Meaning of currency operations and their types

Meaning of currency operations and order in relation to the currency of legal entities and individuals. Currency regulation and currency control. Term (forward) operations in foreign currencies. Foreign exchange transactions. The transaction "swap".
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Course work

Subject:

«Banking»

Theme:

«Meaning of currency operations and their types»

Introduction

At the turn of the 80-90s Republic of Kazakhstan has taken the path of transition to a market economy. An important area of these transformations are the international monetary and financial relations of the country, since embarked on integration into the global economy. The process of forming a modern market model, monetary and financial relations Republic of Kazakhstan bears the stamp features the difficult transition from a planned economy based on state ownership to a market economy based on different forms of ownership. Formation of exchange rate mechanism, adequate basic principles of market economy, contributed to the country's accession to the IMF, World Bank Group, EBRD, BIS and other international financial institutions. Cooperation with them ensures that the mechanism formed by world standards prevailing in the country with an effective market economy. Currency legislation is becoming more open. As a result, foreign trade liberalization leads to an increase in trade with foreign countries and accountants increasingly have to deal with foreign exchange transactions. In such a situation, of course, very important to have good accounting and tax accounting.

Companies and organizations having business relations with suppliers, customers and their employees, as well as with the state (budget and extrabudgetary funds) must have with them the estimated relationship. Most transactions between organizations of all kinds are carried out by non-cash form, eg by opening bank accounts. Bank account primarily involves the safe storage of the enterprise. But banks will not only keep the funds of the enterprises, but also produce a wide variety of settlement and payment transactions on behalf of businesses and government agencies. It is the banks, thus, are intermediaries in the payment transactions.

In this term paper the characteristic of accounting currency transactions and its features. Let's start with the concept of foreign currency transactions and order in relation to the currency of businesses and individuals. In the presentation of the material has been given attention in order of opening foreign currency accounts, as well as its closure and the operation of cash and cashless currency. We consider the movement of foreign currency account in the accounting and purchasing, the implementation of currency on the domestic and the foreign exchange market. Particular attention is paid to the integration of exchange differences and currency regulation and control.

This course consists of an introduction, three chapters: the concept of currency transactions and currency order with natural and legal persons, accounting of transactions with cash, noncash accounting features of currency transactions; conclusion, a list of references and applications:

passport deal

an application for transfer

purchase order

information on currency transactions

certificate on supporting documents

Each chapter consists of several items. The first chapter: «The concept of currency transactions and currency order with natural and legal persons» consists of items:

currency regulation and currency control

exchange control authorities

Principles of currency regulation

Loans: foreign exchange controls

The transactions carried out between residents

How to open a foreign currency account in the Republic of Kazakhstan

How to close foreign exchange accounts in the Republic of Kazakhstan

The second chapter, «Accounting for operations with cash,» consists of items:

Evaluation of assets and liabilities in foreign currency organization

account of exchange differences

Features accounting of cash transactions in foreign currency transactions and foreign currency account

And finally, the third chapter, «Accounting Features non-cash transactions,» consists of items:

Features accounting operations at the foreign exchange account

Accounting transactions on purchase and sale of foreign currencies through authorized banks

Accounting exports

Accounting import operations.

The main tasks of accounting and cash in foreign currency are accurate, complete and timely accounting of the funds and operations of the movement, control over the availability of funds and monetary instruments, their safety and the proper use, monitoring of compliance with the cash and cash-payment discipline; identifying opportunities for more efficient use of funds.

1. Meaning of currency operations and order in relation to the currency of legal entities and individuals

1.1 The concept of currency

Currency (English currency) - the country's monetary unit used to measure the value of goods.

The concept of currency is used in three senses:

A currency of a country that is used in foreign economic relations and international transactions with other countries (national currency).

2 Banknotes foreign countries (foreign currency), as well as credit and payment instruments denominated in foreign currency units and are used in international payments.

3 International (Regional) monetary unit of account and means of payment (SDRs, ECUs, formerly the transferable ruble in Comecon, Arabic accounting dollar, Andean pesos, etc.).

Federal Law «On Currency Regulation and Currency Control» dated October 9, 1992 defines the term «currency of the Russian Federation»

a) in circulation, as well as withdrawn or being withdrawn from circulation, but can be exchanged rubles in the form of banknotes and coins Central Bank;

b) funds in rubles in bank accounts and other credit institutions in Russia;

c) funds in rubles in bank accounts and other credit institutions outside the Russian Federation on the basis of an agreement concluded between the Government and the Central Bank with the relevant foreign authorities on the use of the national territory of the Russian Federation in foreign currency as legal tender.

The activities of the foreign exchange market is based primarily on currency transactions related to changes in ownership and other rights in currency values, using as a means of payment in foreign currency and payment documents in foreign currency, import and shipment to Russia, as well as the removal and shipment of the Russian Federation currency values, the implementation of international transfers.

In the aforementioned Act, under «foreign exchange» means:

a) bank notes in the form of bank notes, treasury notes and coins in circulation and are legal tender in the foreign country or group of states, as well as withdrawn or being withdrawn from circulation, but can be exchanged banknotes;

b) Funds in the accounts in the currency of foreign countries and international monetary or settlement units.

1 According to the principle of identity.

Currency can be subdivided into different types on the basis of membership:

A national currency

2 foreign currency

Three international (regional) currency

CRA 4

ECU 5

6 Arabic dinar, Andean pesos, the transferable ruble

7 reserve currency

Reserve (the key) currency (English reserve currency) - foreign currency in which the central banks of other countries to accumulate and store reserves for International Settlements on foreign trade transactions and foreign investment.

Initially, the role of reserve currency appeared Pound, who played a dominant role in international payments. Decisions of the conference at Bretton Woods (USA, 1944) along with the pound sterling as an international payment and became the reserve currency the U.S. dollar, which has occupied a dominant position soon in international payments. To reserve currency are also brand in Germany, the Swiss franc, Japanese yen. Nevertheless, the share of U.S. dollar accounts for the overwhelming majority of foreign exchange reserves.

Reserve currency convertibility means the relevant national currency, adequate stability of its exchange rate that favors the legal regime of the currency in other countries and in international exchanges. Country whose currency is used as a reserve, receive certain benefits upon receipt of external loans, imports of goods have preferred conditions for carrying out foreign expansion.

A most important part of the state foreign exchange reserves are central gold reserves and foreign currency, internationa...