Currency relations and currency systems. Presentation on the topic "international monetary relations" The essence of international monetary relations presentation

1. The concept of “currency”, “currency system”.

2. Exchange rate, its types. Factors influencing the exchange rate.

3.Forex markets and foreign exchange transactions.

4. Regulation of international monetary relations. Monetary policy.

Currency is any product that can perform the monetary function of exchange in the international arena.

In the narrow sense

Currency is the cash portion of the money supply that circulates from hand to hand in the form of banknotes and coins.

Elements of MBO:

National currency systems

2. Regional and global monetary systems (formed in the middle of the 19th century)

NBC elements:

National currency unit;

Official gold and foreign exchange reserves;

Exchange rate and mechanism for its regulation;

Conditions for the convertibility of the national currency;

Currency restrictions;

The regime and methods of using foreign exchange instruments in international payments;

National institutions regulating foreign exchange relations;

Conditions for the functioning of the national gold and foreign exchange market.

Elements of the MPS:

national and collective currency units;

international liquid assets;

mechanism for establishing currency parities and rates;

currency exchange mode;

forms of international payments;

international currency and gold markets;

interstate monetary and credit organizations and legal norms regulating currency relations.

Paris currency system (gold standard). Officially recognized in 1867.

Genoese currency system (gold bullion standard) since 1922.

Bretton Woods currency system (motto standard) since 1944.

Jamaican currency system (multi-currency standard) since 1976.

Currencies are exchanged on the foreign exchange market

Participants in the foreign exchange market are: firms, commercial banks, non-banking financial institutions, central banks and other government agencies, as well as households

In order to make payments between countries using different currencies, it is necessary to compare the value of these currencies, for which the concept is used

exchange rate

unit prices of one currency expressed in units of another currency

The exchange rate can be determined by the state (usually represented by the Central Bank), or formed by market entities through trading

The process of setting exchange rates is called

currency quotes

If the exchange rate of a national currency increases relative to a foreign currency (for example, for 1 dollar over time they give less rubles), they speak of an increase in the exchange rate, or revaluation of the national currency.

If the exchange rate of the national currency decreases (they give more rubles per dollar), they speak of a depreciation of the currency, or its

devaluation.

Various ways of forming the national currency exchange rate are called

exchange rate systems

If the course is national	If the national currency rate
currency is determined	determined by the state (represented by
market and freely	central bank), which
changes under	strives to support it
the action of demand and	established level according to
suggestions, this is the system	towards a certain
floating currency	foreign currency (or basket
	currencies), this is a system
	fixed exchange rate

There are also mixed exchange rate systems

State policy related to the impact on the exchange rate of the national currency in relation to foreign currencies is called monetary policy

Central banks can implement currency interventions, i.e. buying and selling foreign currency

In order to increase the exchange rate of the national currency, central banks sell foreign currency, and to reduce the exchange rate of the national currency, they buy

foreign

The state can use various currency restrictions, i.e. rules to restrict or prohibit certain transactions with foreign

currencies and gold

In order to be able to carry out transactions with currency,

Central banks of countries must have a certain reserve of it (in addition to currency, gold is often also accumulated), which is called

gold and foreign exchange reserves of the country

The degree of government regulation of the foreign exchange market affects convertibility national currency - the ability of a currency to circulate freely between economic entities of different countries

Free	Partially	Non-convertible
convertible	convertible	currencies are currencies
currencies are	currencies are currencies	states,
currencies that	states,	prohibiting or
can without	using	significantly
restrictions	certain	limiting
exchange for	exchange restrictions	exchange of national
other currencies	national currencies to	currencies for
	foreign, as well as	foreign
	restrictions on
	movement of money
	funds across the border and
	international
	capital transactions

Foreign exchange markets operate within currency systems

National currency system is a form of organization of monetary relations, represented by a set of institutions and instruments for regulating settlements and payments within the country

World monetary system is a historically established form of organization of international monetary relations, which is a set of institutions and instruments for regulating settlements and payments between countries

Regional currency systems is a form of organization of monetary relations within the framework of a regional integration grouping of countries, represented by a set of institutions and instruments for regulating settlements and payments between integrating countries

Depending on the principles of the functioning of the world economy, the principles of international monetary systems change over time.

Historically, the first world monetary system was gold standard system, which involved establishing a fixed price for each currency in relation to gold. The gold standard system existed from the first half of the 19th century to the first half of the 20th century.

The gold standard was replaced in 1944 by Bretton Woods system . This was a formalized gold exchange system, which involved establishing the gold content of the US dollar and establishing parity in the value of all other currencies to gold through the dollar.

Operating since 1978 Jamaican currency system. It assumes that countries can set the exchange rates of their currencies at their own discretion, including using floating or fixed exchange rate systems. Gold lost any connection to the value of currencies and ceased to be an official means of payment for payments between countries.

5. Balance of payments and its structure

Payment balance- this is a statistical report reflecting in monetary form all foreign economic transactions of a given country with the outside world for a certain period of time; it is the balance sheet account of a country's international transactions in the form of the ratio of foreign exchange receipts and payments

The basic principle of constructing the balance of payments is double entry method, in which each transaction is reflected twice - once as a debit with a minus sign, and another time as a credit with a plus sign. Each registered transaction must correspond to a payment of equal value, and the balance of receipts and payments (i.e., the sum of all receipts minus the sum of all payments) must converge, i.e. be equal to zero

On the topic: “Currency relations and currency systems”

Completed:

4th year student, group 45

correspondence education departments

Faculty of Social Psychology

(specialty "social work")

Shishlyannikov Ivan Anatolievich,

Checked:

Teacher

Mavzhuda Pulatovna Urumbaeva

Tobolsk-2009

Introduction

Conclusion

Introduction

All economic relations that arise at the international level are mediated by money, which acts in the form of currencies. The need to streamline financial settlements is the need to form an international monetary system that plays a certain role in the modern world economy.

International monetary relations are one of the most complex areas of the economy. It is sometimes difficult even for a specialist to understand the laws of its development and functioning. However, in the context of the transition of the Russian economy to a market economy, every person should have an idea of how the world monetary system works, why the exchange rates of some currencies for other currencies fluctuate, and how to correctly structure their behavior in the field of savings and purchases. This knowledge is even more important for enterprises whose activities are related to export-import operations, and, consequently, with the transfer of funds from one currency to another and vice versa: such knowledge will help avoid unnecessary risk, maximize profits, develop a strategy for behavior in domestic and international markets. markets.

Currency relations arose as a result of the development of international trade, which creates the need for the exchange of national currencies.

For example, American exporters selling goods in France want dollars, not francs, but French importers of American goods want francs, not dollars. This is a problem that can only be solved thanks to the fact that the French exchange francs for dollars on the foreign exchange market. In essence, this is the main operation in international relations. However, in order to understand how it is implemented and what consequences arise from its repeated and massive implementation, it is necessary to trace the economic logic of the emergence and development of the modern world monetary system.

1. The emergence and development of currency systems

Each country has its own national monetary system: that part of it, within which foreign exchange resources are formed and international payments are made, is called the “national monetary system.”

On the basis of the national monetary system, the “world monetary system” operates - a form of organization of international monetary relations. It has developed on the basis of the development of the world market and is secured by international agreements.

Of course, the world monetary system did not emerge in such a developed, complex form right away. It has gone through a long evolution, which began following the industrial revolution and the formation of the world economic system. Conventionally, this evolution can be divided into three stages.

The first world monetary system was a gold standard system.

The gold standard began in 1867, when the Paris Agreement recognized gold as the common means of payment in international relations. Signs of the gold standard were the free import and export of gold, the unlimited exchange of paper money for gold, the constant gold content of paper money and the free minting of gold coins.

Under the gold standard, the emerging balance of payments deficit was covered only by gold, which invariably led to a decrease in the country's gold reserves. Since the gold content of paper money was unchanged, the amount of money in the country inevitably decreased, which led to a decrease in effective demand and prices. As a result, the flow of gold between countries automatically regulated the balance of payments.

Gold is a commodity whose production is limited due to limited reserves in nature and difficulties in extraction. Because of this, under the gold standard, the government could not arbitrarily increase the amount of paper money in circulation and thus stimulate inflation. Stable monetary circulation and stable exchange rates stimulated international trade, as they were reduced by the uncertainty of its results. At the same time, the rigid peg of currency exchange to gold did not allow maneuvering, especially during periods of decline in production and crises.

Under such conditions, some countries refused to exchange banknotes for gold.

At the beginning of the twentieth century. new difficulties arose in using the gold standard. The expansion of production and the increase in commodity mass required an increase in the amount of money in circulation. But since the monetary unit was firmly linked to the quantity of money, and gold reserves changed slowly, there was a tendency for the share of gold in the money supply in official reserves to decrease. Increased government intervention in the economy, which began during this period, required a flexible mechanism for changing the money supply in the country, which was impossible under the gold standard. Credit money began to increasingly replace gold. The process that began was accelerated by the First World War, as a result of which the gold standard was replaced by the gold exchange standard.

The gold exchange standard was based on gold and leading currencies that could be exchanged for gold. It was adopted at the Genoa International Economic Conference in 1922. The new system maintained gold parities, but restored a regime of freely fluctuating exchange rates.

Regulation of currency systems was carried out through the implementation of an active currency policy, the development of international norms and rules. In subsequent years, some stabilization of currency relations began, but the global crisis of the 30s prevented this process. Before the start of the Second World War, virtually no country had a stable currency, and during the war, all countries, regardless of their participation in it, introduced currency restrictions and froze the exchange rate.

The danger of a repeat of the currency crisis that occurred after the First World War forced the development of a new world monetary system during the Second World War. It must be borne in mind that by this time leadership in world development had moved from Europe to the United States, and in fact two projects were being considered: American and English. They both proceeded from the preservation of the gold exchange standard, freedom of trade and movement of capital, and stabilization of exchange rates.

In 1944, as a result of the agreement, the Bretton Woods monetary system was adopted. It provided for a gold exchange standard based on gold and two reserve systems - the pound sterling and the US dollar, and the creation of two international monetary organizations: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD). This system lasted until 1971, when the exchange of dollars for gold was stopped and the dollar exchange rate began to be established in the foreign exchange market under the influence of supply and demand. In 1976, IMF member countries adopted the second amendment to the IMF's charter in Kingston, Jamaica, laying the foundation for the Fourth Monetary System. According to this system, gold ceased to serve as world money; it began to be sold on the market at prices reflecting supply and demand. Each country received the right to choose any method of establishing the exchange rate.

2. Exchange rate and foreign exchange market

Since during settlements it becomes necessary to pay bills in the currencies of other countries, you need to buy it. The buying and selling of currencies takes place in the foreign exchange markets. The foreign exchange market is the totality of all relations that arise regarding a foreign exchange transaction. This is an officially established center where the purchase and sale of foreign currency takes place. There are many organizations and individual intermediaries operating in the foreign exchange market. First of all, the foreign exchange market includes the Central Bank, large commercial banks, non-bank dealers and brokers. The bulk of the currency circulating on the market is sold and bought in non-cash form, and only a small part accounts for the share of cash turnover.

There are world, regional and national currency markets. They differ in the number of currencies used, the volume of sales and the nature of foreign exchange transactions. World currency markets are located in London, New York, Zurich, Tokyo, and Singapore. They carry out transactions in the most common currencies in global circulation, and regardless of the reliability of the practice, they do not carry out transactions with local currencies. In regional markets, transactions are carried out with the currency that is most common in the given territory. There is a national foreign exchange market in almost every country.

The national currency system is part of the country's monetary system, within the framework of which foreign exchange resources are formed and used, and international payment turnover is carried out. National currency systems are formed on the basis of national legislation, taking into account the norms of international law. Their features are determined by the conditions and level of development of the country’s economy, its foreign economic relations, and the tasks of social development. The exchange rate refers to the price of one monetary unit expressed in the monetary unit of another country. There is a distinction between the buyer's rate, that is, the price at which the bank buys foreign currency for the national rate, and the seller's rate, at which it sells foreign currency for the national one.

The difference between the rate of the seller and the buyer is a mark, which is spent to cover the costs of organizing operations and forms the profit of banks.

The exchange rate depends on many factors, and primarily on the demand and supply of currency in the market, therefore, all factors influencing the demand and supply of currencies and its exchange rate. Such factors include high growth rates of national income in a given country. The result of this will be an increase in the income of individual citizens, an increase in aggregate demand for goods, including imported ones, which will lead to an increase in demand for foreign currency and an increase in its exchange rate. The change in the preferences of consumers focusing on imported goods will act in a similar way.

High inflation rates in the country ensure the national currency, and its exchange rate begins to decline relative to the currencies of countries where inflation rates are lower. The negative consequences of this are primarily felt by countries that have a large volume of international transactions. Therefore, real exchange rates must be calculated, i.e. purchasing power parity, which is the ratio of prices for similar goods and services produced in the countries being compared.

In addition, the exchange rate may be influenced by the development of currency speculation, the popularity and confidence in a particular currency, the actual timing of international payments and, of course, the monetary policy of the state.

The exchange rate can be of two types. The first is a freely floating exchange rate, or, as it is also called, floating. Under floating exchange rates, the exchange rate, like any other price, is determined by the market forces of supply and demand. Significant fluctuations under the influence of supply and demand are typical for exchange rates of both strong and weak currencies.

The size of the demand for foreign currency is determined by the country’s needs for the import of goods and services, tourists’ expenses, and various types of payments that the country is obliged to make. The size of the currency supply will be determined by the volume of the country's exports, the loans that the country receives, etc.

With a floating exchange rate, the other extreme is possible. The exchange rate, under the influence of short-term (speculative) factors, may overestimate the macroeconomic imbalance of the economy, which may lead to undesirable structural changes.

Among the factors that directly influence the dynamics of exchange rates are such as national income and the level of production costs, the real purchasing power of money and the level of inflation in the country, the state of the balance of payments, which affects the demand and supply of currencies, and confidence in the currency on the world market.

In this case, the state is outside the foreign exchange market, and the rate is set only on the basis of demand and supply of currencies, i.e. it is absolutely flexible.

Another type exists when the government rigidly fixes exchange rates. This causes a different situation in the currency market.

With a fixed exchange rate, changes must be made in the domestic economy in order to eliminate external imbalances at the existing exchange rate. For example, if there is a deficit in the balance of payments, it is necessary to reduce the money supply through the sale of foreign exchange reserves, tighten monetary policy with all the ensuing deflationary consequences until the demand for the national currency is restored.

With a rigid fixed exchange rate, which is set for a certain period, supply and demand, as a rule, do not change, reflecting a relatively constant demand and supply of currency at a given price. As the exchange rate changes, the demand and supply of currency changes accordingly.

In practice, these foreign exchange market models rarely exist in their pure form, and one is supplemented by the other as needed.

The pursued monetary policy has a certain impact both on the internal situation of the country and on its position in the world economy.

Therefore, when implementing reforms in Russia, from the very beginning, much attention was paid to currency relations. Liberalization of the foreign exchange market led to the organization of the foreign exchange market using free and controlled floating mechanisms.

3. Currency relations and the monetary system

The development of foreign trade caused the need to streamline international payments, which involved national banknotes in international economic relations. Any national monetary unit is a currency and performs the function of world money, but any seller on the world market prefers to receive the equivalent of his goods in the currency of his country, therefore the connections and interaction of the national and world economies are always reflected in the currency. This implies the need to exchange monetary units of one country for the money of another. The entire set of financial relations that arise when carrying out trade operations, lending, investing capital, etc., during the functioning of the world economy, is called currency relations. New features and trends are emerging in the field of currency relations:

The international functions of national currencies are strengthening (national monetary units participate in international payments);

The scale of participation of any currency in international payment circulation is determined by a complex of factors (historical, economic, international legal), including national policy;

There is no single monetary basis in the monetary sphere - world money;

In conditions of free convertibility of currencies and the flow of capital between countries, the boundaries between domestic money circulation and international payment circulation are blurred;

The trend towards the merging of the national and international monetary markets is paving the way in the context of the continuing specificity and characteristics of national monetary markets.

Certain elements of currency relations appeared in the ancient world in the form of bills of exchange. There were also special money changers involved in currency exchange. With the development of international exchange, banks began to exchange currencies. Today's currency relations emerged as a result of the growth of productive forces, the creation of a world market and a world economic system, and the internationalization of the entire system of world economic relations.

The subjects of currency relations can be the state, enterprises and organizations, as well as individual individuals.

Currency relations, like all international economic relations, are secondary, derived from reproductive relations that develop within the country. They depend on the dynamics and rates of economic growth, on the relationship between supply and demand in the national market, but in recent years they have been increasingly influenced by the developing process of internationalization of production, the development of the world market, the movement of labor and capital.

The development of international monetary relations required their specific organization, as a result of which first national currency systems were formed, and then international ones. The national currency system establishes the principles of organizing and regulating currency relations within a particular country. It is part of the monetary system of a given country, but is relatively independent and has the right to go beyond national borders. In each country, the features of such a system are determined by the level of economic development and foreign economic relations. The national monetary system includes the following elements:

National currency unit;

Exchange rate regime;

Conditions for currency convertibility;

Foreign exchange market and gold market system;

The country's international settlement procedure;

Composition and management system of the country's gold and foreign exchange reserves;

Status of national institutions regulating the country's currency relations.

On the basis of national currency systems, an international (world) monetary system was formed, which is a form of organization of currency relations secured by interstate agreements. It pursues global economic goals and has a specific functioning mechanism. Its main elements are:

Main international means of payment (national currency, gold, international currency units - SDR, ECU);

Mechanism for establishing and maintaining exchange rates;

Procedure for balancing international payments;

Conditions for convertibility of currencies;

Regime of international foreign exchange and gold markets;

Status of interstate institutions regulating currency relations.

In a market economy, the movement of funds from country to country, exchange and sale of currencies is carried out primarily through the activities of large commercial banks. These banks have a network of branches in different countries or foreign currency accounts in banks in other countries. Conducting trade and other foreign economic transactions through such banks, clients have the opportunity to deposit funds into bank accounts in one country and, if necessary, transfer these deposits to another country in a different currency.

The main economic agents of the foreign exchange market are exporters, importers, and holders of asset portfolios. Along with the “primary” subjects of the foreign exchange market - exporters and importers, who form the basic demand and supply of currencies, and “secondary” - those participants in the foreign exchange market who trade directly in currencies. These are commercial banks, currency brokers and dealers. The definition of “secondary” is very arbitrary, since currently about 90% of all transactions on the foreign exchange market are not related to trading operations. Most currency trading is a regular stock exchange game for the purpose of making a profit, where currency exchange rates appear as the object.

The most important subjects in the field of international monetary circulation are government bodies. Monetary relations in the world economy affect the national interests of the state.

The reserve currency occupies a special place in the national monetary system. It serves to determine currency parity, is used to conduct foreign exchange intervention, and can serve as a means of payment.

Officially, the American dollar has the status of a reserve currency, but in practice it also serves as the euro and the Japanese yen.

4. National currency system of Russia

The national currency system of Russia is in the process of formation and has not yet been fully formed. However, its contours and main trends have emerged quite clearly. The national monetary system of Russia is being formed taking into account the structural principles of the world monetary system, since the country has set a course for integration into the world economy and joined the IMF in June 1992.

The basis of the Russian currency system is the Russian ruble, introduced into circulation in 1993 and replacing the ruble of the former USSR.

In fact, the ruble is a partially convertible currency for current balance of payments transactions while maintaining currency restrictions on a number of transactions. Russia, as a member of the IMF, aims to accept obligations under Article VIII of the IMF Charter on the abolition of currency restrictions on current balance of payments transactions.

The ruble exchange rate is not officially pegged to any currency or currency basket. Russia has introduced a floating exchange rate regime, which depends on the relationship between supply and demand on the country's currency exchanges, primarily on the Moscow Interbank Currency Exchange (MICEX). The official exchange rate of the US dollar to the ruble is set by the Central Bank of Russia based on the results of trading on the MICEX. The exchange rate of other currencies is determined based on the cross rate. In this case, the exchange rate of these currencies to the dollar is used as an intermediate currency.

An element of the Russian currency system is the regulation of international currency liquidity, which determines the provision of international payments with the necessary means of payment. One of the components of Russia's international liquidity is a reserve position in the IMF in the amount of more than $1 billion (25% of the quota) and an SDR account.

The next element of the currency system is the foreign exchange market regime. Russian currency legislation has established that operations in the foreign exchange market can only be carried out through authorized commercial banks licensed by the Central Bank of Russia. Their role in the Russian foreign exchange market is increasing. But the leading place is occupied by the MICEX and five other currency exchanges, which are united in the Association of Currency Exchanges of Russia.

There is practically no gold market in Russia. The purchase of gold items and gold scrap from the population is carried out through a network of special buying points at the state price. Recognition of the role of gold as a currency metal was the issue of gold certificates by the Ministry of Finance in 1993, each of which is backed by 10 kg. gold 0.99999 fine. The price of such certificates is adjusted taking into account changes in the price of gold on the London market and the ruble/dollar exchange rate.

The management of monetary policy is carried out by the president, the government, and the State Duma. They adopt legislative acts in the field of monetary policy, ensure their compliance, distribute powers and functions for management and regulation. The Bank of Russia carries out currency regulation through foreign exchange interventions on the main currency exchanges (Moscow and St. Petersburg) and with the help of various regulatory documents. Currency regulation is also carried out by the Ministry of Finance, the Ministry of Foreign Economic Relations, the Federal Service for Currency and Export Control and some other institutions. Russian currency legislation regulates transactions in foreign and national currencies. The regime of activity of the foreign exchange market, the composition of its participants (currency exchanges, commercial banks, intermediary brokers), the procedure for conducting foreign exchange transactions, the formation of foreign exchange funds and foreign exchange control are established by law.

5. What currency do Russians need?

Materials from the RBC daily publication MTK UNITRAN. On May 5, 2008, the Central Bank published data on the movement of cash currency through authorized banks in April. According to the Central Bank, net demand for foreign currency almost doubled in April. However, the Bank of Russia notes, such a surge in demand was provided exclusively by non-residents - Russians still sold more currency than they bought. According to experts, the lion's share of the demand for cash currency is provided by seasonal workers from the CIS countries. Meanwhile, Russian citizens are beginning to realize that keeping savings in cash is unprofitable, and they are “shifting” money into bank deposits, ruble instruments and non-monetary assets - real estate, cars and other expensive purchases.

According to the Bank of Russia, net demand for cash currency, that is, the difference between the volume of cash currency sold to individuals and issued from their accounts, and the volume of currency purchased by banks from individuals and credited to their accounts, grew by as much as 92% in April. Residents' total demand for foreign currency increased by 9%, and their supply of foreign currency increased by 11%. Meanwhile, for non-residents the picture was exactly the opposite: demand increased by 38%, and supply decreased by 8%. “I think that demand from non-residents was growing thanks to residents of neighboring countries,” Konstantin Svyatny, head of fixed income operations at Guta-Bank, told RBC daily. “It is profitable for them to buy currency in Russia; here its exchange rate decreases, while in their homeland it remains the same.” And the surge in demand for currency in April, in his opinion, is explained by the seasonal intensification of certain types of activities that are traditionally carried out in Russia by citizens of the former USSR - primarily construction and work in the housing and communal services sector. In addition, Mr. Svyatny notes, foreign workers can send money home only in foreign currency. Moreover, bank transfers without opening an account are much more expensive than transfers from open accounts. This explains the fact that, according to the Central Bank, non-residents preferred purchasing cash currency at exchange offices (an increase of 23%) to withdrawing it from foreign currency accounts (an increase of 42%).

However, according to experts, the data published by the Central Bank does not accurately reflect the situation on the cash currency market. “Central Bank data reflect only those transactions that go through bank cash desks,” Anton Struchenevsky, economist at Troika Dialog Investment Company, told RBC Daily. “But if currency is really only imported by banks, then it is exported in different ways, including by tourists and shuttles.” And these currency movements are taken into account only when calculating the balance of payments. Meanwhile, Mr. Struchenevsky notes, there have been no significant changes in the balance of payments recently. And as a result, despite the growth in net demand, the volume of cash currency in the hands of the population remains virtually unchanged. “According to the same Central Bank, over the past ten years, about $100 billion in cash has been imported into the country,” says the Troika Dialog economist. “Part of it was exported, and today about 35 billion have settled in Russia.” Moreover, he notes, the volume of imported currency increased only until 1998. After the crisis, this figure stabilized; the volume of cash currency in Russia fluctuated by no more than half a billion dollars a year.

What causes the calmer attitude of Russians towards cash currency? According to Konstantin Svyatny, the current situation in Russia is twofold: in Moscow more currency is sold than bought, and in other regions the demand for dollars and especially euros remains. “The demand for currency in the regions is caused by the growing welfare of the population in the provinces, and they are not yet so good at managing their savings,” Alexey Moiseev, an economist at Renaissance Capital Investment Company, told RBC Daily. - In Moscow, people are more “advanced” financially. In the capital, they monitor exchange rates more closely and understand that keeping money in cash dollars is pointless.” The “throwing” between the cash dollar and the cash euro, according to Mr. Moiseev, will also not bring anything good to citizens. The probability of losing or winning on exchange rate differences between the dollar and the euro is 50/50, he believes. “The factors leading to the strengthening of the euro and the strengthening of the dollar are approximately equal,” says an economist at Renaissance Capital Investment Company. The US currency fell after investors left dollar assets. But as soon as they consider the situation favorable, they will again invest in American stocks, and then the euro will fall again against the dollar. In addition, Alexey Moiseev notes, if the United States has an imbalance in the macroeconomy, then there are major structural problems in the eurozone economy.

Adding to the uncertainty in international markets is the strengthening of the ruble, both in real and nominal terms. As a result, savings in dollars and euros are increasingly devalued against the Russian currency. “It is not profitable for Russians to keep money in foreign currency,” says Konstantin Svyatny. “But the inertia of thinking is still very strong, and until investors begin to suffer significant losses, the situation will not change.” However, many Russians already realize the unprofitability of keeping their savings in cash and are leaving the foreign exchange market. “As the macroeconomic situation becomes more stable, inflation will decline and the volume of currency in the country will decline,” believes Anton Struchenevsky. “An increase in the volume of currency can only happen if there are fears of a sharp devaluation of the ruble or inflation rises sharply - for example, up to 100% per year.” In the meantime, the increase in demand for foreign currency is likely to be only momentary. For example, according to Konstantin Svyatny, based on the results of May-June, one should expect a surge in demand for the euro, since it will be the holiday season and Russians will pay for trips to Europe. Meanwhile, the supply of dollars from residents is likely to increase, since the trend towards strengthening of the ruble has only intensified since April.

The question remains: in what assets is it best for Russians to store their savings? Alexey Moiseev notes that if a person really wants to keep money in dollars or euros, then he should at least open a foreign currency account in a bank. “The disadvantages of keeping cash are not only the threat of physical loss, but also the strengthening of the ruble,” he says. - And interest is charged to the account. Although now no financial investments in foreign currency cover the losses from the strengthening of the ruble in real and now in nominal terms.” Therefore, according to Konstantin Svyatny, it is now most profitable to hold funds in ruble instruments. “Which ones exactly depends on the investor’s appetite for risk,” says Mr. Svyatny. “It could be individual or collective investments, bonds, whatever.” Ultimately, believes Alexey Moiseev from Renaissance Capital Investment Company, many Russians don’t have to rack their brains at all in search of profitable financial instruments. It is better for them to choose non-monetary assets: for example, buy a house, a car. Moreover, if this purchase is really needed, says Mr. Moiseev, then it is better to make it now, while the ruble remains strong.

Conclusion

In the context of deepening integration of the economies of industrialized countries, the monetary system plays an increasingly important and independent role in world economic relations. It has a direct impact on the factors that determine the economic situation of the country: growth rates, production, prices, wages, growth rates of international exchange, etc.

There are national, global and regional (interstate) currency systems.

The basis of the world and regional monetary system is the international division of labor, commodity production and foreign trade. International monetary relations are the most important component of the foreign exchange economy, through which payment and settlement transactions are carried out in the global economy. The set of forms of organization of currency relations constitutes the international monetary system. The basis of the international system is national currencies. This also includes national and collective reserve currency units, international foreign exchange assets, currency parities and rates, conditions for the mutual convertibility of currencies, international settlements and foreign exchange restrictions, the foreign exchange market and world gold markets, etc.

National currency systems represent a set of economic relations through which international payment turnover is carried out, foreign exchange resources necessary for the process of social reproduction are formed and used.

The world monetary system includes international, credit and financial and a complex of international treaty and state legal norms that ensure the functioning of foreign exchange instruments.

Economic development and the foreign economic strategy of industrialized countries largely depend on the effectiveness of the currency mechanism, the degree of intervention of the state and international monetary and financial organizations in the activities of foreign exchange, money and gold markets.

Currency is a kind of “mirror” that reflects the efficiency of the national economy. The more successfully the macroeconomic policy is implemented and the national economy functions, the stronger the national currency.

The national currency is a derivative of the development of the national economy. The national currency exchange rate is the most sensitive element of the monetary system. Economic, political, psychological factors have a direct impact on it. Therefore, a full-fledged currency is evidence of the effectiveness of the development of the national economy and the high trust that participants in currency relations have.

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Slide 2

In a broad sense, currency is any product capable of performing the monetary function of exchange in the international arena. In a narrow sense, Currency is the cash part of the money supply circulating from hand to hand in the form of banknotes and coins.

Slide 3

International monetary relations (IMR) are a set of monetary relations between countries, methods of their organization and regulation.

Elements of MBO: National currency systems 2. Regional and world currency systems (formed in the middle of the 19th century)

Slide 4

The national monetary system (NMS) is a part of the country’s monetary system that goes beyond national borders, is closely connected with the financial and credit system and ensures international turnover

Elements of the national currency: -national currency unit; -official gold and foreign exchange reserves; -exchange rate and the mechanism for its regulation; -conditions for the convertibility of the national currency; -currency restrictions; -regime and methods of using foreign exchange instruments in international payments; -national institutions regulating foreign exchange relations; - operating conditions of the national gold and foreign exchange market.

Slide 5

The world monetary system (WMS) is a form of organization of international monetary relations, legally secured by interstate agreements.

Elements of the IPU: national and collective currency units; international liquid assets; mechanism for establishing currency parities and rates; currency exchange mode; forms of international payments; international currency and gold markets; interstate monetary and credit organizations and legal norms regulating currency relations.

Slide 6

Stages of development of the international monetary system

Paris currency system (gold standard). Officially recognized in 1867. Genoese currency system (gold bullion standard) since 1922. Bretton Woods currency system (motto standard) since 1944. Jamaican currency system (multi-currency standard) since 1976.

Slide 7

The exchange rate is the relationship between two currencies, the price of a unit of currency expressed in another currency.

Classification of exchange rates: - nominal and real; controlled and free; overestimated and underestimated; buyer and seller; changeable and stable; urgent and cash.

Slide 8

Factors influencing the formation of the exchange rate

Inflation rate; Money supply; Interest rate; Government policy regarding private deposits; Foreign trade policy; Competitiveness of the country's goods on world markets; State of the balance of payments; The degree of openness of the economy; Market factors.

Slide 9

The foreign exchange market is the sphere of economic relations that arise when performing transactions for the purchase and sale of foreign currency.

Types of foreign exchange markets: By volume of currency trading National (local) Regional World 2. By timing of transactions: Spot markets Forward markets By type of transactions: Options markets Futures markets Swaps markets

Slide 10

Types of foreign exchange transactions

Current: Purchase and sale of currency values, goods, services, etc.; settlements for which are carried out without deferment of payment. Transfers of interest, dividends, salaries, scholarships, etc. Obtaining and providing commercial loans for a period of no more than 180 days.

Slide 11

Capital: Purchase and sale of securities. Providing commercial and financial loans for a period of more than 180 days. Attracting and placing foreign currency funds in accounts and deposits. All other transactions with currency that are not current. Specific transactions: Arbitration. Outright. Option. Futures.

Slide 12

Monetary policy is a set of measures in the field of international economic relations

Types of foreign exchange policy: Current - operational regulation of the foreign exchange sector through foreign exchange restrictions, interventions, subsidies and diversification of foreign exchange reserves. Elements of the current foreign exchange policy: Discount policy Debt policy Policy in the field of currency restrictions on the circulation of foreign currency.

Slide 13

2. Long-term monetary policy – involves measures of a structural nature aimed at consistent changes in the foreign exchange mechanism. Elements of long-term monetary policy: The procedure for international payments. Exchange rate and parity regime. Use of gold, reserve currencies, international means of payment. Activities of international and regional monetary, credit and banking organizations.

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