Meaning of currency operations and their types
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gible to buy, sell and exchange of foreign currency in the manner prescribed by the National Bank of Kazakhstan.banking payments and transfers
. International banking payments and transfers carried out for the performance of current transactions between residents and nonresidents, are manufactured by authorized banks without restrictions, in accordance with the National Bank of Kazakhstan.
. International banking payments and transfers out for the purpose of execution of operations involving the movement of capital, and conducted with the use of currency of the Republic of Kazakhstan and foreign currencies, effected in the manner prescribed by the National Bank of Kazakhstan.
. International banking payments and transfers carried out in order to acquire: the residents of securities issued by non-residents; residents of securities issued by residents - are produced in accordance with the National Bank of Kazakhstan and consistent with the authorized state body on regulation and supervision of financial markets and financial institutions, subject to the provisions of international treaties to which the Republic of Kazakhstan.
. Foreign currency earnings flowing to the export of goods and services from the Republic of Kazakhstan, to accounts of resident banks in the Republic of Kazakhstan without restrictions.money orders, and forward foreign exchange assetsmoney orders, and forward foreign exchange assets by the National operator of mail in accordance with the laws of the Republic of Kazakhstan.and export of currency values, cash in national currency, securities and payment instruments, value and (or) the cost of which is denominated in national currency:
. Import of foreign exchange assets by residents or nonresidents shall be in accordance with the laws of the Republic of Kazakhstan.
. The procedure and rules of export of currency values ??established by the National Bank of Kazakhstan.
. (Excluded)
. Import and export of cash in national currency and payment instruments in the national currency effected in the manner prescribed by the National Bank of Kazakhstan.
. Importation and exportation of securities, whose nominal value is expressed in national currency shall be exercised in the manner determined by the authorized state body on regulation and supervision of financial markets and financial institutions, in coordination with the National Bank of Kazakhstan.
. Customs clearance of import and export of currency values ??is carried out in accordance with customs legislation.
2. Types of currency operations
2.1 Term (forward) operations in foreign currencies
transactions are:
) transactions involving the transfer of ownership and other rights in currency values;
) The importation and transfer to the Republic of Kazakhstan, as well as the removal and shipment of the Republic of Kazakhstan currency values in any way.
. Currency operations between residents and nonresidents are classified into current operations and operations involving the movement of capital.
. Current operations are:
) transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for a period of 180 days;
) the provision and access to credit for not more than 180 days;
) the transfer and receipt of dividends, interest and other income on deposits (deposits), investments, loans and other transactions;
) transfers of non-trade concerns, including grants, transfers of sums of inheritance, wages, pensions, alimony, and others;
) All other foreign exchange transactions not covered by this Act to transactions involving the movement of capital.
. Operations involving the movement of capital are:
) Implementation of investments;
) transfer to the settlement of transactions, providing a complete transfer of exclusive rights to intellectual property;
) Transfers of property in payment for property rights, except for the property, which is equated to the real things;
) Transfers for payments on export-import transactions providing a deferred payment or advance payment for goods and services for more than 180 days;
) The giving and receiving credits for a term exceeding 180 days;
) international transfers for transactions related to the accumulation of pension assets;
) international transfers of insurance and reinsurance contracts cumulative nature;
) transfer to trust management of currency values.
. Currency in payment for exports of goods (works, services) must be received by residents and credited to their accounts in authorized banks within 180 days from the date of export of goods (works, services), or within 365 days from the date of export of certain goods, list of which is Government of the Republic of Kazakhstan, unless otherwise established in the license of National Bank of Kazakhstan.on the license of the National Bank of Kazakhstan may be credited currency received by residents as payment for exports of goods (works, services) to their accounts in foreign banks or other financial institutions have the appropriate authorization under the laws of the States in which they are registered.
. Currency, translated by a resident in a non-resident, for the settlement of import transactions, providing for advance payment for goods (works, services) in the event of default by non-residents must be received by a resident and deposited to his accounts in authorized banks within 180 days from the date of transfer unless otherwise established in the license of National Bank of Kazakhstan.
. Failure to return from abroad of foreign currency to be paid in accordance with the laws of the Republic of Kazakhstan to mandatory transfer to the accounts in authorized banks of Kazakhstan, as well as non-receipt of goods, an equivalent amount of money paid for it, or failure to return the money to import transactions within the deadline set currency legislation of the Republic of Kazakhstan, punishable under the laws of the Republic of Kazakhstan.exchange transactions (forward, futures) - it's foreign exchange transactions in which parties agree to supply due to the amount of foreign currency after a certain period after the transaction at the rate fixed in the time of its conclusion. From this definition implies two features of term foreign exchange transactions.
There is an interval in time between the conclusion and execution of the transaction. In the present conditions of the transaction execution time, ie, the supply of currency is defined as the end of the period from the date of the transaction (the period 1-2 weeks, 1,2,3,6,12 months to 5 years) or any other period within period of time.
Exchange Rate Futures currency transaction is recorded at the time of the transaction, although it is performed after a certain period of time.in foreign currencies are committed to:
conversion (exchange) currency for commercial purposes, advance sale of foreign exchange or purchase foreign exchange for future payments to hedge currency risk;
Insurance portfolio or direct investments abroad against losses in connection with a possible lowering of the currency in which they are implemented;
obtaining speculative profits at the expense of foreign exchange.use of forward contracts to cover currency risks when making business transactions has become widespread in the late 60's and early 70's in a crisis the Bretton Woods monetary system and the transition to floating exchange rates.
2.2 Foreign exchange transactions
SPOToperations are the most common and account for up to 90% of foreign exchange transactions. Their essence is the buying and selling currencies on the terms of its delivery partner banks on the second business day following the date of the transaction at the rate fixed in the time of its conclusion. Are regarded as working days for each of the currencies involved in the transaction, ie, if the next day after the date of the transaction is not a business for a single currency, the delivery rate is increased by one day, but if a non-working day thereafter for another currency, the delivery time increases by 1 day. For the transactions concluded on Thursday, the normal delivery time - Monday to Friday and Tuesday (Saturday and Sunday - days off).spot delivery of currency is the accounts listed banks - recipients. Two days of the transfer rates for the previously concluded transaction was dictated by the objective difficulties to implement it in a shorter period.exchange transactions for immediate delivery are the most mobile element of the foreign exchange position and contain risks. With operations spot banks provide their customers' needs in foreign currency, capital mobility, including hot money from one currency to another, carry arbitrage and speculation.
SWAPvariety of monetary transactions, which combines the cash transaction, the transaction is swap. Such deals are known since the Middle Ages, when Italian bankers conducted operations with the bills, were further developed in the form of operations. Report-a combination of two mutually related transactions: cash foreign currency sales and purchase it on time. Backwardation is a combination of the same transactions, but in reverse order: the purchase of foreign currency on a spot and the short sale of the same currency., the operation swap taken the form of share banks deposits in various currencies in equivalent amounts. The disadvantage of such an operation was to increase the bank's balance sheet in the amount of the operation,