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International markets and foreign exchange operations - Savluk M.І.

PART OF A FRIEND. CURRENCY OPERATIONS OF COMMERCIAL BANKS

Rozdil 8. ZAGALNYE FUNDAMENTALS OF DIALITY OF COMMERCIAL BANKS ON CURRENCY MARKETS

Pislya vivchenny tsy rozdіlu v you can:

  • Become familiar with the structure of the currency market in Ukraine and its first form;
  • explain the need for regulation of the currency market;
  • acquisitions of the main types of foreign exchange transactions;
  • Be aware of information security operations on foreign exchange markets;

8.1. Sutnist, structure and regulation of the currency market of Ukraine

The main sub'єkty currency market є commercial banks. Banks іdcryvіyut and іmurimyut currency currencies іnshі participants in the market through a method of necessary conversion and deposit-credit operations in currencies. Banks accumulate (through operations with customers) buy the necessary money from foreign currency conversions, get money and buy money through financial instruments with available banks. In addition to the satisfaction of applications of their clients, banks conduct foreign exchange operations independently for a round of luggage. At zvyazku zim currency rinok, look forward to looking at yak rinok mіzhbankіvskih land, head smіssets on yakomu vіdvodіv commercial banks.

The activity of commercial banks in foreign exchange markets is regulated by internal legislation, as a rule of law and bank regulations, as well as their rules of conduct. Zrozumіlo, now in the countries with a transition economy, de rinkoviny vidnosini to stop at the stage of rozbudovi (before such to be regulated in Ukraine), the legislation is hidden on the basis of peremezhneny dyalostnosti banks in respect of foreign currency. The forms of currency policy and the system of currency regulation fall into leather form their own structure of the currency market.

The development of foreign exchange market in Ukraine after taking care of the unwillingness of the independence of the state. The warehouse of economic reforms, which were straightforward to the transition to the market economy, became the impetus of the lush currency market. For its functional dyalnistyu currency rinok in Ukraine not vidrіznyaє vid of the last international and national currency rinkіv. The main one is a meta-pole in the balance of supply and proposition on foreign currency and in the servicing of the balance of payments of the state.

On the cob of the Ukrainian currency market, the second specificity was due to the fact that, in terms of representations, it was overwhelmingly the currency exchange, the function was the same as the structural bank of the National Bank of Ukraine. However, it is with the furthest development of the whole market and the wide range of operational operations of the consumer wines from the self-governing structure, through which the monetary policy of the state was established. Zvyazku Zim 8 Lipna 1993 p. “Postanova” Regulation of NBU No. 50 “On the Ukrainian Interbank Currency Exchange” was announced; the formation of the foreign exchange currency market in Ukraine was marked on the bulletin board.

With the help of a decree on the currency market of Ukraine, there could be two such sub-accounts:

  • UMVB, in order to organize the work of the robot, the operation is carried out by upgraded banks for the purchase and sale of foreign currency;
  • National Bank of Ukraine, which will establish the procedure for conducting operations with foreign currency in the territory of Ukraine and live in coming to a stable national currency;
  • commercial banks and foreign financial-credit establishments, establish a license of the NBU (upgraded banks), as well as open operations for the purchase and sale of foreign currencies on foreign exchange for your own customers.

The UMVB Bula is founded by 40 commercial banks, so close the partnership. Such a status has won a function before the birch season of 1999 p.

Ukrainian Mіzhbankіvsk Currency Exchange - the most important segment of the currency market of the country after an hour. Дї dіyalnist developed at once with the development of the foreign exchange market, and all sorts in the foreign exchange power, and they won the stretch of the remaining rock, so that they were stuck with the UMVB.

Z 5 leaf fall 1993 p. I’ve got a notice of a fixed exchange rate at the UICE for boulevard bidding for currency and hourly trading Tender committee conducted sales of currency for the official rate of fall-out of perch consumer goods. However, the policy of a fixed exchange rate at that hour was ineffective and called up only to the currency problems of the state, and also to a significant increase in capital for the cordon. So, for the expert estimates in half an hour to raise the fixed exchange rate from Ukraine, 2.5-3.5 billion dollars were delivered.

Skasuvannya harshly fixed course and transition to the policy of the regulated course was given the opportunity to frequently update the UICE operation. Z 11 birch, 1994 p. it seemed that auctions were held for the sale of the American dollar, while those who sold were sold out for the sale of the Nimetsky brand and the Russian ruble. Auctions were held until the end of the year 1994 p.

However, the auction form of the bidding process was ineffective and did not show at that hour to the minds of currency regulation. Tom zhovtyna 1994 p. The UICE has renewed its activity in the regime, which has been cleared until the close of bidding.

Please take advantage of buying and selling foreign currency in unfinished form on the domestic market of Ukraine. Only tilka on the stock market settled on the spot. Along with the development of the banking system, the currency exchange trading (weed 1995) has one more segment of the foreign exchange market - the intermediate market, it seems that it seems to be better to go ahead of time with more banks. From the appearance of the entire segment, the market can be respected, the structure of the Ukrainian currency market has been fully formed.

At that hour, the currency market of Ukraine developed from three great segments:

  • birzhovogo market;
  • overseas abo mіzhbankіvskogo market;
  • market for sale of goods.

The segments of the market - birzhovy, overturned and ready-made - vzamopov'yazanі, want and leather for them vikonuє its specific role. So, the market rinse is strictly formalized and firmly established by the rules: the main parameters are required to be provided by official statistics, therefore, information is available and available. On an over-the-counter market, a participant’s behavior is required to become familiar with each other, remember the commercial value, and the fact that the entire segment of the foreign exchange market is worthless can be judged less by expert estimates. The market is sale of ready-made services, ready-made sales, and sub-accounts of all markets, physical and legal entities, such as buying currency in exchange points without any interruptions.

Until the birch 1999 p. pitoma vaga segments in the foreign exchange market of the bullion such as this: on the foreign currency market accounted for 10% of the foreign exchange transactions, on the national bank - 68%, the market for sale - 22%, to the left part of the currency was sold on the middle bank. All the legal process, through which passed all the lands. As a result of the European currency market, like a rock and roll trading, the currency trading system for the Ukrainian market came closer to the practice of trading the foreign currency market, as well as the magnificent oversight of the operating market.

The year-old structure of the foreign exchange market has recognized significant returns. In Ukraine, there are two segments of the foreign exchange market - the interbank market and the market for sale. Robot UICE із із березня 1999 р. thimbledly pinned. This is due to the system of empowerment of the sovereign regulation of the foreign exchange market and the fence of speculative operations banks.

With practice, we need a greater segment of the market in power with an unstable course, and we have more than two changes of mind for currency speculation. Parallel to the robot trading and the banking market in 1997-1998 pp. that to finish the liberal monetary policy half an hour of currency crisis brought to great exchange rate failures. At the UICE, banks bought the currency into the National Bank, and then they sold the foreign currency to the Interbank Market at the lowest rate, which resulted in permanent currency devaluation. Ale at that hour, the NBU Mav will reach the quantity of foreign exchange reserves - on the cob of 1998 p. the stinks were worth $ 2.7 billion. - I gave you help to stabilize the situation on the market.

Pislya financial crisis (sickle 1998 p.) The situation has clearly changed. “Vtecha” to the capital from the financial market of Ukraine and the loss of reserves to the NBU caused the hourly need to pin the robots of the bank and the bank low cost at operations with the purchase and sale of currency. Operations with currency were issued on currency exchanges. However, the International Monetary Fund, which is the main lender of Ukraine, respecting the exchange rate for the exchange market is not им marketable.

At the end of the day, the NBU looked at practically the entire system of currency regulation of the market. Suttєvikh zmіn recognized the structure of the market and politics of the hryvnia. Recovering from 2000 p. The National Bank of Ukraine voted on the policy of the floating rate, on the basis of which the structure of the foreign exchange market and the system of healthy foreign exchange operations is formed.

The lack of reserves and the need for stable national loans have encouraged the NBU to go to the hard currency purchase and purchase currency by the commercial banks and foreign banks. For example, 1999 r. The NBU has forwarded the new rules for a healthy transaction to the Ukrainian foreign exchange market of Ukraine, by which, after all, it’s more than the same that has robbed the commercial banking robot for the entire market.

With the new rules of trading in foreign currency, banks can conduct transactions with the purchase and sale of foreign currency of the first group of the “Classifier of foreign currencies of the National Bank of Ukraine” by the expiration of the trading month, the most sales on currency.

For an hour, banks have been tapping into such a system of currency trading. Levova often traded in foreign currency to get contagious at the hands of 10-15 of the most attractive banks, and there were enough yanky financial funds. A part of the operations is concentrated in these banks; they are engaged in servicing of the most important foreign currency and foreign currency transactions, and there are two more banks with which are serviced and non-resident in Ukraine.

The effectiveness of the currency market of bagato is effective in which to lay down the system of regulation. Svitova practice funktsiononuvannya rinkіv know two methods of currency regulation - rinkovy and sovereign. You should try one and the same one, but the same way between them is possible in a specific way in a specific economic situation.

Rinkove regulation of the foreign exchange market on the basis of the law of wisdom and the law of consumption and proposition and stagnation in the minds of economic stability. At the same time, there are sovereign and sovereign regulation, fragments of foreign currency business should be siphoned off on an internal economic development.

In the minds of crisis situations, the power of the currency is preferred (regulation of the power of the behavior of the sub-currency market), while the market has a different role. Problems in the financial sector of Ukraine (great opportunities and internal exchanges, the availability of foreign exchange reserves and investments) led to the strengthening of the sovereign regulation of the currency market and the practicality of the daily market regulation.

Currency regulation in Ukraine is based on the Decree of the Cabinet of Ministers “On the system of currency regulation and currency control”, having received official order from a lutu 1993 p. і діє й ніні. The law on the regulation of the foreign exchange market (camp on Kinets 2000 p.) Is not approved yet, although the draft project has been submitted to Verkhovna Radi and win check.

The decree establishes the regime for the implementation of foreign exchange operations in the territory of Ukraine, the principle of foreign currency regulation, the reign of the supreme authorities and the functional banks and the establishment of credit and financial regulations for foreign currency operations, the right to vіdpovіdalnіst for the collapse of the currency legislation.

From the Decree of the Sub-Currency Currency Exchange Act, resident and non-resident. Prior to resident to submit physical and legal individuals, as well as may be postponed to the territory of Ukraine, in addition, there are a few of them who need to spend more time for the cordon. Non-residents enter into legal entities and legal entities, so as not to have Ukrainian populace and post-congregation outside the cordon. Prior to resident and non-resident, it is also necessary to establish diplomatic, consular, trade and official representative offices of the country.

Residents and non-residents may have the right to be volsniks of currency values, but they will be transferred to the territories of Ukraine. To reside, they may have the right to be the owners of the same currency values, especially for the borders of Ukraine, except for the laws transferred by the legislative acts of Ukraine.

Residents and non-residents may have the right to enter into foreign currency transactions with the law, established by this Decree, by the sovereign acts of the currency legislation of Ukraine.

Above all, currency policy, the President of Ukraine and the Verkhovna Rada can take legislative action in the field of foreign exchange policy, ensure that they are more secure, and have more control over the whole of the country.

The main vicarious institution of the currency regulation є National Bank of Ukraine, which:

  • Hello currency policy on a daily basis from the principles of foreign economic policy of Ukraine;
  • warehouse at once with the Cabinet of Ministers of Ukraine payable balance of power;
  • the control of the completion of the hardened by the Verkhovna Rada of Ukraine limit of the sovereign sovereign borg of Ukraine;
  • Visa cards at the time of the required limitation of foreign exchange in foreign currencies at the authorized banks to non-residents;
  • typesє between the limits transmitted by the Decree, the terms and conditions for completing normative and legal operations on the currency market of Ukraine;
  • nagromadzhuє, zberіgaє and vikoristovє reserves of currency values ​​for the development of the sovereign currency policy;
  • a type of license for a foreign exchange transaction and an acceptance of a currency about a pass;
  • I will establish ways to visually and viscally exchange (exchange) currencies in foreign currencies, supra-currency in Ukraine, exchange rates in foreign currencies, supra-currency in foreign currencies, but in rozrahunkovyh (clearing) units;
  • I’m going to publish publicly available bank notes about water-related operations and the operations of up-to-date banks.

Specific Vikonavtsami currency regulation є commercial banks. It’s stinky to conduct foreign exchange operations one time before the license, to clear the NBU as well as to control the additional features of the currency legislation and the information about the settlement of foreign exchange lands.

Control over the right of bankruptcy in the bank of health of the National Bank of Ukraine. Win in accordance with the rules of the regulation of foreign exchange operations in the territory of Ukraine with the provision of food, not decreed by the competence of the most powerful authorities, as well as by ensuring that the Ukrainian banks are kept in good control of the currency.

Crimea NBU, within its competence, by currency control authorities органами:

  • Derzhavna Podatkova Inspection of Ukraine, as well as financial control over foreign exchange operations, which can be lost by residents and non-residents in the territory of Ukraine;
  • Ministry of Foreign Affairs to control monitoring of the rules of postal ordering and re-settlement of currency values ​​through the mitniy cordon of Ukraine;
  • The sovereign mitny committee of Ukraine is in control of the rules of the movement of currency values ​​through the mitnia cordon of Ukraine.

Currency regulation buvaє direct and indirect. Directly currency regulation in the correct behavior of the sub-sector through the closure of obsolete legislative acts and the transfer of authority to the authorities. Indirectly foreign currency regulation of the country’s economy, the currency of foreign currency, methods of spending on the behavior of economic agents in the market.

Christmas season in Ukraine, direct and indirect currency regulation. The order is governed by the rules of the bank of the foreign exchange market, so that you can directly transfer money to the bank from the side of the NBU, and you will have to use the tools of a penny-credit policy. For the additional regional rate of the National Bank and the normative reserve of the money of commercial banks, the National Bank of Ukraine regulates the debts of the small money for the market, so that there is no interruption in the flow of money and the position of the currency.

Currency regulation є in the way of realizing foreign exchange policy, as a rule, it’s more convenient to go in the sphere of foreign currency transactions in one way to the strategic goals of the state. In Ukraine, the currency policy is aimed at securing the steel economy, streamline the inflation rate, and balance the balance of payments.