Clearing - system non-cash payments for goods, securities and services, based on the offset of mutual claims and obligations. There are 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”)

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

MINISTRY OF AGRICULTURE OF THE RUSSIAN FEDERATION

DEPARTMENT OF SCIENTIFIC AND TECHNOLOGICAL POLICY AND EDUCATION

FGOU VPO "VOLGOGRAD AGRICULTURAL ACADEMY"

Department of Economics and Foreign Economic Activity

in the discipline "World Economy"

on the topic “Problems and prospects for the development of the foreign exchange market in Russia”

Volgograd 2010

Introduction........................................................ ........................................................ ............3

1. Foreign exchange market: concept, types.................................................. ........................3

2. Foreign exchange market in Russia................................................... ................................8

2.1 Organization of the foreign exchange market in Russia.................................................... .......8

2.2 State of the foreign exchange market of the Russian Federation.................................................... ....................12

3. Russia on the international foreign exchange market.................................................... ....14

Conclusion................................................. ........................................................ ......16

References........................................................ ...............................................17

Introduction

The foreign exchange market is a tool for the integration of one economic unit into the world economy, regardless of the level of socio-economic development and political orientation. International economic relations, in particular global trade in goods, services, capital movements, generate the need for constant foreign exchange support for these relations, for the purchase and sale of national currencies. This is one of the prerequisites for the emergence of the foreign exchange market.

In Russia, the development of the foreign exchange market is gaining momentum with the transition to a market economic system. This is a kind of necessity for maintaining the stabilization of the country as a whole and consolidating the status of Russia as

competitive state. Infusion of the Russian foreign exchange market into

The international foreign exchange market is an established process for our country, but at this time the task is to globalize the national foreign exchange market with

achieving the effective use of international capital. The blurring of the boundaries of the Russian national market has a fairly stable basis for the development of trade turnover and the formation of a promising monetary policy for the country.

1. Foreign exchange market: concept and types

The foreign exchange market is a system of stable economic and organizational relations that arise as a result of transactions for the purchase and sale of foreign currency and various currency values.

The foreign exchange market performs the following main functions:

1. servicing the international circulation of goods, services and capital;

2. formation of the exchange rate based on supply and demand for currency;

3. hedging (insurance) against currency and credit risks;

4. implementation of monetary policy ( central banks, Fed, Treasury);

5. making a profit in the form of differences in exchange rates and interest rates

various debt obligations (commercial banks, enterprises).

In the foreign exchange market, a system of relationships develops between various

economic entities, as the main subjects of the foreign exchange market

speakers: transnational banks, commercial banks, commercial, industrial and financial companies, central banks, exchanges, international and regional organizations, brokerage companies, private companies, etc.

On the foreign exchange market, many foreign exchange transactions are carried out, differing in the duration of completion, in the degree of agreement and organization. Foreign exchange transactions may involve immediate delivery of currency (spot transactions) or after a certain period of time (futures or forward transactions). Futures transactions involve the conclusion of a standardized contract for the supply of currency and are traded mainly on international interbank and currency exchanges. Forward foreign exchange contracts do not have a predetermined amount and are concluded on the terms of the seller and buyer of the currencies. In addition, forward transactions are often accompanied by interest rate swap transactions. Swap transactions are carried out by large banks, and option transactions are the largest.

A swap is a partial or complete exchange of debt between the parties to a transaction.

Participating parties undertake to exchange according to a pre-established rule

currency or debt service in whole or in part for a specified period.

A distinction is made between report transactions - cash sale of spot currency and purchase of it for a term and deport - purchase of currency on spot terms and sale of the same currency for a term.

Thus, a swap combines transactions for the purchase and sale of spot currency and reverse forward transactions. Swap transactions do not create an open currency position for banks and provide them with currency without the risk of exchange rate changes. They are used in trade transactions, to replenish foreign exchange reserves, diversify bank holdings,

interbank lending.

An option is a futures contract, the underlying asset of which is a security or other currency value, which gives its bearer the right to buy or sell a certain amount of currency or securities at a pre-agreed price on a pre-agreed date. Currency options

are applied in case of exchange rate fluctuations exceeding the size of the commission.

Currency arbitrage is an operation associated with the purchase and sale of currency with the subsequent conclusion of a counter transaction in order to make a profit due to the difference in exchange rates in different foreign exchange markets - spatial arbitrage or due to exchange rate fluctuations over a certain period of time - time arbitrage.

There are simple and complex currency arbitrage. Simple currency arbitrage is carried out with two currencies, complex currency arbitrage with several.

Currency arbitrage can be based on spot and forward transactions. Basically, temporary arbitrage takes place, since banks operate in one global foreign exchange market.

Interest rate arbitrage is based on the fact that the owner can place it on the capital market in another currency at a favorable interest rate. Interest arbitrage means making two transactions: obtaining a loan on a foreign capital market with lower rates and placing the equivalent of foreign currency in national currency on the national market, where interest rates are higher.

In fact, the foreign exchange market is a network of telephone, fax, and virtual contacts between the main participants in foreign currency trading. A number of countries have created special currency exchanges.

The decisive factor when trading currencies is information. Exchange

information is carried out through a network of satellite and monitor communications. Monitors are installed in all financial institutions trading foreign exchange.

They are also available from brokers and other interested persons and organizations. IN

late 80s banks made 85-95% of foreign exchange transactions between themselves on

interbank market, as well as with commercial and industrial clients. In the mid-90s. An increasing number of transactions are carried out not by banks, but by investment funds.

The conditions of the foreign exchange market are determined primarily by the current demand and supply for foreign currency. The supply of currency comes from exporters who have received foreign exchange earnings for goods and services and are seeking to sell it to trading companies, insurance companies and banks who have received foreign currency as payments for freight, cargo insurance, brokerage and

bank commissions. The demand for currency depends on importers who face payments for goods and services and who seek to buy currency; individuals and legal entities with obligations to pay dividends, repay loans, etc.

At the present stage, the foreign exchange market looks like a combination of national, regional and world markets, the boundaries between which are practically erased. However, initially the foreign exchange market is formed in the form of a national foreign exchange market.

National currency markets initially emerged in major industrialized countries. This was facilitated by a number of objective prerequisites:

1. development of regular international economic relations;

2. high degree of concentration and centralization of banking capital;

3. formation of an international monetary system;

4. establishment of correspondent relations between banks;

5. wide distribution of credit facilities for international payments;

6. development of means of communication, which simplified and accelerated contacts (telegraph, telephone, telex, etc.);

7. absence of currency restrictions on current accounts.

National currency markets are usually understood as a set of operations carried out in relation to the national currency by banks located on the territory of a given country for foreign exchange services to residents and non-residents in a given country. In addition, the operations of the internal national market include foreign exchange transactions between companies.

Depending on the degree of liberalization of domestic foreign exchange legislation, the national foreign exchange market can exist in the form of: official, semi-official, “black”.

Depending on the degree of organization, different types of foreign exchange markets develop:

1. organized or exchange-traded foreign exchange markets;

2. unorganized or interbank foreign exchange markets.

In organized foreign exchange markets, more than 1/2 of all foreign exchange transactions are carried out on foreign exchange exchanges, which act as non-commercial

enterprises and set the main tasks to mobilize temporarily free

foreign exchange resources and organization of trading.

The unorganized foreign exchange market includes all over-the-counter foreign exchange transactions, which are mostly carried out directly between banks, and therefore it is called interbank. In industrialized countries, about 90% of foreign exchange transactions are carried out on this foreign exchange market. Under the influence of the internationalization of the world economy, the development of the international market for loan capital, and the improvement of means of communication, international (regional and global) currency markets are being formed. These markets have a number of characteristic features that distinguish them from national currency markets. In such markets there are no currency restrictions, a huge number of transactions are carried out for significant volumes, and entities from all countries of the world economy participate. In world currency markets, 90% of the total international turnover is accounted for by 6 major currencies - the US dollar, the German mark, the Japanese yen, the British pound sterling, the Swiss franc, and the French franc.

International payments are carried out in non-cash form. Foreign exchange transactions are concentrated in large international financial centers. World financial centers are places of concentration of banks, specialized credit and financial institutions, where international currency, credit, financial transactions, and transactions with valuable assets are carried out.

papers and collateral.

Today, one of the most pressing, difficult-to-solve problems in the field of currency regulation is the problem of ensuring currency control over export-import transactions in the Russian Federation. The question arose of how to preserve the state’s foreign exchange resources if Russia, until recently, has seen a constant flight of capital, in particular in foreign currency, abroad. This problem could only be solved by introducing a strict system of customs and banking control. Currently, there is some inconsistency in the regulation of the ruble exchange rate and inflation by the Bank of Russia. However, the priority goal of regulation is the development and strengthening of the country's banking system.

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 lack 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. [ 16 ]

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.

In Russia, the appreciation of the ruble was due not to the intensive, but to the extensive scenario of development of the Russian economy, the predominance of its raw materials structure in the context of rising world prices for energy resources. But the policy of increasing the ruble exchange rate as a result of large-scale foreign exchange earnings turned out to be a dead end in the context of the global financial crisis and the fall in world prices for energy raw materials.

Along with the negative consequences of the depreciation of the ruble, one can note its importance for supporting exports and curbing imports. Currently, it is justified to improve the regulation of the ruble exchange rate. When assessing the use of foreign exchange intervention by the Bank of Russia in order to smooth out the sharp fall in the ruble exchange rate, it is worth emphasizing its negative consequences, since the sale of dollars for rubles leads to a compression of the money supply, makes refinancing more expensive, and reduces the possibility of economic growth. In the context of the global financial crisis, the currency intervention of the Bank of Russia led to a decrease in official foreign exchange reserves, which are more necessary for government support for banks and enterprises in the form of a package of anti-crisis measures. [21]

Thus, 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.

The problem of capital flight from the state is now largely responsible for the further development of our unstable economy. Having at its disposal a certain number of common and basic features with foreign and developed analogues, the Russian phenomenon of the outflow of large amounts of capital is distinguished by a very high originality, both in terms of leakage motives and through channels for the export of resources and macroeconomic consequences. It directly indirectly results from the specifics of the initial and main accumulation of capital through a long shadow redistribution of income and the extraction of speculative profits from it in the market of financial instruments, as well as the desire of business entities to restore the level of income in an environment of decline in production and in difficult business conditions.

Thus, we can say that the Russian currency system suffers mainly due to capital flight from the country. To prevent it, it is necessary to find methods to solve this problem, as a result of which the currency system could normalize. [ 35 ]

Problem Solving Approach

It is important to understand that only with a systematic consideration of this or that issue is it possible to achieve the most competent solution. Therefore, it makes sense to identify the most universal and at the same time versatile ways to overcome the difficulties of developing the foreign exchange market of the Russian Federation in order to provide the most meaningful solutions.

First of all, it is necessary to continue the policy of diversifying foreign exchange reserves, to negotiate with leading countries on the need for a gradual transition to a new world monetary order based on the wider use of payments in national currencies; increase the role of the ruble in the CIS in order to give it the status of a regional currency. The latter direction should be developed through the widespread use of various types of financial and credit benefits for exporters and importers of goods and capital operating with Russian money. [ 17 ]

It also seems important to conclude an agreement between the interested CIS countries on the transition to a system of interstate payments based exclusively on national currencies, where, due to the incomparably higher economic potential of Russia, the role of the Russian monetary unit would significantly increase.

Stimulation of innovation and investment policy should be carried out in the following areas: implementation of large-scale projects jointly by the state and private business; provision of tax and other benefits; abolition of duties on the import of high-tech equipment and increased duties on the import of outdated models. The solution to these problems also depends on exchange rate policy. Therefore, an optimal level of increase (decrease) in the ruble exchange rate is necessary, since excessive changes in it cause negative consequences for the Russian economy and its innovative development. Given the value currency factor In the development of the Russian economy, especially along an innovative path, research into the problems of stability of the national currency market, minimization of currency risks, trends in changes in the currency structure of household savings, the role of offshore zones in the migration of private capital, and prospects for foreign investment are relevant. [28]

It is extremely important to develop a clear system of monitoring and control over the policies of companies in the field of attracting and using foreign investment. Such a system should include a comparison of the cost characteristics of exports and imports of capital of the Russian Federation with international and domestic financial indicators; analysis of the structure of the use of attracted foreign resources from the point of view of investments in the modernization of domestic production; analysis of the level of penetration of foreign capital into share capital Russian companies and control over maintaining the economic security of the Russian Federation.

Speaking about the economic security of the Russian Federation, it is appropriate to note that it is necessary to resist “economic egoism”, the source of which is the privileged position of the dollar as the dominant world currency. Let us again note the importance of the role of the Russian ruble as a single, in the long term, regional currency. [11]

Based on the above, it is obvious that the solutions relate to a large number of issues, so it is necessary to approach their application in extremely detail, because this will ensure the most effective result in overcoming the complexities of the functioning of the currency system of the Russian Federation.

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 foreign exchange 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 one 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 the Russian banking system. 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 fixed-term 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. Imperfection legislative framework 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.

The application of a strict verification procedure for all firms and individuals wishing to engage in the exchange and over-the-counter markets, regular financial audits and revisions of documents and compliance with the legal 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. The growth rate of Russia's GDP in the third quarter of 2012 slowed down: portal [Electronic resource] – Access mode. http://top. rbc. ru/ Date of access 12.11.12.

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

“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 unique place where demand, represented by the buyer, collides with supply, represented by 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 at 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 thing 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 economic growth in a country and become a serious constraint on it. 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 a comparative analysis of government 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 the purchasing power of 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, the 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 economies. 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 the post-war years, has disappeared. 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 currency 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 the negative consequences of market regulation of 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 foreign exchange 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 policies is due to the following reasons.

1. Strengthening the interdependence of national economies, including currency, credit, and 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 the 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-considered actions to abolish existing norms of administrative regulation of 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 from 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 currency market should also be understood as a chain of world regional currency 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 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. 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 the negative impact of 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 in the 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 with 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, commissions are charged to trading participants, 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 an international market for the 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 conditions and terms of its repayment, the procedure for receiving interest in accordance with coupons (a coupon is 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, we can highlight:

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 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)."

The futures market 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 for large amounts with little collateral.

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, Euroloans, 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 operations.

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 being in the ownership of 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;

The size of the money supply of the 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 policies and the necessary economic environment that creates 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 of 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 an 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. On the exchange market, where the euro competes only with the dollar, the growth in the share of 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 in the 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 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 help increase the role of the Bank of Russia's interest rate policy 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 should include: ensuring 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).

Global 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 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 in the euro/dollar exchange rate) 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 accelerating economic growth in 2007 thanks to cheap monetary resources (easy access to global debt markets at the beginning of the year and additional federal spending at the end of the year, which helped maintain high growth rates), growth in Russia is slowing this year. 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 thanks 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 fiscal spending in 2009 to support financial markets, inflation is less likely to slow down. Defense spending will also rise as a result 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 recent years, when oil prices rose and capital flowed into Russia, the ruble exchange rate increased. 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 unlock the investment potential of government debt and “revitalize” 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 a historical basis. 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.

As a result, the Russian ruble had a great advantage at the beginning of the summer of 2008 - 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. This turned out to be a weakness of the ruble and forced the Russian Government 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 against 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 are shares or securities of 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 by the regional tax authorities are:

1. Violation of paragraph 3 of Art. 23 of the Federal Law of 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 the conduct of currency transactions with non-residents in foreign trade transactions (CBR Instruction No. 258 dated June 1, 2004 -P).

2. Violation of Article 20 of the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”, associated with violation of the uniform rules for residents to issue a transaction passport in authorized banks when carrying out currency transactions between residents and non-residents (CBR instruction dated June 15 .2004 No. 117-I).

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 punishment for violations of acts of currency legislation of the Russian Federation and acts of currency regulation authorities, as a result of which more than 20 legal entities and 7 officials were brought to administrative responsibility.

· 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).

Concluding 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 solved the problems of identifying and suppressing violations of currency legislation and acts of currency regulation 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; establishing additional requirements for 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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Http://www.akdi.ru/econom/program/33.htm

Clearing is a system of non-cash payments for goods, securities and services, based on the offset of mutual claims and obligations. There are 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”)

Http://www.mpp.co.ua/newsp/0002.html

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