

Trade and other economic relations with non-residents.

Subjects subject to regulation are:

Residents (legal entities and/or individuals);

Non-residents (legal entities and/or individuals);

Issuing (central) banks;

Governments (executive bodies) - on issues of the possibility and volume of lending by foreign states or the Central Bank;

Authorized (authorized) banks;

Exporters and importers;

Investors (residents and/or non-residents).

The method of currency regulation is to establish and/or change the relationship between supply and demand in the markets.

The subject of regulation may be:

Purchase - sale of foreign currencies on the domestic market of the country;

Settlements between residents and non-residents in national currency;

Settlements between residents and non-residents in foreign currency;

Transfer movements of real and financial resources;

Terms of settlements for current transactions;

The obligation and extent of selling export proceeds in foreign currency on the domestic market or to the Central Bank;

The amount of foreign currency and the period of its ownership by resident legal entities;

Amount of import and export of banknotes and coins;

Quantity and types of goods moved across the border;

Amount of import and (or) export duties;

Placement of assets (deposits, participation in capital, acquisition of real estate, etc.) in foreign countries by residents and on the economic territory of a non-resident country;

Possibility, types and sizes of transactions with precious metals and stones;

Size money supply national currency (open market operations, foreign exchange interventions, mandatory reserve requirements, loans and credits of the Central Bank);

Budget deficit;

Currency exchange rate value.

The instruments (methods) used by the state to ensure the proportions of demand and supply of currencies can be divided into:

coercive and authoritative, obliging subjects to perform certain actions or refuse to perform them (imperative);

economic, providing entities that independently make decisions with the opportunity to participate or not participate in a transaction or operation (optional).

Instruments of currency restrictions represent a legislative or administrative prohibition (limitation) and, in addition, unreasonably and excessively detailed, and therefore difficult to implement, regulation of transactions with national and foreign currencies. These restrictions are part of the process of currency regulation, which is ensured by government control measures to ensure compliance of ongoing currency transactions with the requirements of the current currency legislation, registration, statistical recording and issuance of permits for such transactions.

One of the main tools for implementing currency restrictions is licensing of currency transactions - the requirement to obtain prior permission from currency control authorities.

Currency restrictions are characterized as discriminatory and contributing to the redistribution of currency values ​​in favor of the state at the expense of other economic entities, making it difficult for them to access foreign currency.

In the field of current transactions, the following types of restrictions apply:

Blocking the proceeds of foreign exporters from the sale of goods in the country or limiting the ability to dispose of the funds received.

2. Mandatory sale of all or part of the foreign exchange earnings of resident exporters to the Central or authorized banks having the appropriate license, or at regular or trading sessions of one or more specialized state or commercial currency exchanges.

3. Establishing restrictions on the sale of foreign currency to resident importers (only with the appropriate permission from exchange control). In some countries, the importer is required to make a certain deposit in local currency into an account with an authorized bank in order to obtain an import license.

4. Restriction of the right of resident importers to carry out forward, futures and (or) option transactions to purchase foreign currency.

6. Prohibition of payment for certain categories of imported goods in foreign currency (with forced settlements through clearing accounts).

7. Regulation of payment terms for export and import transactions in connection with the widespread use, in conditions of destabilization of exchange rates, of operations of the “leads and lags” type (“leads and lags”), which consist in accelerating or delaying the production of settlements for foreign trade transactions depending on expected changes in foreign exchange courses.

8. Establishment of direct or indirect restrictions on the sale of foreign currency to residents in the domestic market.

9. Multiplicity of exchange rates, which represents the differentiation of exchange rate ratios of currencies for various types of transactions, product groups, and regions.

For the first time, multiple exchange rates began to be used during the global economic crisis of 1929-1933. after the abolition of the gold standard and the widespread introduction of currency restrictions.

The meaning of multiple exchange rates of the national currency is to overestimate the exchange rate of the national currency for certain imported goods or certain transactions with the goal of reducing the cost of importing essential goods, reducing real payments on external debt in any particular currency, and reducing the export of certain goods. Accordingly, the undervaluation of the exchange rate pursues opposite goals. The exchange rate difference acts as a premium or discount in relation to the official exchange rate.

“In practice, the multiplicity of exchange rates often masks actual devaluation.”

Despite recommendations for the abolition of multiple exchange rates included in the stabilization programs of the International Monetary Fund, some developing countries continue to use them to protect the national economy.

The process of regulating the foreign exchange market can be called the most important part of the economic policy of any country where the currency is internally convertible. The main goals that currency regulation sets for itself are to establish conditions in the country under which restrictions on currency transactions can be gradually removed. The main aspects of control over currency transactions include:

Centralized decision-making by the regulatory body, and the need to centralize the decision-making process.

Some semblance of a combination of incentive and regulatory measures.

Coherence of economic strategy.

Objectives for reforming the foreign exchange market:

Reducing the imbalance in the accounts of residents in the process of carrying out current foreign exchange transactions by ensuring the repatriation of foreign exchange earnings from the export of products, as well as reducing advance payments for imports that are not secured by timely deliveries of goods.

Gradually ensuring currency convertibility for current transactions, taking into account the state and changes in the main factors that create the necessary conditions for this, which include: an effective exchange rate, adequate international liquidity (reserves and foreign financing), sustainable macroeconomic policy and the necessary economic environment, creating opportunities and incentives to respond appropriately to market prices.

Creating the necessary conditions for attracting foreign investment and the influx of financial capital into the country's economy, taking into account the priority of long-term investments, as well as limiting the influx of unstable short-term capital.

Preventing unjustified capital outflow from the country and limiting opportunities for capital flight, including the return of capital and dividends on invested capital.

Combating the legalization of criminal proceeds received in foreign currency or in the form of other currency values ​​through the system of credit organizations.

Thanks to the measures taken to regulate the foreign exchange market and strengthen control, an important task has been completed, i.e. return of export proceeds to the country and increased supply of foreign currency in the country’s domestic market. Basic measures that help achieve success in completing tasks:

Development of documents that strengthened control over the repatriation (return to the country) of proceeds from the export of goods, and increased the responsibility of authorized persons for its accrual to the relevant banks within a certain time frame, which are indicated in customs and banking control documents.

Separation of currency trading in foreign trade operations from speculative transactions.

Strict control over banks and their clients in the purchase of foreign currency on the domestic market and the use of this currency.

Constant control over the movement of funds in transit currency accounts of residents and over the sale of export proceeds on interbank currency exchanges.

The system of currency regulation and control is intended, generally speaking, to protect a weak national currency from the external financial world that is potentially dangerous for it. In countries with a strong currency (dollar, euro), there are no exchange controls at all. In countries with weak currencies, on the contrary, it is as strict as possible.

So, the process of currency regulation is a complex of measures carried out by government bodies, legislative, administrative, economic and organizational, aimed at the tasks that have already been given in this paragraph. The process of regulating the foreign exchange market can be called the most important part of the economic policy of any country with an internally convertible currency. The main goals that the process of currency regulation sets for itself are to establish conditions in the country under which restrictions on currency transactions can be gradually removed.

Foreign trade activities of Russian organizations are closely related to the movement of foreign currency. Such operations are subject to strict government control. Until June 18, 2004, currency legislation was in force based on the Law of the Russian Federation of October 9, 1992 N 3615-1 “On Currency Regulation and Currency Control.” For 12 years, the law has become outdated, so a new Federal Law of December 10, 2003 N 173-FZ “On Currency Regulation and Currency Control” was adopted.

The law establishes the legal basis and principles of currency regulation and currency control in the Russian Federation, the powers of currency regulation authorities, and also defines “the rights and obligations of residents and non-residents in relation to the possession, use and disposal of currency values, the rights and obligations of non-residents in relation to the possession, use and disposal of the currency of the Russian Federation and domestic securities, rights and obligations of currency control authorities and currency control agents.”

The adoption of the new Law was caused by the need to bring Russian national currency legislation into line with the requirements of modern international legislation on the free movement of capital. In addition, over the years, quite a lot of instructions, clarifications and letters have been issued on issues of currency legislation establishing restrictions, and it was difficult to understand them.

In general, the Law represents a step towards further liberalization of the state foreign exchange policy, although foreign exchange controls in the country still remain. The changes are aimed at increasing the transparency of national currency legislation, expanding the opportunities for residents to develop foreign economic activity and increase exports, which will help strengthen the Russian economy. In addition, favorable conditions are created for foreign investment in the Russian economy, the development of international relations and business activity foreign citizens in the Russian Federation.

The law comes into force on June 18, 2004, but certain of its provisions will apply from June 18, 2005, from January 1, 2007, or until January 1, 2007. For example, a number of provisions, in particular regarding the procedure for opening and using accounts of resident legal entities in banks outside the Russian Federation, introduced on June 18, 2005. Until then, the provisions of Law No. 3615-1 will apply. The new Law N 173-FZ should come into full force, and the old one, accordingly, should die out from January 1, 2007.

The new Law is more progressive compared to Law N 3615-1: there is no longer a need to obtain special permission for capital foreign exchange transactions, but foreign exchange transactions will not remain uncontrolled. Permits have been replaced by other means of control - reserving funds, special accounts and pre-registration. But these measures can only be applied in cases expressly provided for by the Law. The standard for the mandatory sale of foreign currency earnings has not been reduced, but it is going to be abolished in 2007, etc.

Federal Law No. 90-FZ dated July 18, 2005 introduced additional changes. In particular, the list of permitted transactions with foreign currency between residents has been supplemented, changes have been made to the procedure for the import into the Russian Federation by individuals of cash foreign currency, Russian currency, traveler's checks, foreign and domestic securities in documentary form.

In 2005, the domestic foreign exchange market developed in the context of further growth of the Russian economy and favorable foreign economic conditions, which contributed to maintaining its stability and further intensifying conversion operations.

This year, due to the improvement in price conditions in the market for energy resources and similar raw materials, there is an increase in export earnings, and the flow of foreign capital into the corporate sector has not decreased. Due to the fact that demand is inferior to the supply of foreign currency, there is a tendency for the ruble to strengthen.

The balance of supply and demand for foreign currency in the domestic foreign exchange market was ensured by regulatory measures of the Bank of Russia. In conditions of systematic excess of foreign currency supply over demand, Bank of Russia operations in the domestic foreign exchange market were aimed at limiting the growth rate of the real ruble exchange rate. Throughout 2005, the Bank of Russia acted as a net buyer of foreign currency.

In 2005, the Bank of Russia changed the mechanism for implementing exchange rate policy, as a result of which it had a huge impact on the situation in the foreign exchange market of the Russian Federation. Since February 1, 2005, as an operational guideline for exchange rate policy, the Bank of Russia began to use the ruble value of a currency basket, which includes, in a certain proportion, two leading world currencies - the US dollar and the euro. Initially, the bi-currency basket consisted of 0.9 US dollar and 0.1 euro; later, as foreign exchange market participants adapted to new conditions, the share of the single European currency in the basket gradually increased. At the end of 2005, the ruble value of the bi-currency basket was calculated as the sum of 0.6 US dollars to the ruble and 0.4 euros to the ruble.

The introduction of a new operational target for the exchange rate policy of the Bank of Russia and an increase in the share of the single European currency in the bi-currency basket contributed to the convergence of volatility indicators for the ruble exchange rate against the US dollar and against the euro, as well as the increased dependence of the current dynamics of the dollar/ruble exchange rate in the domestic market on the dynamics of the dollar/euro exchange rate on the world market.

In 2005, the upward dynamics of the nominal exchange rate of the US dollar to the ruble prevailed. The main factor that determined the change in the exchange rate trend was the strengthening of the US dollar against the leading currencies on the world market, which was typical for the analyzed period. At the same time, the continued large-scale influx of foreign currency into the Russian economy limited the potential for strengthening of the nominal dollar-ruble exchange rate.

In 2005, the dynamic growth in turnover of both over-the-counter and exchange interbank conversion transactions continued. The main factors that determined the growth in turnover of the domestic foreign exchange market were the further intensification of foreign trade operations of bank clients and the increase in the influx of foreign investment into the banking and non-financial sectors of the Russian economy.

Currency control over the activities of participants in foreign economic relations relates to issues of economic security of the state, therefore, the leadership of the Ministry of Economic Development and Trade of Russia pays the closest attention to strengthening customs control over currency transactions related to the export-import supply of goods. If we compare the indicators, 2003 was the most productive year - the currency control units of all Russian customs carried out 31 thousand targeted inspections alone (the amount of detected offenses amounted to 281 million dollars), in 2004 - 25 thousand (the amount of violations - 165 million dollars), in nine months of the current year - 15 thousand (the amount is already 552 million dollars). The number of administrative cases initiated by these divisions of customs authorities - mostly for violation of deadlines for the return of foreign exchange earnings, illegal currency transactions and other offenses - in 2005 amounted to 3,200 cases (in 2003, before changes in the currency legislation of the Russian Federation - 10 thousand).

The over-the-counter foreign exchange market remained the main segment of the interbank foreign exchange market, where banks carried out about 90% of their conversion transactions.

Along with the growth in the turnover of ordinary conversion transactions for the purchase and sale of currency, ruble/dollar currency swap transactions intensified on the MICEX. The volume of such operations in 2005 increased by 1.5 times compared to the previous year.

The activity of participants in the derivatives segment of the foreign exchange market in 2005 almost doubled compared to 2004, however, in the structure of the domestic foreign exchange market, the derivatives segment was still characterized by very low liquidity (its turnover amounted to about 2% of the volume of transactions in the cash segment). At the same time, the share of operations for the longest terms (from 3 months to 1 year) has increased.

In 2005, the implementation of measures aimed at liberalizing the rules for conducting conversion operations, developing infrastructure and expanding the tools of the domestic foreign exchange market continued.

The main innovations affected the segment of exchange trading in the euro. In June, the MICEX Exchange Council approved new rules for conducting ruble/euro transactions, designed to improve the risk management system and make the conditions for carrying out exchange transactions in ruble/euro more attractive. According to these rules, in particular, new instruments were introduced on the UTS (ruble/euro with a settlement date of “tomorrow” and “currency swap” ruble/euro on overnight terms), the duration of exchange trading in the euro was increased, and the size of the mandatory preliminary deposit was sharply reduced funds when carrying out ruble/euro transactions, the existing mechanism for guaranteeing settlements with the participation of the Bank of Russia for ruble/euro transactions has been extended to ruble/euro transactions, the amount and procedure for collecting commissions on transactions with euros have been changed.

In 2003 - 2006 both on the interbank and exchange markets, the volume of transactions with the European currency grew at a faster pace. During the first half of 2007, the share of euro-ruble transactions on the interbank foreign exchange market increased to 2.2%. However, in the third quarter. the share of these operations fell again to 1.8%, giving way to other currency pairs in dynamics. In the stock market, where the euro competes only with the dollar, growth specific gravity transactions with the European currency continued, averaging 3% for the first time in the quarter.

In previous years, much more significant growth was observed in the interbank market in the “euro-dollar” segment, which is familiar to growing cross-border transactions. However, having reached the world average of 27-28%, the share of “euro-dollar” transactions by Russian market has also stabilized.

In February 2007, Prime Minister Mikhail Fradkov signed a government decree approving the rules for submitting information to the Federal Service for Financial and Budgetary Supervision (under the Ministry of Finance). Rosfinnadzor was given the right to request any information about currency transactions in the event of identifying “signs of violation of currency legislation” from currency control authorities and agents, as well as securities market participants. First of all, it was about the Central Bank, commercial banks, as well as customs and tax services. By tightening foreign exchange controls, the government decided to compensate for the liberalization of foreign exchange legislation in recent years. In particular, the introduction of ruble convertibility and the abolition of mandatory currency reserves in accounts and the mandatory sale of part of foreign currency earnings of exporters (corresponding amendments to the legislation were adopted in 2006). Finance Minister Alexei Kudrin, however, admitted last year that the state is at risk: there may be an increase in false exports, unregulated capital outflow, etc. Rosfinnadzor must minimize these risks.

Customs officers responded promptly to the offer of cooperation in the field of currency control. According to the published order, regional customs departments are required to submit information and documents related to foreign exchange transactions to the FCS foreign exchange control department (within three days from the date of receipt of the request from the FCS); information about violations of currency legislation, as well as about opening accounts abroad (within three days from the moment the relevant facts are identified). Actually, the foreign exchange department of the Federal Customs Service undertakes to respond to “currency” requests received from Rosfinnadzor within 20 days.

The most interesting thing in the order is the provision obliging customs officers to transmit information about the opening of foreign bank accounts by participants in foreign trade activities. It is known that control over accounts is carried out by the Central Bank, not customs. As the Federal Customs Service told a Gazeta correspondent, no one claims the powers of other departments. “The FCS is not specifically involved in identifying accounts abroad,” admitted a source in the FCS. According to him, information about accounts will be transmitted only if such facts become known to the customs authorities during the implementation of “customs or currency control within their competence.” Having analyzed the resources of the private sector for 2007, the first thing that stands out is a huge increase in external liabilities, exceeding domestic savings. Moreover, the private sector received large capital transfers from the government (multiples higher than capital transfers in previous years, which we do not consider). Finally, in 2007, the private sector (mainly households) reduced its reserves of foreign currency and converted liquid assets into ruble form. The decline in the private sector's supply of foreign exchange and the corresponding demand for high-efficiency money is one example of “asset shuffling.”

At the end of 2007, the MICEX Group implemented one of the largest projects of recent times - it transferred clearing functions on the exchange foreign exchange market to a banking organization specially created within the MICEX Group, CJSC JSCB National Clearing Center (NCC). In the new scheme, NCC acts as the central counterparty for transactions concluded on the UTS. The advantage of working through NCC is that there is no need to set limits for each of the more than 500 participants in currency trading. The execution of transactions is guaranteed by funds, credit lines from commercial banks and the use of refinancing mechanisms from the Bank of Russia. The implementation of the NCC project to establish a single trading limit will allow transactions with all instruments of the exchange foreign exchange market based on the preliminary deposit of any of the three currencies (Russian rubles, US dollars, euros). In the future, it was planned to implement a scheme for accepting securities as collateral for operations on the foreign exchange market.

Over the past decade, currency legislation in Russia has undergone changes in its development towards liberalization. At the time of the inception of the system of currency regulation and currency control in the Russian Federation, the existing regulation and control could be characterized by the principle “everything that is not permitted is prohibited.” Currently, on the contrary, the principle “everything that is not prohibited is permitted” applies. Such drastic changes did not occur all at once, but gradually, through adjustments to the legal regulation of currency relations.

Due to the fact that investors actively introduced funds from Russian assets, which caused a sharp increase in demand for foreign currency, in 2008 the Bank of Russia took measures aimed at preventing the weakening of the ruble and maintaining the value of the bi-currency basket within the target cylinder. In August-September there was a sale of foreign currency on the domestic market.

At the present stage, when developing monetary policy for the period 2009 - 2011. The Bank of Russia continues to take into account possible changes in world prices for the main Russian export goods (primarily energy). If these prices fall while imports continue to grow at a tremendous pace due to support from domestic demand, then a significant reduction in the trade surplus and even the formation of a trade deficit could occur.

Since in this case the effect of one of the factors determining the strengthening of the ruble will weaken, the Bank of Russia may reduce currency purchases on the domestic market, carried out in order to curb the rate of strengthening of the national currency. Decisions on the nature and volume of Bank of Russia interventions in the domestic foreign exchange market will mainly be determined by the goals of monetary and fiscal policy.

The expected reduction in foreign exchange interventions may significantly reduce the role of net foreign assets of monetary authorities as the main source of growth in money supply. In order to ensure that the money supply matches the demand for money, the Bank of Russia will continue to actively use bank refinancing operations. This will also enhance the role interest rate policy Bank of Russia in reducing inflation.

To increase the convertibility of the ruble and strengthen it, researchers propose the introduction of a gold equivalent. Due to restrictions on maintaining the value of the national currency in gold equivalent, established by IMF agreements, it will be necessary to change the format of participation in the IMF or establish an equivalent to a basket of goods (gold, silver, metals, oil, gas).

Fig. 3 Forecasted and real exchange rates for 2009

It seems that for Russia, in addition to the introduction of the gold equivalent, it is necessary to have currency restrictions. The purposes of foreign exchange restrictions can be divided into two groups: economic and political. The first include the accumulation of foreign exchange reserves, ensuring the stability of the national currency, equalizing the balance of payments, protectionism (in particular, the use of foreign exchange restrictions to stimulate exports, support national producers) and other economic policy goals. The second includes: provision state security(many countries resorted to currency restrictions to stop trade with a hostile country, deprive it of foreign exchange resources, and worsen the economic situation). In addition, certain currency restrictions may be established in order to implement international obligations (for example, when adopting resolutions of the UN General Assembly).

World economic crisis of 2007-2008. had a huge (significant) impact on Russia’s monetary policy, which is why changes occurred in its implementation and new tasks were adopted to formulate prospects.

On October 24, 2008 (Friday), it was reported that over the past week the Central Bank of the Russian Federation could have spent about $13 billion from its gold and foreign exchange reserves on foreign exchange interventions in order to prevent the ruble from falling against the bi-currency basket.

The Vedomosti newspaper of October 30 claimed that the funds that the government and the Central Bank send to banks are spent largely on the purchase of foreign currency, “provoking a weakening of the ruble and forcing the population to panic buy dollars, further reducing the value of the national currency.”

At the end of October 2008, it was reported that in the week ending October 24, the Central Bank's reserves decreased by $31 billion to $484.7 billion; in four weeks they fell by $78.1 billion, which was caused by exchange rate revaluation of reserves (due to the fall of the euro against the dollar) and foreign exchange interventions of the Central Bank. [

On the morning of November 11, 2008, the MICEX saw a significant depreciation of the ruble against the bi-currency basket.

An editorial in the Vedomosti newspaper dated November 13, 2008 wrote that the population and market players took the words of the Central Bank Chairman on November 10 (about “increasing the flexibility of the exchange rate with a certain tendency to weaken the ruble”) “as a signal to action: Now even the most staunch supporters of the ruble are stocking up on dollars.”

On November 19, 2008, the Chairman of the Central Bank S. Ignatiev told the State Duma: “As of November 1, 2008, the volume of gold and foreign exchange reserves in the Russian Federation amounted to 484.6 billion US dollars. In September and October, gold and foreign exchange reserves decreased by $97.6 billion.” Of this amount, $57.5 billion were spent on the foreign exchange market in order to maintain the ruble exchange rate.

After another depreciation of the ruble on December 5, 2008 relative to the bi-currency basket by 1%, which was associated with a reduction in the price of the main Russian export - oil (prices for the Urals brand on December 5 fell to a four-year low - $36 per barrel), market participants expected a sharper devaluation already at the beginning of 2009.

“It was officially stated that the emphasis in implementing this policy would be on the stability of the country’s financial system.”

But practically, we can say that all the work of regulating the foreign exchange market was aimed at preventing a large-scale depreciation of the exchange rate. After accelerated economic growth in 2007 thanks to cheap monetary resources (easy access to global debt markets at the beginning of the year and additional spending federal budget at the end of the year, which helped maintain high growth rates) in growth in Russia is slowing down. In mid-2008, the decline in growth rates was partly caused by the effect of a high comparison base (in mid-2007 there was very dynamic growth), and in August - by the deterioration of the money market situation. Economists are lowering their preliminary forecast for economic growth for next year (in 2008, largely due to inertia, we believe growth will be around 7.3%) to 5.5%, or even lower if the credit crisis lasts even longer. Under certain conditions, higher growth rates are possible. Given the government's determination to increase budget expenses in 2009 in order to support financial markets, the chances of inflation slowing down are increasingly less. Defense spending will also rise as a consequence of changing political sentiments following the conflict with Georgia. While it was unclear at this stage how much additional cash the government would spend on spending, the chances of inflation running below 10% next year seemed less realistic (but still there). The question arises: what can the authorities do to limit the outflow of capital and stimulate economic growth? In other words, can the Russian government find ways to stimulate economic growth again? Russia needs to fundamentally change its macroeconomic policy and refocus on the need to reduce inflation as quickly as possible. This will automatically solve many problems in the money markets. Thus, fiscal policy should be less expansionary. In addition, in the future it may be necessary to devalue the ruble - ideally, the Bank of Russia should allow the exchange rate to fluctuate freely. Under the current conditions, the ruble exchange rate may depreciate by approximately 10%, which could be a good help for the domestic manufacturing industry. IN last years When oil prices rose and capital flowed into Russia, the ruble exchange rate rose. Now, amid falling oil prices and capital outflows, the effective exchange rate of the ruble does not seem to be at a sustainable level. It is extremely important to moderate budget spending as soon as possible (preferably even cut some of the wasteful items that have contributed to accelerating inflation recently) and encourage banks and companies to repay foreign loans. After this, the Bank of Russia can test the foreign exchange market to see in which direction the ruble exchange rate will go.

Analyzing the results of the debt policy pursued by the Russian Government, it can be noted that in recent years significant results have been achieved in this area. This was primarily due to the persistence of high oil prices and capital inflows. This made it possible, in the period from 2005 to 2007, to spend about 1.3 trillion rubles from the Stabilization Fund of the Russian Federation on repaying the external debt of the Russian Federation, which helped reduce obligations on public external debt, easing the interest burden on future budgets, and reducing dependence Russian budget from obligations to foreign creditors. The author notes that in general, the debt strategy of the Government of the Russian Federation in recent years has shown itself to be a balanced system of measures to overcome the debt “legacy” of the 90s. of the last century, on the one hand, and aimed at creating a “margin of safety” for the future, on the other. At the same time, according to the author, there is currently a need to develop a long-term government debt strategy, which would allow to reveal investment potential government debt and “revive” the government securities market with the arrival of new investors.

The exchange rate of the national currency in the Russian Federation is regulated by the state.

Methods of regulating the exchange rate:

1. A quotation is the value of a unit of one currency (called the base) expressed in units of another currency (called the counter or quote currency). In the designation of a traded currency pair (for example, USD/CHF), the base currency is written first, the quoted currency - second. The quote consists of two numbers. The first number is the bid (the price at which the client can sell the base currency), the second is the ask (Ask or Offer) - the price at which the client can buy the base currency for the quoted one. The difference between these rates is called the spread. The size of the spread depends on the currency pair in question, the transaction amount and market conditions.

The minimum measurement of a quote is called a point (Point, Pips). Different instruments (currency pairs) are quoted with different precision, i.e. with different number of decimal places in the quote. Most currencies are quoted to the nearest 0.0001, some, such as the yen and its crosses, to the nearest 0.01.

1.2 Reverse quotation - the amount of foreign currency per unit of national currency.

The use of direct and reverse quotes has historical justification. The main world reserve currency is the US dollar, so for most currencies the quotes USD/JPY, USD/CHF are used, i.e. The dollar is the base currency.

According to some analysts, if not for this factor, the ruble would be 10-20 percent cheaper. But it is unlikely that the state will refuse to support the ruble in the near future. Another thing is that resisting global pressure is expensive and difficult, therefore, for example, at the end of 2008, the Central Bank slowly “lowered” the ruble, but not in relation to the dollar, but in relation to the euro. It seems that the majority of people do not pay attention to the euro/ruble exchange rate, and the ruble is becoming cheaper relative to the bi-currency basket, which means that less gold and foreign exchange reserves need to be spent to maintain it. Since the global crisis is only gaining strength, we will still need these reserves. Such a gradual depreciation of the ruble cannot be called devaluation in the sense that it was in 1998. Most people call devaluation a sharp (instant and strong, 30-50%) depreciation of money. And the government will not allow such a scenario, as the Prime Minister, the Minister of Finance and businessmen assure. There is no reason not to believe so far: many were expecting sharp jumps in the exchange rate, but over the past few years you can’t remember them. Instead, the government and the Central Bank are gradually trying to gradually approach a fair, market exchange rate for the ruble.

But, of course, a lot depends on oil. With its price of $30-40 per barrel, soon there will be simply nothing to support the currency, as well as the economy. With proper support and a “savings mode,” the ruble can freeze for a certain period in a narrow corridor against the dollar and the euro, and if so, you can use ruble investment products: deposits, bonds, etc. After all, if you receive up to 15 -16% per annum, then deposits in euros and dollars are unlikely to bring more than 12-13%.

Trying to support the national currency, the Central Bank uses not only direct, but also indirect methods. For example, in a short time I increased the refinancing rate from 10.5% to 13%. This was done largely in order to force banks to increase the interest rate on ruble deposits and thereby encourage the population to deposit money with them. (Let me remind you that the tax on income on deposits is zero if the rate on them is not higher than the refinancing rate, and is 35% of the amount of profit on interest that exceeds it. So, if your ruble deposit brings no more than 13% per annum, share with the state will not have to.) Even Sberbank increased deposit rates by 1-2.5%, faced with an outflow of deposits. The largest private banks also raised rates. But the population still doesn’t trust anyone. Despite state guarantees for deposits up to 700,000 rubles. Russians are withdrawing money from ruble deposits and using it to buy cash American currency or open dollar deposits. The level of outflow of ruble deposits and the number of dollars purchased are breaking long-term records. Banks also “help” here, using existing and borrowed rubles to buy dollars, thereby inflating their price. The Central Bank has already threatened that it will refuse further support to particularly zealous currency speculating banks, and promised them supervision by the prosecutor's office.

Eventually, Russian ruble At the beginning of the summer of 2008, it had a great advantage - huge state gold and foreign exchange reserves, which could ensure its stability for a short period of time. But the rapid fall in prices for oil, metals and other raw materials (the main items of Russian exports and the flow of money into the state budget) revealed the weakness of the Russian economy: an unbalanced structure, a low level of diversification of budget revenues, and dependence on external borrowed capital. It turned out weak side ruble and forced the Government of the Russian Federation to gradually reduce the ruble exchange rate to the bi-currency basket since the summer at the cost of interventions in the foreign exchange market. The actions of the authorities made it possible to avoid a sharp devaluation of the ruble at the cost of a significant reduction in the volume of gold and foreign exchange reserves. Therefore, while oil prices are falling, and now they are again at $40 per barrel, the Russian ruble will be under serious pressure and gradually decline in relation to the main world currencies.

It is advisable to diversify the money that people plan to keep for more than three months (rubles, euros, dollars) and place it in deposit accounts in reliable banks - up to 700,000 rubles. (or equivalent) for each bank. Risk lovers planning to invest with a horizon of more than one year should consider investing in shares of Russian blue chips.

Blue chips - shares or securities the largest, liquid and reliable companies with stable indicators of income received and dividends paid. The term “blue chip” itself came to the stock market from casinos - chips of this color have the highest value in the game.

As of July 1, 2010, as a result of currency control measures, 19 cases of violation of currency legislation were identified, 25 administrative violation reports were drawn up, including 18 under Article 15.25 of the Code of Administrative Offenses of the Russian Federation; under Article 19.7 of the Code of Administrative Offenses of the Russian Federation - 7, which are sent to the territorial department of the Federal Service for Financial and Budgetary Supervision and the judicial authorities to issue decisions.

The main violations identified tax authorities areas are:

1. Violation of paragraph 3 of Art. 23 Federal Law dated December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”, related to the submission by residents to authorized banks of supporting documents and information related to foreign exchange transactions with non-residents in foreign trade transactions (CBR Instruction No. 258-P dated June 1, 2004) .

2. Violation of Article 20 of the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control” related to the violation uniform rules registration by residents of authorized banks of transaction passports when carrying out currency transactions between residents and non-residents (CBR Instruction No. 117-I dated June 15, 2004).

3. Violation of clause 7 of article 12 of the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”, clause 4 of the Rules for the submission by residents of reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation (Resolution of the Government of the Russian Federation dated December 28, 22005 No. 819), associated with violation of deadlines for the submission by residents of reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation.

Based on the results of the department’s activities in carrying out the functions of currency control in the 1st half of 2010, the total number of activities carried out regarding the implementation of currency control amounted to 69 inspections .

In addition, department employees carried out 27 checks of messages that showed signs of violations of currency legislation, but were subsequently not confirmed.

Based on the results of inspection activities carried out by the TU and protocols received from currency control agents, in the 1st half of 2010, 64 cases of administrative offenses were initiated under Article 15.25 of the Code of Administrative Offenses of the Russian Federation:

· 2 cases - initiated based on the results of planned inspection activities;

· 54 cases - based on the results of verification activities on the received materials of the Bank, submitted under the agreement on information interaction;

· 8 cases - based on protocols received from the Federal Tax Service and Federal Customs Service.

The bulk of violations identified by management employees and currency control agents fall under Part 6 of Article 15.25 of the Code of Administrative Offenses of the Russian Federation.

Based on the results of consideration of cases of administrative offenses, in the 1st half of 2010 the following was issued:

· 59 resolutions imposing administrative penalties for violations of acts of currency legislation of the Russian Federation and acts of currency regulatory authorities, as a result of which more than 20 legal entities and 7 officials.

· 3 orders to terminate production.

Based on the results of verification activities on currency control, the territorial administration in the 1st half of 2010, within the framework of Article 15.25 of the Code of Administrative Offenses of the Russian Federation, imposed penalties totaling 1,570.54 thousand rubles, and actually collected 1,250.93 thousand rubles.

The number of administrative cases to bring unscrupulous persons to account for failure to fulfill or untimely fulfillment of the legal requirements of management officials when they exercised currency control functions in the 1st half of 2010 amounted to 14 protocols, including:

8 protocols (under Article 20.25 of the Code of Administrative Offenses of the Russian Federation) for late payment of the imposed fine;

6 protocols for failure to provide information and documents requested within the framework of administrative proceedings (under Articles 19.5, 19.7 of the Code of Administrative Offenses of the Russian Federation).

Drawing a conclusion to this paragraph, we can say that in the context of the global economic crisis, which also affected Russia, improving state control over the implementation of foreign exchange transactions has acquired particular relevance. As part of the performance of the state function of foreign exchange control, Rosfinnadzor and its territorial bodies in 2009, we solved problems of identifying and suppressing violations of currency legislation and acts of currency regulatory authorities. Particular attention was paid to improving the efficiency of control methods. It must be said that positive results were largely achieved through interaction with the Bank of Russia, as well as currency control agents: the Federal Tax Service of Russia, the Federal Customs Service of Russia and commercial banks.

1. The development of international economic relations, and primarily trade, determined the formation of the global monetary and financial system. Along with it, the system of currency regulation and currency control developed.

Before the formation of the Paris currency system (in 1867), mainly economic, and less often administrative, currency control measures were used. They were aimed primarily not at limiting the movement of currencies between countries, but at economically stimulating the import and non-export of capital.

When choosing a regime of currency regulation and state control, monetary authorities proceed from the general tasks facing the country’s economy. In general, currency regulation has the main goal of providing the government with a mechanism for effectively managing the exchange rate of the national currency.

2. Foreign exchange markets can be classified according to a number of criteria: by area of ​​distribution, in relation to foreign exchange restrictions, by types of foreign exchange resources, by degree of organization.

In recent years, futures trading has been the most important segment of the development of financial markets. The rapid development of derivatives markets is facilitated by the existing inconstancy and rapid volatility of prices of goods and financial instruments.

Currency legislation covers currency transactions related to the movement of capital, foreign trade, lending, international tourism, payment of reparations, etc.

The foreign exchange legislation of developed countries of the world obliges their exporters to hand over foreign exchange earnings or deposit them in special banks, and regulates the activities of foreign exchange markets. Banks in these countries must obtain permission to provide foreign borrowers with long-term or short-term foreign exchange funds in national currency. Currency legislation provides for the establishment of a regime for foreign currency accounts, limits on the export of currency, etc.

4. Analysis of a period of 5 years helped to see that additional changes were made to the currency regulation legislation. In particular, the list of permitted transactions with foreign currency between residents has been supplemented, changes have been made to the procedure for the import into the Russian Federation by individuals of cash foreign currency, Russian currency, traveler's checks, foreign and domestic securities in documentary form. Over the past decade, currency legislation in Russia has undergone changes in its development towards liberalization. At the time of the inception of the system of currency regulation and currency control in the Russian Federation, the existing regulation and control could be characterized by the principle “everything that is not permitted is prohibited.” Currently, on the contrary, the principle “everything that is not prohibited is permitted” applies. Such drastic changes did not occur all at once, but gradually, through adjustments to the legal regulation of currency relations.

5. Currency legislation must take into account new phenomena and trends in the economy caused by the global financial crisis. Therefore, Russia has considered the possibility of using such tools as: changing the procedure for implementing exchange control over cross-border transfers of Russian currency between residents; creating a system for tracking and countering the conclusion of fictitious foreign trade contracts, which will require a more clear and streamlined system for collecting and analyzing information on foreign exchange transactions, as well as taking a number of foreign exchange regulation measures; establishment additional requirements to the regime of resident accounts in banks located outside of Russia.

In order to improve the system of control over compliance with currency legislation, Rosfinnadzor is increasing the degree of automation of the processes of structuring, systematization, storage and processing of information. In addition to the creation of a unified database as the most important component of the Rosfinnadzor information system, these measures include the introduction of a software product that allows for the analysis of all incoming information. This software will help carry out analytical work with information contained in the Rosfinnadzor database on currency control, in order to identify typical situations, trends, as well as forecasting in the foreign exchange sector and making optimal management decisions.

Generally speaking, the activities of Rosfinnadzor in terms of currency control in 2010 are focused on improving the methods of implementing currency control, further developing relationships with the Bank of Russia and currency control agents and developing new approaches to carrying out inspection activities that meet economic development trends.

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1. By area of ​​distribution:

· international foreign exchange market;

· domestic foreign exchange market.

2. In relation to foreign exchange restrictions

· free foreign exchange market;

· unfree foreign exchange market.

3. By types of exchange rates applied:

· market with one mode;

· market with double.

4. By degree of organization:

· exchange currency;

· over-the-counter foreign exchange market.

5. When classifying foreign exchange markets, the following markets should be distinguished:

· Eurocurrencies;

· Eurobonds;

· eurodeposits;

· Eurocredits;

· "black".

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Clearing is a system of non-cash payments for goods, securities and services, based on the offset of mutual claims and obligations. A distinction is made between interbank clearing (settlements between banks by offsetting mutual monetary claims of legal entities of a given country) and international currency clearing (settlements in foreign trade and other forms of economic relations between countries, carried out on the basis of international payment agreements). (“Dictionary of financial terms”)

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"Center for Assessment and Consulting of St. Petersburg", 2008