Meaning of currency operations and their types
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uming any pre-conditions for economic policy. The country must abide by the terms of use about 70% of the allocated SDRs in five-year period. In fact, the country bought the SDR, as was to introduce its own currency, or currency of another country in exchange for SDRs.of the SDR in the beginning was set in gold equivalent (1 SDR = 0.888671 grams of pure gold), but with the June 1, 1974 it began to determine the relative average cost basket of 16 currencies (U.S. dollar - 33% DM - 12.5%, the pound sterling - 9%, the French franc - 7.5%, Japanese yen - 7.5%, the Canadian dollar - 6% of the Italian lira - 6%, the Dutch guilder - 4.5%, the Belgian franc - 3.5% The Swiss krona - 2.5%, the Australian dollar, Danish krone, Norwegian krone, Spanish peseta - by 1.5%, Austrian schilling and yuarovsky rend-1%).July 1, 1974 value of the SDR was 1.2063 U.S. dollars. Subsequently, the IMF introduced the practice of setting the daily dollar value of the SDR. Currently, the SDR is determined by the rate of the currency basket of five major national currencies (U.S. dollar, German mark, Japanese yen, French franc and pound sterling).brings interest. The country receives them if its holdings of SDRs exceed its allocation, and vice versa, to pay interest if fewer SDRs allocations.are used not only as a means of payment for official transactions, but also to some extent, for commercial purposes. For example, in 1975, first appeared unsecured bond denominated in SDRs, and since 1977, the bodies of the International Association of transport aircraft began to use SDRs for fare and freight rates. Egypt uses SDRs for fixing the fees on the Suez Canal.has a number of functions to regulate world currency balance of payments, the completion of official foreign exchange reserves, comparing the value of national currencies, but does not have its own cost and practical support.in January 1970 were released first SDRs, and in view of the second edition in 1979-1981., There are now 21.3 billion SDRs. SDR allocation is done automatically in proportion to the quota of the IMF. Advantages of the SDR as a total commitment of countries - members of the IMF can gradually turn into the main active agent reserve world currency system. Enhancing the role of the SDR is manifested in the expansion of their quotations, and in relation to the national currencies of the leading countries of the world.reduce the risk on exchange with the use of SDRs were created by so-called special currency, the most common of which is the 90-th year was ECU - European Currency Unit.- (English European Currency Unit) - a regional international monetary unit used by countries - members of the European Monetary System from 13 March 1979. Creating ECU was intended to promote integration in the monetary sphere, against the influence of the U.S. dollar, and to provide prerequisites for the formation of a single currency market of the European Economic Community.has a certain exchange rate, calculated on the basis of the currency basket of national currencies of 12 countries participating in the EEC. Shares of individual countries in the basket is adjusted periodically. The weight of each currency in the basket is determined according to the proportion available to the State of the EU gross national product and exports within the union. 1 ECU is approximately 1.3 U.S. dollars. In contrast to the SDR issue official ECU partially cashed in gold and dollars. The issue volume exceeds ECU issue of SDRs. As well as the SDR, the ECU is presented in a cashless form - as an entry in the accounts of the central (or commercial) banks in non-cash transfers to them. Issued by the Treasury in 1987, the Belgian commemorative coins to mark the 30th anniversary of the Treaty of Rome in denominations of 50 ECU (gold) and 5 ECU (silver) are collectible in nature and had no practical value for the currency market. Half of the issued ECU deductions provided by gold and dollar reserves, and the rest - the national currencies of countries.the European Monetary System (EMS) have a main course each currency the EU Member States, expressed in ECU. On this basis, the main course of the mutual exchange rates are calculated, from which the actual rates may vary within the limits of no more than 2.25%. Preferential treatment of oscillations has been established for the Spanish peseta, which joined the EMU in 1989 for the Italian lira in August 1993 allowed fluctuation band of 15%.performs the calculation and credit functions, is used as a base alignment of the parity of the member states, regulates the deviations of market exchange rates.contrast to the SDR ECU has a broader scope. ECU is used not only in the formal and private sectors. In particular, the ECU acts as the unit of currency in mutual funds and international monetary financial institutions, as the currency of common agricultural prices, a means of interstate accounts of central banks - the EU Member States in conducting foreign exchange intervention and other private (commercial) ECU is used as currency, the euro - bonds, bank deposits and loans. More than 500 major international organizations use the ECU in loans.
. On the sphere and mode of application.basis of classification of currency is the scope and mode of application, depending on which currency is divided into a freely convertible, partly convertible and non-convertible.convertible currency - (English hard currency) - a currency freely convertible and is unlimited in other foreign currencies and international means of payment in any form and in all types of operations.the period of the gold standard convertible automatically became the currency, which could easily be exchanged for gold. After the abolition of the gold content of currencies and gold parities in the early 70's convertibility is understood as the ability to freely bought and sold, exchanged at the prevailing exchange rate used to create various types of financial assets.Monetary Fund approves and gives consent to use the currency of a country as a freely convertible. This means that a freely convertible currency can be used in all types of international banking and financial transactions by both residents and nonresidents. At the period of 10 currencies considered fully convertible, and five of them were the International Monetary Fund in 1976, qualified as freely usable currency, thus emphasizing the highest level of convertibility. This category includes: the U.S. dollar, German mark, pound sterling, Japanese yen, French franc. These currencies most actively used in international transactions and is always available in sufficient quantity in the global foreign exchange market and accumulate foreign exchange reserves in the world. Mode of operation of a freely convertible currency, in practice, means that there are no currency restrictions.degree of currency convertibility is in direct proportion to the country's economic potential, the extent of its foreign trade, domestic monetary stability, the degree of development of national goods and money and capital markets. In addition, a prerequisite for the maintenance of convertibility is a permanent part of the central bank in the country's foreign exchange intervention to keep the rate of its currency against the U.S. dollar or to a particular basket of foreign currencies at an optimum level.convertible currency (born partially convertible currency) - is the national currencies of the countries, which are convertible into more or less restricted to certain holders, as well as for certain types of exchange. This type of currency is exchanged only on certain foreign currencies and used in all international trade transactions. This group includes the currencies of most developed and developing countries. The degree of convertibility defined by the state in special legislation. Law establishes the procedure and the list of foreign currencies, which can exchange the national currency, as well as the quantitative expression of such an exchange is allowed to purchase and sell currencies in the currency markets, the specified range of subjects such transactions (ie, residents, nonresidents, or those other companies banks, international organizations, etc.). The law also regulates the range and degree of control of foreign exchange transactions, conditions and procedures for their implementation. This is especially true of foreign trade, trade currency, opening foreign currency accounts, etc.on the breadth of individuals and the operations associated with the use of currency, isolated as the notion of external convertibility, which applies only to foreign individuals and entities, and only in the current (and most of all - only in foreign trade) calculations.is also the concept of internal convertibility of national currency, which implies the possibility for citizens and organizations of the country to make a purchase of foreign currency to pay for national and foreign trade transactions without any restrictions. Without a solid investment in a foreign currency, especially in the initial stages of implementation, internal convertibility is not possible. For example, for the introduction of internal convertibility of the Polish zloty exchange rate has received considerable assistance from foreign countries.currency (born inconvertible currency - this is the national currency, which operates within one country and not be exchanged for other foreign currencies. By a closed currencies are the currencies of countries that establish various restrictions and prohibitions on buying and selling foreign currency to import and export national and foreign currencies, and use other measures of currency regulation. The main causes of currency restrictions - the lack of currency, the pressure of foreign debt, a heavy balance of payments. It should be noted that in most member countries of the International Monetary Fund distributed some currency restrictions prim