Banks have the right to carry out the following currency exchange transactions with the participation of individuals:

purchase, sale, conversion of foreign currency;

purchase and sale of payment documents in foreign currency (travelers' checks denominated in foreign currency, as well as Tax-Free checks) for both Belarusian rubles and foreign currency;

exchange of cash foreign currency;

exchange of cash foreign currency;

collection of cash foreign currency and payment documents in foreign currency.

Banks can carry out foreign exchange transactions with all foreign currencies, the official exchange rate of the Belarusian ruble to which is established by the National Bank of the Republic of Belarus. At the same time, the bank independently determines the range of foreign currencies for carrying out foreign exchange transactions. Banks carry out the above operations with the participation of individuals at bank cash desks or at exchange offices. An exchange office is an isolated booth, specially equipped in accordance with technical requirements, located outside the cash desk and intended for conducting currency exchange and other banking operations. Banks also have the right to open exchange offices based on armored and specially equipped vehicles.

The bank's exchange office is opened on the basis of an order for its opening. The order must contain the following information: the number of the exchange office, its address (for exchange offices based on armored vehicles, possible parking locations are indicated), the operating hours of the exchange office, bank employees who are entrusted with management and control over the activities of the exchange office, a list of foreign exchange -exchange transactions performed by this exchange office. If this information changes, the bank issues an order to amend the original order, and if the number of the exchange office changes, the bank issues an order to close it and open a new exchange office. In this case, banks within three days inform the Main Directorate of the National Bank for the region at the location of the exchange office about its opening or closing. Each exchange office is assigned an individual number, which cannot be reused by the bank to create another exchange office of this bank.

One exchange office may have several cashier workplaces, which must be isolated from each other and keep separate records of the currency exchange transactions they carry out. Storing the cashier's personal funds at the exchange office is prohibited, except for their location in an isolated, locked room.

The bank's exchange office must be equipped with a stand on which the following information is placed: name of the bank; exchange office number; list of currency exchange and other banking operations performed; established exchange rates for purchase, sale, conversion of foreign currency and payment documents in foreign currency (established and communicated to the exchange office on the basis of an order or instruction from the bank); the amount of commission charged by the bank for services; operating hours of the exchange office indicating technical and other interruptions; information about nearby (at least three) exchange offices; telephone number of the bank and the Main Directorate of the National Bank in the region at the location of the exchange office for suggestions and comments on the work of the exchange office. The stand must be placed in a place accessible for viewing by individuals. At the same time, the bank is allowed to indicate information about exchange rates on a special electronic display.

Since a large number of transactions with cash foreign currency are carried out at the exchange office, the exchange office must be equipped with technical means to determine the authenticity of foreign currency, allowing for at least five types of control: magnetic, in the ultraviolet range of the spectrum, at tenfold magnification using a magnifying glass, and transmitted and reflected light flux. Also at the exchange office there are reference materials (catalogues) on determining the authenticity, payability of cash foreign currency and payment documents in foreign currency, both on paper and in electronic form.

An exchange office employee must have:

An extract (copy) from the bank’s order on his appointment to the position of cashier, certified by the signature of the head and the seal of the bank;

A copy of the bank’s order to open an exchange office, certified by the signature of the manager and the seal of the bank;

A copy of the bank’s internal regulatory document on the procedure for establishing and updating exchange rates;

Passport or bank employee ID.

The presence of unauthorized persons in the premises of the exchange office is prohibited, except for persons authorized by the bank, employees of the collection department, as well as persons authorized in accordance with the legislation of the Republic of Belarus to carry out inspections.

Currency exchange transactions at the exchange office are carried out throughout the working day, with the exception of the time of inspections and audits. The cashier of the exchange office does not have the right to refuse to sell to an individual cash foreign currency that was received for sale as an advance or reinforcement or purchased during the working day. At the same time, the cashier of the exchange office has the right not to sell to an individual foreign currency that was received by the cashier at the beginning or during the working day and is intended for issuing cash currency from plastic cards, issuing currency to individuals from their accounts, issuing to legal entities for business trips and other expenses permitted by law to ensure the possibility of issuing change, changing, exchanging, converting foreign currency.

Currency exchange transactions carried out at exchange offices must be properly recorded using cash registers or computer systems and end with the mandatory issuance of a cash register or computer system check to the individual confirming the fact of the operation. The check must contain the following information: the date of the transaction; name of the bank or branch that opened the exchange office; type of structural unit (exchange office, cash desk); exchange office number; name or code of foreign currency (payment documents in foreign currency); amount of foreign currency (payment documents); the amount of Belarusian rubles (foreign currency) to be issued or transferred; the amount of remuneration for the bank’s services (except for cases when foreign exchange transactions are carried out on the basis of an established exchange rate).

When purchasing cash foreign currency (payment documents in foreign currency), the cashier of the exchange office enters information into the register of purchased foreign currency (payment documents). This register contains information about the time of the transaction, the name of the foreign currency (code), the amount of foreign currency, and the amount to be issued. When carrying out the transaction of purchasing cash foreign currency (payment documents) for cash Belarusian rubles, the cashier of the exchange office accepts cash foreign currency, records the transaction using a cash register or computer system and issues cash Belarusian rubles to the individual along with a check. If a currency purchase transaction occurs for non-cash Belarusian rubles, the cashier of the exchange office accepts cash foreign currency, fills out the register of the purchased currency, draws up a payment order in accordance with the requirements, records the transaction electronically and, together with the check, issues to the individual a copy of the payment order accepted for execution .

When selling cash foreign currency (payment documents in foreign currency), the cashier of the exchange office accepts Belarusian rubles, fills out the register of the sold foreign currency, records the transaction electronically and issues cash foreign currency or payment documents to the individual along with a check.

In a similar way, the bank carries out conversion, exchange and exchange operations of foreign currency. When converting cash foreign currency into cash foreign currency, the cashier of the exchange office enters information into the foreign currency conversion register, records the transaction electronically and issues cash foreign currency of a different type to the individual along with a check. Operations of exchange and exchange of foreign currency are recorded in the register of exchange, exchange of cash foreign currency and at the last stage of the operation, the cashier of the exchange office issues to the individual, along with a check, cash foreign currency of the same type of the same denomination (for exchange) or a different denomination (for currency exchange ).

The above registers of purchased, sold cash foreign currency, its exchange and exchange can be maintained at the exchange office both in written and electronic form using software and hardware, as well as in the form of an electronic document. Information from these registers, certified by the signature of the cashier of the exchange office, is the basis for recording currency exchange transactions in the bank’s accounting records.

The Bank of Russia establishes the procedure for opening and organizing the work of exchange offices on the territory of the Russian Federation, the procedure for authorized banks to carry out foreign exchange transactions with individuals (residents and non-residents), as well as the procedure for recording foreign exchange transactions by authorized banks. Currency exchange operations form an independent group of operations with cash foreign currency.
Cash foreign currency refers to banknotes in the form of banknotes, treasury notes, coins that are in circulation and are legal tender in the relevant foreign state or group of states, as well as banknotes withdrawn or withdrawn from circulation, but subject to exchange.
Payment documents in foreign currency include traveler's checks, personal checks and letters of credit denominated in foreign currency.
Forms of payment documents are forms of traveler's checks, personal checks and letters of credit.
Cash rubles - those in circulation and being legal tender on the territory of the Russian Federation, as well as those withdrawn or withdrawn from circulation, but subject to exchange, rubles in the form of bank notes (banknotes) and coins of the Central Bank of the Russian Federation.
An exchange office is a place where a bank carries out currency exchange operations in compliance with the established requirements of the Bank of Russia. The following operations are performed at the exchange office:
purchase and sale of cash foreign currency for cash rubles; purchase and sale of payment documents in foreign currency for cash rubles, as well as sale and payment of payment documents in foreign currency for cash foreign currency;
acceptance for sending cash foreign currency and payment documents in foreign currency for collection;
accepting for examination banknotes of foreign states and payment documents in foreign currency, the authenticity of which is in doubt;
issuing cash foreign currency and/or cash rubles on credit and debit cards, as well as accepting cash foreign currency for crediting to the accounts of individuals in banks used for settlements on credit and debit cards;
exchange (conversion) of cash foreign currency of one foreign state for cash foreign currency of another foreign state;
exchange of a payment banknote of a foreign state for payment banknotes of the same foreign state;
replacing a non-payment banknote of a foreign state with a payment banknote(s) of the same foreign state;
purchase of non-payment banknotes of foreign countries for cash rubles.
All of the above operations are called currency exchange operations. The bank can perform all or some foreign exchange transactions from this list of operations.
The operation of accepting banknotes of foreign states, the authenticity of which is in doubt, for examination is mandatory.
It is prohibited to carry out operations not listed above at the exchange office. It is prohibited to open exchange offices on the territory of the Russian Federation by non-residents, unless otherwise established by the Bank of Russia. It is prohibited to open exchange offices on the territory of the Russian Federation by residents who are not banks.
The purchase rate and sale rate of cash foreign currency and payment documents in foreign currency for cash rubles, as well as the cross exchange rate (conversion) of cash foreign currency are established by banks independently.
The purchase rate and sale rate for cash foreign currency and payment documents in foreign currency for cash rubles, as well as the cross exchange rate for cash foreign currency are established by an order for the bank or a separate order of the head of the relevant department of the bank, who, by order of the bank, is given the right to set the specified purchase rates and sales. It is possible to change these rates during the operating day with the obligatory registration of each new purchase rate and selling rate with the appropriate order or instruction. For foreign exchange transactions, the bank may charge a commission in cash rubles or in cash foreign currency.
The commission rate is approved by the head of the bank. Banks can carry out foreign exchange transactions only with cash foreign currency, the exchange rate of which to the ruble is set by the Bank of Russia. At the same time, banks are prohibited: firstly, to carry out transactions only for the purchase or only for the sale of cash foreign currency and payment documents in foreign currency for cash rubles; secondly, when carrying out currency exchange transactions, establish restrictions on the denomination of banknotes of foreign countries, years of issue, on the amount of cash foreign currency purchased or sold by the bank, with the exception of restrictions due to the actual balances in cash rubles and in cash available to the cashier of the exchange office foreign currency, as well as other restrictions; thirdly, establish restrictions on the denomination of bank notes (banknotes) and the denomination of coins of the Central Bank of the Russian Federation, years of issue, and the amount of cash rubles accepted and paid out. Currency exchange transactions are carried out with mandatory registration and issuance to individuals (residents and non-residents) of certificates issued on strict reporting forms. At exchange offices, it is prohibited to purchase or sell cash foreign currency or payment documents in foreign currency, as well as perform other currency exchange transactions on behalf of or on behalf of enterprises, institutions and organizations (residents and non-residents).
Currency exchange transactions are carried out upon presentation by an individual (resident or non-resident) to the cashier of the exchange office of an identity document.
Such documents include:
residence permit in the Russian Federation - for foreign citizens and stateless persons if they permanently reside on the territory of the Russian Federation;
national foreign passport or a document replacing it - for foreign citizens temporarily staying in the Russian Federation. It is allowed to accept from foreign citizens temporarily staying in the Russian Federation a diplomatic or service card issued by the Ministry of Foreign Affairs of the Russian Federation for the purpose of carrying out currency exchange transactions;
internal general passport or a document replacing it, general civil foreign passport - for citizens of the Russian Federation;
military identification card or military ID for military personnel of the Russian Federation. It is allowed to accept from citizens of the states of the former republics of the USSR a passport issued on the USSR passport form as an identification document, unless otherwise established by the Bank of Russia.

More on the topic Question 13. Currency exchange transactions:

1. 1.4. Powers of territorial institutions of the Bank of Russia to control the execution of foreign exchange transactions
2. Foreign exchange loans, back-to-back loans and foreign exchange agreements
3. Questions for testing in the subject “Legal regulation of banking and foreign exchange transactions”
4. Question 14. Exchange offices. Order of organization and work
5. Currency regulation and currency control in the Russian Federation. Currency transactions
6. 6.3. Foreign exchange markets: the impact of changes in supply and demand on the equilibrium exchange rate
7. 1. INTERNATIONAL CURRENCY MARKET. MAIN TYPES OF CURRENCY OPERATIONS.
8. 33. Foreign exchange market. Foreign exchange operations of commercial banks
9. Foreign exchange transactions and CB transactions with precious metals.
10. § 4. Active operations. - Currency and metals fund. - Credit operations.

- Copyright - Advocacy - Administrative law - Administrative process - Antimonopoly and competition law - Arbitration (economic) process - Audit - Banking system - Banking law - Business - Accounting - Property law - State law and administration - Civil law and process - Monetary law circulation, finance and credit - Money - Diplomatic and consular law - Contract law - Housing law - Land law - Electoral law - Investment law - Information law - Enforcement proceedings - History of state and law - History of political and legal doctrines -

Currency transactions (Latin operatio - action) are actions to organize and manage monetary relations that arise during the movement of currency and securities in currency, as well as when performing any transactions using foreign currency.

Currency is a monetary unit used to measure the value of goods. This concept is used in 3 meanings:

1) the monetary unit of a given country (national currency - for us it is the Belarusian ruble);

2) foreign currency - banknotes of foreign states, as well as credit and payment instruments expressed in foreign monetary units and used in international payments;

3) international currency (international collective currency) - a monetary unit of account and a means of payment.

Foreign exchange transactions are based on international trade and, consequently, international capital movements. For example, a German exporter sells goods to a Belarusian buyer. To do this, it is necessary to convert Belarusian rubles into euros for the supplier of the goods.

The foreign exchange market is the world's most significant financial market, in which the currency of one country is traded for another currency. In other words, this is a market for the purchase and sale of foreign currencies and payment documents in foreign currency. The international foreign exchange market is an over-the-counter market; its participants carry out exchange transactions around the world using computer terminals, telephones, the Internet and other means of communication. For example, one of the communication networks for currency transactions is the Belgian non-profit structure S.W.I.F.T. (Society for Worldwide Interbank Financial Telecommunications).

The foreign exchange market performs the following functions:

serves the international circulation of goods, capital, services;

is an instrument of state monetary policy;

protects against currency risks.

The foreign exchange market, in its composition, covers a fairly wide range of participants who enter into transactions for the purchase and sale of foreign currency assets. Foreign exchange market participants can be divided into three main groups:

1) users of the foreign exchange market - those participants who form the bed demand and supply of foreign currency:

importers paying for incoming goods in foreign currency;

exporters who receive currency for exported goods and convert it into a national currency;

portfolio investors who buy and sell foreign stocks and bonds;

currency brokers who buy and sell currencies according to a client’s order;

dealers who carry out speculative transactions with currencies, playing on exchange rate differences;

traders who are market makers in the foreign exchange market;

2) organizers of the foreign exchange market and intermediaries in the movement of foreign currency values ​​- currency exchanges and banks;

3) regulator of the foreign exchange market - the state represented by the National Bank of the Republic of Belarus.

The foreign exchange market can be of two types:

stock exchange;

over-the-counter (interbank).

On the domestic foreign exchange market, currency transactions are carried out through the Belarusian Currency and Stock Exchange OJSC, where a uniform procedure for exchange trading in foreign currencies is established for all participants. Participants in exchange trading can be members of the currency exchange - banks and non-bank financial institutions that have the licensed right of the National Bank of the Republic of Belarus to conduct foreign exchange transactions, as well as the National Bank of the Republic of Belarus itself.

Relations between the currency exchange and banks are based on a contractual basis. Banks can carry out purchase and sale transactions, foreign currency conversion:

on your own behalf and at your own expense;

on its own behalf and at its own expense on behalf of clients.

Transactions on the stock exchange are carried out by banks through their traders.

Trader - an individual who enters into purchase and sale transactions, foreign currency conversion at auctions within the framework of the powers granted to him by the power of attorney of the trading participant by the bank.

The exchange foreign exchange market has a number of advantages: it is the cheapest source of foreign currency; has absolute liquidity, a high degree of organization and control. The peculiarity and one of the main differences between the exchange market and the over-the-counter market is that the exchange market not only ensures the conduct of foreign exchange transactions, but also plays an important role in the formation of exchange rates for foreign currencies.

In the over-the-counter foreign exchange market, transactions for the purchase and sale of foreign currency are concluded directly between banks and clients, bypassing the foreign exchange exchange.

The main advantages of the over-the-counter foreign exchange market include higher settlement speeds than when trading on the foreign exchange exchange; fairly low cost of operations for purchasing currencies. Exchange and over-the-counter interbank foreign exchange markets are interconnected and complement each other. The procedure for the purchase and sale of foreign currency in the Republic of Belarus, including for banks, is established by the National Bank of the Republic of Belarus, while purchase and sale transactions can only be carried out with those foreign currencies for which the official exchange rate of the Belarusian ruble is established. When a bank buys or sells foreign currency on its own behalf and at its own expense, it carries out an ordinary transaction of purchase and sale of financial assets on the basis of purchase and sale agreements. Operations at the expense and on behalf of clients are classified as intermediary operations. The bank's income in this case is a commission for the operation.

In the interbank foreign exchange market, according to the urgency of foreign exchange transactions, three main segments are distinguished:

1) spot market (or trading market with immediate delivery of currency; it accounts for up to 65% of the total currency turnover)

2) forward market (or derivatives market, on which up to 10% of foreign exchange transactions are carried out);

3) swap market (a market that combines transactions for the purchase and sale of currency on spot and forward terms; up to 25% of all foreign exchange transactions are carried out on it).

In relation to foreign exchange restrictions, a distinction is made between free and non-free foreign exchange markets. Foreign exchange markets are considered free, in which there are no restrictions on transactions. Unfree foreign exchange markets are characterized by the effect of foreign exchange restrictions aimed at establishing control over foreign exchange transactions and regulating them by official bodies.

The Belarusian foreign exchange market is not free, it is characterized by currency restrictions leading to a narrowing of opportunities, increased costs, and the emergence of unjustified delays in the implementation of foreign exchange exchanges and payments for foreign economic transactions.

By type of application of exchange rates - with one regime and with two exchange rate regimes. A single-mode foreign exchange market is a market in which transactions are carried out on the basis of floating exchange rates, established on the basis of supply and demand for a particular currency. A dual-mode foreign exchange market involves the simultaneous use of floating and fixed rates of the national currency and is introduced to limit the influence of external factors on the national economic situation.

Conducting foreign exchange and other related transactions in money markets is one of the most complex and extremely specific types of banking activities.

Types of foreign exchange transactions can be classified according to the following criteria:

1. According to deadlines, they are distinguished: A:

B: Cash transactions (overnight) and urgent (providing foreign currency for cash in 1-3 months at the transaction rate).

2. Currency transactions carried out by non-residents and residents:

3. According to the intended purpose, foreign exchange transactions are divided into client and own:

4. Based on the nature of the transactions performed and the procedure for their accounting, the following are distinguished:

Depending on the initiator of the transaction and its reflection in accounting, currency transactions can be divided into 3 groups:

Operations carried out at the initiative of correspondent banks (“external” operations);

Operations carried out at the initiative of the client (“client” operations);

Operations carried out at the initiative of the bank (intra-bank operations).

Thus, banks currently have a wide range of foreign exchange transactions, different in their economic essence. For a long time Over the past two decades, with the development and internationalization of international trade and the liberalization of capital movements, the total volume of international monetary relations has increased many times over. All of the above makes it necessary for banks to offer their clients the most complete range of foreign exchange services.

Below we will consider a description of certain types of foreign exchange transactions.

There are conversion, deposit and loan operations, and international settlement operations. Over more than fifty years of existence, the foreign exchange market has created not only very effective forms and methods of placing and mobilizing financial resources, but also “invented sophisticated financial instruments for risk management and speculative transactions

Conversion transactions are transactions involving the purchase and sale (exchange, conversion) of agreed amounts of currencies of one country to the currency of another country or an international monetary unit at an agreed rate on a certain date.

Conversion operations are usually called “forex” (forex or FX - short for Foreign Exchange Operations). The world market is dominated by interbank conversion operations.

Conversion operations of a commercial bank are divided into client and arbitrage. The first are carried out by the bank on behalf and at the expense of clients (enterprises, households), the second (currency arbitrage) are carried out by the bank at its own expense in order to make a profit due to the difference in rates. Currency arbitrage can be defined as the purchase (sale) of a currency followed by a counter-transaction (reverse transaction) to obtain a cash profit.

Delivery of funds under these transactions can be carried out immediately (no later than the second banking day from the date of conclusion of the transaction) or after a certain period of time (more than two working banking days from the date of conclusion of the transaction). In accordance with the delivery time of funds, spot and urgent conversion operations are distinguished.

As a rule, conversion transactions are carried out with non-cash foreign currency. Transactions involving the purchase and sale of cash foreign currency are called foreign exchange transactions. Transactions involving the purchase and sale of cash foreign currency for non-cash transactions should also include the so-called “banknote transactions” conducted between banks.

Authorized banks can buy or sell foreign currency by concluding purchase and sale transactions with the condition of delivery of funds for these transactions no later than the second business day from the dates of their conclusion. This type of transactions is called spot (cash, cash) currency transactions, and the transactions carried out on them are called spot. Under the name “spot foreign exchange transactions” three types of transactions for the purchase and sale of foreign currency are combined, providing for the supply of funds through them:

on the day of the transaction. Such transactions are called TOD transactions, and the rate fixed in them is called the TOD rate (from the English today - today);

on the next business day after the transaction is concluded. Such transactions are called TOM transactions, and the rate fixed in them is called the TOM rate (from the English tomorrow - tomorrow);

one (that is, the second) business day after the transaction is concluded. Such transactions are called spot transactions (SPOT) or spot transactions, and the rate fixed in them is called the spot or SPOT rate (from the English spot - cash).

The purchase and sale of foreign currency between authorized banks is carried out, as a rule, on the over-the-counter market. At the same time, in order to conclude transactions, banks can look for potential clients themselves (by contacting them using the telephone or the REUTERS system), or use the services of specialized intermediaries, or use organizational systems for trading foreign currency in the over-the-counter market, which are mainly international (for example, Forex Margin Trading).

Exchange trading in foreign currencies is carried out through specialized interbank currency exchanges. In order to participate in trading on a particular currency exchange, an authorized bank must be a member of that exchange.

Banks carry out urgent foreign exchange transactions on the basis of forward transactions, which are transactions for the purchase and sale of foreign currency with the delivery of funds through them after a certain period exceeding two business days from the date of conclusion of such a transaction. These include forward, settled forward, futures, options and swap transactions. In this case, the foreign currency that is the subject of purchase and sale in these transactions is called the underlying asset.

A forward contract is a contract that draws up a forward transaction, according to which one party (seller) undertakes to sell to the other party (buyer) a certain amount of foreign currency at a certain point in the future at a price fixed at the time of conclusion of this transaction. The day on which the transaction will be settled is called the value date. The price fixed in the forward contract is called the delivery price.

Forward transactions are usually concluded on the over-the-counter market. In most cases, forward contracts are entered into to insure against exchange rate risk associated with an unfavorable change in the exchange rate of the underlying currency in the future. In this case, the seller under the contract, who is, as a rule, the owner of the base currency, is insured against its fall, and the buyer, interested in receiving real currency, is insured against its growth. However, a forward contract can also be used for speculative purposes when the goal is to play on changes in exchange rates over time. In this case, it is more appropriate to enter into settlement forward contracts.

Settlement forward contract is a forward contract that formalizes a conversion transaction, which is a combination of two transactions: a foreign exchange forward contract and an obligation to conduct a counter transaction at the current exchange rate on the date of its value. In practical terms, this is a forward contract in which there is no delivery of the base currency. That is, the seller sells, and the buyer buys this currency conditionally.

A futures contract is an exchange contract, according to which one party (the seller) undertakes to sell to the other party (the buyer) a certain amount of foreign currency at a certain point in the future at a price fixed at the time of conclusion of this contract. From the definition it is clear that futures and forward contracts are very similar to each other. However, a futures contract has a number of differences, which are associated with the fact that a futures contract is a forward currency transaction concluded on an exchange.

The first difference is that when concluding a futures contract, it is not necessary to agree on all its terms: the quantity, timing and method of delivery of the base currency are standard and determined by the exchange specifications. Consequently, futures contracts have high liquidity.

The second difference is that under a futures contract there is virtually no risk of non-execution of the transaction by the counterparty, which is so great when concluding any over-the-counter contract, including forward ones. This is achieved thanks to the guarantee of its execution by the exchange.

An option is a contract concluded on the forward foreign exchange market, under which one party (the seller) sells, and the other (the buyer) acquires the right to buy or sell the underlying currency under the terms of the contract. Options are traded on both the exchange and over-the-counter markets.

Based on the rights granted, there are two types of options:

call option - gives the option buyer the right to buy the base currency;

put option - gives the option buyer the right to sell the underlying currency.

Based on their expiration dates, options are divided into two types:

American - can be executed at any time before the expiration of its validity period.

European - can be executed only on the day of its expiration, and not earlier.

Currency swap is an agreement between two or more parties to exchange monetary payments for a certain period of time in the future. A swap can be viewed as a portfolio of forward contracts entered into between the parties to a given agreement.

Cash payments in a currency swap are linked to different currencies. A currency swap consists of exchanging a payment in one currency for a payment in another currency, with the parties able to pay each other interest in the respective currencies.

Deposit foreign exchange transactions are operations to attract funds into deposits (deposits) in foreign currency, as well as funds of non-residents in rubles. Deposits are divided into demand and urgent deposits. Deposit start date, i.e. The date of receipt of funds into the borrower's account is called the value date. Deposit maturity date (maturity date) - the date the bank returns the funds placed on deposit. Foreign currency deposit operations are divided into client - operations with clients (mainly exporters and importers) and interbank - operations with other banks. The goals of deposit operations are to regulate the short-term liquidity of the bank and clients, make a profit, and carry out international payments.

Resident legal entities are simultaneously opened by an authorized bank with two foreign currency accounts: current and transit. The transit account is credited in full with receipts in foreign currency, including those not subject to mandatory sale; to the current account - funds remaining at the disposal of a legal entity after the mandatory sale of export proceeds.

Authorized banks can open current accounts and time deposits in foreign currency for resident individuals (as well as non-residents). Non-resident legal entities can open accounts in foreign currency with authorized banks. In addition, non-residents (both legal entities and individuals) can open ruble accounts in authorized banks. Ruble transactions of non-residents refer to transactions in foreign currency.

Interbank deposits in foreign currency are divided into attracted (deposit taken) and placed (deposit given, deposit lend). The existence of interbank deposits led to the division of deposit operations into passive (to attract funds into deposits) and active (to place temporarily free resources of some banks in others). The most common active deposit operation is the deposit of funds into correspondent accounts, which serve as the main basis for international payments. Interbank deposits with a maturity of more than 1 month are usually used by banks to refinance loans to their clients (primarily exporters and importers); deposits with a maturity of 1 to 30 days are used to obtain speculative profits when conducting interest arbitrage. As a rule, banks carry out two-way quotation of the rate for deposits: the attraction rate (bid) and the placement rate (offer). The difference (margin, or spread) forms the bank's profit. If a bank is more in need of raising than of placing funds, it may quote a higher raising rate, and if it needs funds, a lower placing rate. The classic form of transactions in the market of interbank foreign currency loans or deposits is the conclusion by banks of a loan or deposit agreement. Drawing up a one-time agreement requires a lot of time, so banks that constantly operate in the interbank loan market enter into a general cooperation agreement. Also in the market for interbank foreign currency loans or deposits, the use of correspondent accounts is widespread. International settlements mean a system for regulating payments for international claims and obligations. The forms of international payments are similar to domestic ones, but have their own peculiarities. Firstly, they are usually of a documentary nature, i.e. are carried out against financial and commercial ones; secondly, international payments are unified.

The classic and most common in international payments between Russian enterprises and foreign ones are bank transfer, documentary letter of credit and documentary collection.

A bank transfer is an order from a bank addressed to a correspondent bank in another country to pay, at the request and expense of its transferring client, certain amounts of money to a foreign beneficiary. A letter of credit represents an obligation of a bank (issuing bank), at the direction of the importer, to make a payment to the exporter or to accept a draft (bill of exchange) issued by the latter for the amount of the cost of the goods supplied and services provided against the documents presented by the seller. The documentary collection operation consists in the fact that the exporter gives his bank a collection order, i.e. an order to receive from the importer a certain amount of currency against the transfer to the latter of the documents stipulated in the foreign trade contract. In other words, the exporter, through his bank, sends documents to the importer’s bank for collection (redemption).

The modern world economy is increasingly becoming interconnected and interdependent. Currency is constantly bought and sold, since the national currency is often unacceptable as a form of payment in other countries. Currency trading occurs in foreign exchange markets - foreign exchange markets whose main activity is to facilitate international investment and trade.

Participants in international settlement and payment relations, representing certain areas of foreign economic activity of a particular country, simultaneously act as participants in the global foreign exchange market. By operating on it, they express their economic interests. One of the main and direct participants in the foreign exchange market are commercial banks, which play the role of the main subjects that form monetary policy, carry out monetary policy and carry out foreign exchange settlement transactions. The increasing role of commercial banks in regulating foreign economic activity is also facilitated by the constant increase in the volume of interbank foreign exchange trade, and this applies both to the bank’s own foreign exchange transactions and, increasingly, to the execution of orders from bank clients for the purchase and supply of the necessary foreign currency or the conversion of export proceeds.

Currency exchange operations are those operations of commercial banks that are directly related to the exchange of one currency for another. Another name for this type of operation is conversion operations, or currency conversion. Such an exchange is carried out through the conclusion of transactions for the acquisition and sale of the currency of one state for the currency of another state.

In the most general legal sense, conversion (currency exchange) operations are transactions between equal participants in the foreign exchange market, during which pre-agreed amounts, expressed in monetary units of one country, are exchanged for the currency of another country; transactions are conducted at a pre-agreed exchange rate.

Conversion transactions are fundamentally different from credit and deposit transactions in that the former are carried out at a certain point in time, that is, they do not have a temporary duration. But credit and deposit operations have different urgency and take a long time.

Delivery of funds under conversion transactions can be carried out either immediately or after a specified period. In the first case, delivery occurs no later than the second banking day, counting from the moment of the transaction. Different terms for the supply of funds make it possible to distinguish spot transactions and urgent transactions, which are carried out mainly with non-cash currency.

Experts call the international market for foreign exchange (conversion) transactions the spot market. The rules adopted in this market segment provide convenience for transaction participants, since within two days allotted for making conversion transactions, it is possible to process financial information and prepare payment orders necessary for making transfers.

Forward (i.e. urgent) foreign exchange transactions differ from spot ones in that they are concluded on one day, but the execution of contracts under them is postponed for some period in the future.

In the domestic market of the Russian Federation, transactions for the purchase and sale of foreign currencies are carried out between authorized banks that have a special license from the Central Bank of the Russian Federation and bank clients, as well as between the banks themselves (through currency exchanges or on the over-the-counter market).

Control over the foreign exchange market and over transactions that are to one degree or another related to currency within Russia is exercised by the country's Central Bank. For these purposes, he has the right to apply administrative measures. These include: preparation and publication of regulatory documents that determine the procedure for carrying out basic transactions with foreign currency; banking accounting of such transactions; development of a procedure for minimizing risks; timely monitoring of limits on open currency positions of controlled banks.

Another administrative method of regulating the country’s foreign exchange market can be the establishment by the Bank of Russia of the maximum possible limit for deviation of rates that determine the purchase and sale of foreign currency.

The Central Bank has not only administrative, but also equally effective market instruments for active influence on the foreign exchange market. This may include currency interventions; this is the name given to the Bank of Russia’s operations involving the purchase or sale of currency on the Moscow Interbank Currency Exchange (MICEX). These thoughtful and planned operations can influence the exchange rate of the domestic currency, the demand and supply of cash.

One of the additional functions of the Central Bank is to establish restrictions in the form of the share of foreign exchange earnings that are subject to mandatory sale in transactions on the MICEX. This measure makes it possible to replenish the country’s gold and foreign exchange reserves and maintain the supply of foreign currency at the required level.

The list of the simplest foreign exchange transactions that commercial banks offer to a wide range of their clients, as a rule, includes:

• purchase and sale of cash foreign currency from other countries for cash currency of the Russian Federation;
• sale of one type of foreign currency for another foreign currency (conversion);
• purchase of currency (banknotes of a foreign state) with signs of damage;
• accepting banknotes that raise any doubts about their authenticity.