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Currency Market

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ÂÂÅÄÅÍÈÅ.

Ñòàíîâëåíèå âûñîêîýôôåêòèâíîé ðîññèéñêîé ýêîíîìèêè íåâîçìîæíî áåç ðàçâèòîãî ôèíàíñîâîãî ðûíêà, ñîñòàâíîé ÷àñòüþ êîòîðîãî ÿâëÿåòñÿ âàëþòíûé ðûíîê.

Âàëþòíûé ðûíîê êàê ôîðìà îðãàíèçàöèè äâèæåíèÿ âàëþòíûõ öåííîñòåé â Ðîññèéñêîé Ôåäåðàöèè çà ïîñëåäíèå äâà ãîäà ðàçâèâàåòñÿ áóðíûìè òåìïàìè. Ñâèäåòåëüñòâîì òîìó ñëóæèò ïîÿâëåíèå íîâûõ óïîëíîìî÷åííûõ áàíêîâ, âàëþòíûõ áèðæ, âàëþòíûõ îòäåëîâ íà ôîíäîâûõ áèðæàõ, øèðîêîé ñåòè ïóíêòîâ îáìåíà âàëþòû, ðåçêèé ðîñò îáúåìà âàëþòíîé âûðó÷êè õîçÿéñòâóþùèõ ñóáúåêòîâ îò ïðîäàæè èìè íà ýêñïîðò òîâàðîâ, ðàáîò, óñëóã, áóðíîå ðàçâèòèå òîðãîâëè âàëþòíûìè ôüþ÷åðñàìè è îïöèîíàìè è ò.ä.

Èç âàëþòíîãî ðûíêà â ñàìîñòîÿòåëüíûé ðûíîê âûäåëåíà êóïëÿ-ïðîäàæà äðàãîöåííûõ ìåòàëëîâ è êàìíåé, ÷åìó ñïîñîáñòâîâàë Óêàç Ïðåçèäåíòà ÐÔ îò 16 äåêàáðÿ 1993 ã. “Î ðàçâèòèè ðûíêà äðàãîöåííûõ ìåòàëëîâ è äðàãîöåííûõ êàìíåé”.

1. Ïîíÿòèå âàëþòíîãî ðûíêà.

Âàëþòíûé ðûíîê - ýòî ñôåðà ýêîíîìè÷åñêèõ îòíîøåíèé, ïðîÿâëÿþùèõñÿ ïðè îñóùåñòâëåíèè îïåðàöèè ïî êóïëå-ïðîäàæè èíîñòðàííîé âàëþòû è öåííûõ áóìàã â èíîñòðàííîé âàëþòå, à òàêæå îïåðàöèé ïî èíâåñòèðîâàíèþ âàëþòíîãî êàïèòàëà.

Âàëþòíûé ðûíîê ïðåäñòàâëÿåò ñîáîé îôèöèàëüíûé ôèíàíñîâûé öåíòð, ãäå ñîñðåäîòî÷åíà êóïëÿ-ïðîäàæà âàëþò è öåííûõ áóìàã â âàëþòå íà îñíîâå ñïðîñà è ïðåäëîæåíèÿ íà íèõ. Ñ ôóíêöèîíàëüíîé òî÷êè çðåíèÿ âàëþòíûå ðûíêè îáåñïå÷èâàþò ñâîåâðåìåííîå îñóùåñòâëåíèå ìåæäóíàðîäíûõ ðàñ÷åòîâ, ñòðàõîâàíèå îò âàëþòíûõ ðèñêîâ, äèâåðñèôèêàöèþ âàëþòíûõ ðåçåðâîâ, âàëþòíóþ èíòåðâåíöèþ, ïîëó÷åíèå ïðèáûëè èõ ó÷àñòíèêàìè â âèäå ðàçíèöû êóðñîâ âàëþò. Ñ èíñòèòóöèîííîé òî÷êè çðåíèÿ âàëþòíûå ðûíêè ïðåäñòàâëÿþò ñîáîé ñîâîêóïíîñòü óïîëíîìî÷åííûõ áàíêîâ, èíâåñòèöèîííûõ êîìïàíèé, áèðæ, áðîêåðñêèõ êîíòîð, èíîñòðàííûõ áàíêîâ, îñóùåñòâëÿþùèõ âàëþòíûå îïåðàöèè. Ñ îðãàíèçàöèîííî- òåõíè÷åñêîé òî÷êè çðåíèÿ âàëþòíûé ðûíîê ïðåäñòàâëÿåò ñîáîé ñîâîêóïíîñòü êîììóíèêàöèîííûõ ñèñòåì, ñâÿçûâàþùèõ ìåæäó ñîáîé áàíêè ðàçíûõ ñòðàí, îñóùåñòâëÿþùèõ ìåæäóíàðîäíûå ðàñ÷åòû è äðóãèå âàëþòíûå îïåðàöèè.

Âàëþòíûé ðûíîê Ðîññèéñêîé Ôåäåðàöèè ìîæíî ïðåäñòàâèòü ñëåäóþùèì îáðàçîì.

Âàëþòíàÿ áèðæà

- ïðåäïðèíèìàòåëü - ïðåäïðèíèìàòåëü

- áðîêåð ñïðîñ íà ïðåäëî- - áðîêåð

(èíâåñòîð) âàëþòó è æåíèå (èíâåñòîð)

- äèëåð öåííûå âàëþòû - äèëåð

(ñïåêóëÿíò) áóìàãè è öåííûõ (ñïåêóëÿíò)

- èãðîê â âàëþòå áóìàã â - èãðîê

âàëþòå

Âíå âàëþòíîå áèðæè íàõîäÿòñÿ ñëåäóþùèå ó÷àñòíèêè âàëþòíîãî ðûíêà:

- õîçÿéñòâóþùèé ñóáúåêò;

- ãðàæäàíèí;

- óïîëíîìî÷åííûé áàíê Ðîññèéñêîé

Ôåäåðàöèè;

- èíâåñòèöèîííàÿ êîìïàíèÿ;

- áðîêåðñêàÿ êîíòîðà;

- èíîñòðàííûé áàíê.

2. Êëàññèôèêàöèÿ âàëþòíûõ ðûíêîâ.

Âàëþòíûå ðûíêè ìîæíî êëàññèôèöèðîâàòü ïî öåëîìó ðÿäó ïðèçíàêîâ: ïî ñôåðå ðàñïðîñòðàíåíèÿ, ïî îòíîøåíèþ ê âàëþòíûì îãðàíè÷åíèÿì, ïî âèäàì âàëþòíûõ ðåñóðñîâ, ïî ñòåïåíè îðãàíèçîâàííîñòè.

Ïî ñôåðå ðàñïðîñòðàíåíèÿ, ò.å. ïî øèðîòå îõâàòà, ìîæíî âûäåëèòü ìåæäóíàðîäíûé è âíóòðåííèé âàëþòíûå ðûíêè.  ñâîþ î÷åðåäü,êàê ìåæäóíàðîäíûé, òàê è âíóòðåííèé ðâûíêè ñîñòîÿò èç ðÿäà ðåãèîíàëüíûõ ðûíêîâ, êîòîðûå îáðàçóþòñÿ ôèíàíñîâûìè öåíòðàìè â îòäåëüíûõ ðåãèîíàõ ìèðà èëè äàííîé ñòðàíû.

Êëàññèôèêàöèÿ âàëþòíûõ ðûíêîâ.

Âàëþòíûé ðûíîê

ïî ñôåðå ïî îòíîøåíèþ ïî âèäàì ïî ñòåïåíè

ðàñïðîñò- ê âàëþòíûì âàëþòíûõ îðãàíèçî-

ðàíåíèÿ îãðàíè÷åíèÿì êóðñîâ âàííîñòè

ìåæäó- âíóòðåí- ñâîáîä- íåñâî- ñ îäíèì ñ äâîé- áèðæå âíåáèð-

íàðîä- íèé íûé áîäíûé ðåæè- íûì âîé æåâîé

íûé ìîì ðåæè-

ìîì

ìèðîâûå âíóòðåííèå

ðåãèîíàëü- ðåãèîíàëü-

íûå ðûíêè íûå ðûíêè

Ìåæäóíàðîäíûé âàëþòíûé ðûíîê îõâàòûâàåò âàëþòíûå ðûíêè âñåõ ñòðàí ìèðà. Ïîä ìåæäóíàðîäíûì âàëþòíûì ðûíêîì ïîíèìàåòñÿ öåïü òåñíî ñâÿçàííûõ ìåæäó ñîáîé ñèñòåìîé êàáåëüíûõ è ñïóòíèêîâûõ êîììóíèêàöèé ìèðîâûõ ðåãèîíàëüíûõ âàëþòíûõ ðûíêîâ. Ìåæäó íèìè ñóùåñòâóåò ïåðåëèâ ñðåäñòâ â çàâèñèìîñòè îò òåêóùåé èíôîðìàöèè è ïðîãíîçîâ âåäóùèõ ó÷àñòíèêîâ ðûíêà îòíîñèòåëüíî âîçìîæíîãî ïîëîæåíèÿ îòäåëüíûõ âàëþò.

Âíóòðåííèé âàëþòíûé ðûíîê - ýòî âàëþòíûé ðûíîê îäíîãî ãîñóäàðñòâà, ò.å. ðûíîê, ôóíêöèîíèðóþùèé âíóòðè äàííîé ñòðàíû.

Âñòóïëåíèå Ðîññèéñêîé Ôåäåðàöèè â àïðåëå 1992 ã. â Ìåæäóíàðîäíûé âàëþòíûé ôîíä (ÌÂÔ) ñâèäåòåëüñòâóåò î òîì, ÷òî Ðîññèÿ âûøëà íà ìåæäóíàðîäíûé âàëþòíûé ðûíîê.

Âíóòðåííèé âàëþòíûé ðûíîê Ðîññèè ñîñòîèò èç âíóòðåííèõ ðåãèîíàëüíûõ ðûíêîâ.Ê íèì îòíîñÿòñÿ âàëþòíûå ðûíêè ñ öåíòðàìè â ìåæáàíêîâñêèõ âàëþòíûõ áèðæàõ.

Ïî îòíîøåíèþ ê âàëþòíûì îãðàíè÷åíèÿì ìîæíî âûäåëèòü ñâîáîäíûé è íåñâîáîäíûé âàëþòíûå ðûíêè.

Âàëþòíûå îãðàíè÷åíèÿ - ýòî ñèñòåìà ãîñóäàðñòâåííûõ ìåð (àäìèíèñòðàòèâíûõ, çàêîíîäàòåëüíûõ, ýêîíîìè÷åñêèõ, îðãàíèçàöèîííûõ) ïî óñòàíîâëåíèþ ïîðÿäêà ïîâåäåíèÿ îïåðàöèé ñ âàëþòíûìè öåííîñòÿìè. Âàëþòíûå îãðàíè÷åíèÿ âêëþ÷àþò â ñåáÿ ìåðû ïî öåëåâîìó ðåãóëèðîâàíèþ ïëàòåæåé è ïåðåâîäîâ íàöèîíàëüíîé è èíîñòðàííîé âàëþòû çà ãðàíèöó.

Âàëþòíûé ðûíîê ñ âàëþòíûìè îãðàíè÷åíèÿìè íàçûâàåòñÿ íåñâîáîäíûì ðûíêîì, à ïðè îòñóòñòâèè èõ - ñâîáîäíûì âàëþòíûì ðûíêîì.

Ïî âèäàì ïðèìåíÿåìûõ âàëþòíûõ êóðñîâ âàëþòíûé ðûíîê ìîæåò áûòü ñ îäíèì ðåæèìîì è ñ äâîéíûì ðåæèìîì.

Ðûíîê ñ îäíèì ðåæèìîì - ýòî âàëþòíûé ðûíîê ñî ñâîáîäíûìè âàëþòíûìè êóðñàìè, ò.å. ñ ïëàâàþùèìè êóðñàìè âàëþò, êîòèðîâêà êîòîðûõ óñòàíàâëèâàåòñÿ íà áèðæåâûõ òîðãàõ. Â Ðîññèéñêîé Ôåäåðàöèè îôèöèàëüíûé âàëþòíûé êóðñ ðóáëÿ óñòàíàâëèâàåòñÿ ñ ïîìîùüþ ôèêñèíãà.

Ôèêñèíã îñóùåñòâëÿåòñÿ Öåíòðàëüíûì áàíêîì Ðîññèè íà Ìîñêîâñêîé ìåæáàíêîâñêîé âàëþòíîé áèðæå (ÌÌÂÁ) è ïðåäñòàâëÿåò ñîáîé îïðåäåëåíèå êóðñàäîëëàðà ÑØÀ ê ðóáëþ.

Êóðñ ôèêñèíãà ÿâëÿåòñÿ åäèíûì êóðñîì Öåíòðàëüíîãî áàíêàÐîññèè. ×åðåç íåãî, èñïîëüçóÿ èíôîðìàöèþ î êðîññ-êóðñàõ àãåíòñòâà “Ðåéòåð”, îí âûâîäèò êóðñ ðóáëÿ ê îñòàëüíûì âàëþòàì. Âàëþòíûé ôèêñèíã ïðîèñõîäèò äâ ðàçà â íåäåëþ - âî âòîðíèê è â ×åòâåðã.  äåíü âàëþòíîãî ôèêñèíãà Öåíòðàëüíûé áàíê Ðîññèè ñîîáùàåò êóðñû âåäóùèõ ñâîáîäíî êîíâåðòèðóåìûõ âàëþò ê ðóáëþ ÷åðåç ïóáëèêàöèþ â Ðîññèéñêîé ãàçåòå, â Ðîññèéñêèõ âåñòÿõ è äð.

Âàëþòíûé ðûíîê ñ äâîéíûì ðåæèìîì - ýòî ðûíîê ñ îäíîâðåìåííûì ïðìåíåíèåì ôèêñèðîâàííîãî è ïëàâàþùåãî êóðñà âàëþòû. Ââåäåíèå äâîéíîãî âàëþòíîãî ðûíêà èñïîëüçóåòñÿ ãîñóäàðñòâîì êàê ìåðà ðåãóëèðîâàíèÿ äâèæåíèÿ êàïèòàëîâ ìåæäó íàöèîíàëüíûì è ìåæäóíàðîäíûì ðûíêîì ññóäíûõ êàïèòàëîâ. Ýòà ìåðà ïðèçâàíà îãðàíè÷èòü è êîíòðîëèðîâàòü âëèÿíèå ìåæäóíàðîäíîãî ðûíêà ññóäíûõ êàïèòàëîâ íà ýêîíîìèêó äàííîãî ãîñóäàðñòâà. Íàïðèìåð, â íàñòîÿùåå âðåìÿ Âíåøýêîíîìáàíê Ðîññèéñêîé Ôåäåðàöèè äëÿ èíîñòðàííûõ èíâåñòèöèé ïî áëîêèðîâàííûì ñ÷åòàì, ïî êîòîðûì åùå íå ïîëíîñòüþ çàâåðøåíû ðàñ÷åòû, ïðèìåíÿåò ôèêñèðîâàííûé âàëþòíûé êóðñ ðóáëÿ, à èìåííî: êîììåð÷åñêèé âàëþòíûé êóðñ, óñòàíîâëåííûé Öåíòðàëüíûì áàíêîì Ðîññèè ïî ñîñòîÿíèþ íà 25 äåêàáðÿ 1991 ã.

Ïî ñòåïåíè îðãàíèçîâàííîñòè âàëþòíûé ðûíîê áûâàåò áèðæåâîé è âíåáèðæåâîé.

Áèðæåâîé âàëþòíûé ðûíîê - ýòî îðãàíèçîâàííûé ðûíîê, êîòîðûé ïðåäñòàâëåí âàëþòíîé áèðæåé. Âàëþòíàÿ áèðæà - ïðåäïðèÿòèå, îðãàíèçóþùåå òîðãè âàëþòîé è öåííûìè áóìàãàìè â âàëþòå. Áèðæà íå ÿâëÿåòñÿ êîììåð÷åñêèì ïðåäïðèÿòèåì. Åå îñíîâíàÿ ôóíêöèÿ çàêëþ÷àåòñÿ íå â ïîëó÷åíèè âûñîêîé ïðèáûëè, à â ìîáèëèçàöèè âðåìåííî ñâîáîäíûõ äåíåæíûõ ñðåäñòâ ÷åðåç ïðîäæó âàëþòû è öåííûõ áóìàã â âàëþòå è â óñòàíîâëåíèè êóðñà âàëþòû, ò.å. åå ðûíî÷íîé ñòîèìîñòè.

Áèðæåâîé âàëþòíûé ðûíîê èìååò ðÿä äîñòîèíñòâ: ÿâëÿåòñÿ ñàìûì äåøåâûì èñòî÷íèêîì âàëþòû è âàëþòíûõ ñðåäñòâ; çàÿâêè, âûñòàâëÿåìûå íà áèðæåâûå òîðãè, îáëàäàþò àáñîëþòíîé ëèêâèäíîñòüþ.

Ëèêâèäíîñòü âàëþòû è öåííûõ áóìàã â âàëþòå îçíà÷àåò ñïîñîáíîñòü èõ áûñòðî è áåç ïîòåðü â öåíå ïðåâðàùàòüñÿ â ðóáëè.

Óêàçàííûå âûøå äîñòîèíñòâà áèðæåâîãî âàëþòíîãî ðûíêà Ðîññèè îáóñëîâëåííû ñëåäóþùèìè ôàêòîðàìè:

- çàêîíîäàòåëüíî óñòàíîâëåííûì òðåáîâàíèåì ïî îáÿçàòåëüíîé ïðîäàæå ÷àñòè (50%) âàëþòíîé âûðó÷êè îò ýêñïîðòà òîâàðîâ, ðàáîò, óñëóã;

- îãðàíè÷åííûì êîëè÷åñòâîì âàëþòíûõ áèðæ, íà êîòîðûõ ïðîèçâîäÿòüñÿ îïåðàöèè ïî êóïëå-ïðîäàæå âàëþòû;

- èñïîëüçîâàíèåì ãîñóäàðñòâîì Ìîñêîâñêîé ìåæáàíêîâñêîé âàëþòíîé áèðæè äëÿ óñòàíîâëåíèÿ îôèöèàëüíîãî îáìåííîãî êóðñà ðóáëÿ ê äîëëàðó, à íà îñíîâå åãî ÷åðåç ñèñòåìó êðîññ-êóðñîâ ê äðóãèì âàëþòàì;

- êîíòðîëåì çà òîðãàìè íà ÌÌÂÁ ñî ñòîðîíû Öåíòðàëüíîãî áàíêà Ðîññèè, êîòîðûé èñïîëüçóåò âàëþòíûå ðåñóðñû ãîñóäàðñòâà äëÿ ðåãóëèðîâàíèÿ ñîîòíîøåíèÿ ðóáëÿ è äîëëàðà è òåì ñàìûì ãàðàíòèðóåò, ÷òî âñå âûñòàâëåííûå íà áèðæå äëÿ ïîêóïêè äîëëàðû ÑØÀ áóäóò êóïëåíû.

Âíåáèðæåâîé âàëþòíûé ðûíîê îðãàíèçóåòñÿ äèëåðàìè, êîòîðûå ìîãóò áûòü èëè íå áûòü ÷ëåíàìè âàëþòíîé áèðæè è âåäóò åãî ïî òåëåôîíó, òåëåôàêñó, êîìïüþòåðíûì ñåòÿì.

Áèðæåâîé è âíåáèðæåâîé ðûíêè â îïðåäåëåííîé ñòåïåíè ïðîòèâîðå÷àò äðóã äðóãó è â òî æå âðåìÿ âçàèìíî äîïîëíÿþò äðóã äðóãà. Ýòî ñâÿçàííî ñ òåì, ÷òî, âûïîëíÿÿ îáùóþ ôóíêöèþ ïî òîðãîâëå âàëþòîé è îáðàùåíèþ öåííûõ áóìàã â âàëþòå, îíè ïðèìåíÿþò ðàçëè÷íûå ìåòîäû è ôîðìû ðåàëèçàöèè âàëþòû è öåííûõ áóìàã â âàëþòå.

Äîñòîèíñòâà âíåáèðæåâîãî âàëþòíîãî ðûíêà çàêëþ÷àþòñÿ â :

- äîñòàòî÷íî íèçêîéñåáåñòîèìîñòè çàòðàò íà îïåðàöèè ïî îáìåíó âàëþò. Äèëåðû áàíêîâ ÷àñòî èñïîëüçóþò î÷íûå âàëþòíûå àóêöèîíû íà áèðæå äëÿ ñíèæåíèÿ ñîáñòâåííûõ çàòðàò íà âàëþòíóþ êîíâåðñèþ ïóòåì çàêëþ÷åíèÿ äîãîâîðîâ êóïëè-ïðîäàæè âàëþòû ïî áèðæåâîìó êóðñó äî íà÷àëà òîðãîâ íà áèðæå. Íà áèðæå ñ ó÷àñòíèêîâ òîðãîâ ñíèìàþòñÿ êîìèññèîííûå, ñóììà êîòîðûõ íàõîäèòñÿ â ïðÿìîé çàâèñèìîñòè îò ñóììû ïðîäàííûõ âàëþòíûõ è ðóáëåâûõ ðåñóðñîâ. Êðîìå òîãî, çàêîíîì óñòàíîâëåí íàëîã íà áèðæåâûå ñäåëêè. Âî âíåáèðæåâîì ðûíêå äëÿ óïîëíîìî÷åííîãî áàíêà ïîñëå òîãî, êàê áûë íàéäåí êîíòðàãàíò ïî ñäåëêå, îïåðàöèÿ âàëþòíîé êîíâåðñèè îñóùåñòâëÿåòñÿ ïðàêòè÷åñêè áåñïëàòíî;

- áîëåå âûñîêîé ñêîðîñòè ðàñ÷åòîâ, ÷åì ïðè òîðãîâëå íà âàëþòíîé áèðæå. Ýòî ñâÿçàíî ïðåæëå âñåãî ñ òåì, ÷òî âíåáèðæåâîé âàëþòíûé ðûíîê ïîçâîëÿåò ïðîâîäèòü ñäåëêè â òå÷åíèè âñåãî îïåðàöèîííîãî äíÿ, à íå â ñòðîãî îïðåäåëåííîå âðåìÿ áèðæåâîé ñåññèè.

Ïðè êëàññèôèêàöèè âàëþòíûõ ðûíêîâ ñëåäóåò âûäåëèòü ðûíêè åâðîâàëþò, åâðîîáëèãàöèé, åâðîäåïîçèòîâ, åâðîêðåäèòîâ, à òàêæå “÷åðíûé” è “ñåðûé” ðûíêè.

Ðûíîê åâðîâàëþò - ýòî ìåæäóíàðîäíûé ðûíîê âàëþò ñòðàí Çàïàäíîé Åâðîïû, ãäå îñóùåñòâëÿþòñÿ îïåðàöèè â âàëþòàõ ýòèõ ñòðàí. Ôóíêöèîíèðîâàíèå ðûíêà åâðîâàëþò ñâÿçàíî ñ èñïîëüçîâàíèåì âàëþò â áåçíàëè÷íûõ äåïîçèòíî-ññóäíûõ îïåðàöèÿõ çà ïðåäåëàìè ñòðàí-ýìèòåíòîâ äàííûõ âàëþò.

Ðûíîê åâðîîáëèãàöèé âûðàæàåò ôèíàíñîâûå îòíîøåíèÿ ïî äîëãîâûì îáÿçàòåëüñòâàì ïðè äîëãîñðî÷íûõ çàéìàõ â åâðîâàëþòàõ, îôîðìëÿåìûõ â âèäå îáëèãàöèé çàåìùèêîâ. Îáëèãàöèÿ ñîäåðæèò äàííûå î ñóììå äîëãà, óñëîâèÿõ è ñðîêàõ åãî ïîãàøåíèÿ, ïîðÿäêà ïîëó÷åíèÿ ïðîöåíòîâ â ñîîòâåòñòâèè ñ êóïîíàìè.

Êóïîí - ÷àñòü îáëèãàöèîííîãî ñåðòèôèêàòà, êîòîðàÿ ïðè îòäåëåíèè îò íåãî äàåò âëàäåëüöó ïðàâî íà ïîëó÷åíèå ïðîöåíòà.

Ðûíîê åâðîäåïîçèòîâ âûðàæàåò óñòîé÷èâûå ôèíàíñîâûå îòíîøåíèÿ ïî ôîðìèðîâàíèþ âêëàäîâ â âàëþòå â êîììåð÷åñêèõ áàíêàõ èíîñòðàííûõ ãîñóäàðñòâ çà ñ÷åò ñðåäñòâ, îáðàùàþùèõñÿ íà ðûíêå åâðîâàëþò.

Ðûíîê åâðîêðåäèòîâ âûðàæàåò óñòîé÷èâûå êðåäèòíûå ñâÿçè è ôèíàíñîâûå îòíîøåíèÿ ïî ïðåäîñòàâëåíèþ ìåæäóíàðîäíûõ çàéìîâ â åâðîâàëþòåêîììåð÷åñêèìè áàíêàìè èíîñòðàííûõ ãîñóäàðñòâ.

Ðàññìàòðèâàÿ âàëþòíûé ðûíîê Ðîññèéñêîé Ôåäåðàöèè, ñëåäóåò óêàçàòü íà íîâóþ ðîëü è îñîáîå ìåñòî ðîññèéñêîãî ðóáëÿ â ñòðàíàõ áëèæíåãî çàðóáåæüÿ. Ðîññèéñêèé ðóáëü èìååò ñåãîäíÿ äëÿ ñòðàí ÑÍà òàêîå æå çíà÷åíèå , ÷òî è àìåðèêàíñêèé äîëëàð äëÿ Ðîññèéñêîé Ôåäåðàöèè. Åñëè áû öåííòðàëüíûå áàíêè ñòðàí ÑÍà ðàñïîëàãàëè äîñòàòî÷íûì çàïàñîì ðîññèéñêèõ ðóáëåé, òî îíè ìîãëè áû ïîääåðæèâàòü êóðñ ñâîèõ âàëþò äîñòàòî÷íî ñòàáèëüíûì.

Âàëþòíûé ðûíîê , êàê èëþáîé äðóãîé ðûíîê, òðåáóåò îïðåäåëåííîãî ðåãóëèðîâàíèÿ è êîíòðîëÿ ñî ñòîðîíû ãîñóäàðñòâà. Âíàøåé ñòðàíå îíè îñóùåñòâëÿþòñÿ â ñîîòâåòñòâèè ñ çàêîíîì Ðîññèéñêîé Ôåäåðàöèè “Î âàëþòíîì ðåãóëèðîâàíèè è âàëþòíîì êîíòðîëå.” Âàëþòíîå ðåãóëèðîâàíèå âêëþ÷àåòïîðÿäîê ïðîâåäåíèÿ âàëþòíûõ îïåðàöèé, ôîðìèðîâàíèå âàëþòíîãî ðåçåðâà ñòðàíû è âàëþòíûõ ôîíäîâ õîçÿéñòâóþùèõ ñóáúåêòîâ, âàëþòíûé è ýêñïîðòíûé êîíòðîëü.

Ñóáúåêòû âàëþòíûõ îòíîøåíèé íà âàëþòíîì ðûíêå ïîäðàçäåëÿþòñÿ íà ðåçèäåíòîâ è íåðåçèäåíòîâ.

Ê âàëþòíûì îïåðàöèÿì îòíîñÿòñÿ îïåðàöèè ñâÿçàííûå ñ:

- ïåðåõîäîì ïðàâà ñîáñòâåííîñòè íà âàëþòíûå öåííîñòè;

- èñïîëüçîâàíèåì â êà÷åñòâå ñðåäñòâà ïëàòåæà âàëþòû, à òàêæå ðóáëÿ ïðè îñóùåñòâëåíèè âíåøíåýêîíîìè÷å÷êîé äåÿòåëüíîñòè;

- ââîçîì è ïåðåñûëêîé â Ðîññèéñêóþ Ôåäåðàöèþ è âûâîçîì è ïåðåñûëêîé èç íåå çà ãðàíèöó âàëþòíûõ öåííîñòåé;

- îñóùåñòâëåíèåì ìåæäóíàðîäíûõ äåíåæíûõ ïåðåâîäîâ.

Âàëþòíûå îïåðàöèè ïîäðàçäåëÿþòñÿ íà òåêóùèå îïåðàöèè è îïåðàöèè, ñâÿçàííûå ñ äâèæåíèåì êàïèòàëà.

Ãîñóäàðñòâî ðàçðàáàòûâàåò è ïðîâîäèò îïðåäåëåííóþ âàëþòíóþ ïîëèòèêó. Âàëþòíàÿ ïîëèòèêà ïðåäñòàâëÿåò ñîáîé äåÿòåëüíîñòü ãîñóäàðñòâà ïî öåëåíàïðàâëåííîìó èñïîëüçîâàíèþ âàëþòíûõ ñðåäñòâ. Ñîäåðæàíèå âàëþòíîé ïîëèòèêè ìíîãîãðàííî è âêëþ÷àåò âûðàáîòêó îñíîâíûõ íàïðàâëåíèé ôîðìèðîâàíèÿ è èñïîëüçîâàíèÿ âàëþòíûõ ñðåäñòâ, ðàçðàáîòêó ìåð, íàïðâëåííûõ íà ýôôåêòèâíîå èñïîëüçîâàíèå ýòèõ ñðåäñòâ.

Êîíêðåòíûå íàïðàâëåíèÿ âàëþòíîé ïîëèòèêè â ñòðàíå îïðåäåëÿåò Âàëþòíî-ýêîíîìè÷åñêàÿ êîìèññèÿ Ðîññèéñêîé Ôåäåðàöèè, êîòîðàÿ ïðèíèìàåò íîðìàòèâíî-çàêîíîäàòåëüíûå àêòû â îáëàñòè ðåãóëèðîâàíèÿ âàëþòíûìè îïåðàöèÿìè è óïðàâëåíèÿ âàëþòíûìè ðåñóðñàìè.

Ãëàâíûì èñïîëíèòåëüíûì îðãàíîì âàëþòíîãî ðåãóëèðîâàíèÿ ÿâëÿåòñÿ Öåíòðàëüíûé áàíê Ðîññèè, à êîíêðåòíûìè èñïîëíèòåëÿìè - óïîëíîìî÷åííûå êîììåð÷åñêèå áàíêè, õîçÿéñòâóþùèå ñóáúåêòû è ãðàæäàíå.

Öåíòðàëüíûé áàíê Ðîññèè óïðàâëÿåò âàëþòíûìè îïåðàöèÿìè, âûäàåò êîììåð÷åñêèì áàíêàì ëèöåíçèè íà îñóùåñòâëåíèå îïåðàöèé â âàëþòå íà òåððèòîðèè Ðîññèéñêîé Ôåäåðàöèè è çà ãðàíèöåé, âûäàåò ðàçðåøåíèÿ óïîëíîìî÷åííûì ïðåäïðèÿòèÿì íà ïðàâî òîðãîâëè çà âàëþòó, âûäàåò ðàçðåøåíèÿ õîçÿéñòâóþùèì ñóáúåêòàì íà îòêðûòèå òåêóùèõ è äåïîçèòíûõ ñ÷åòîâ çà ãðàíèöåé è äð.

Öåíòðàëüíûé áàíê Ðîññèè ââîäèò îãðàíè÷åíèÿ äëÿ êîììåð÷åñêèõ áàíêîâ íà îáúåìû ïðèâëå÷åíèÿ êðåäèòîâ èç-çà ãðàíèöû; óñòàíàâëèâàåò èì ìàêñèìàëüíûå ðàçìåðû âàëþòíîãî, ïðîöåíòíîãî è êóðñîâîãî ðèñêà; óïðàâëÿåò âàëþòíûìè ðåçåðâàìè, íàõîäÿùèìèñÿ íà åãî áàëàíñå, îïðåäåëÿåò ñôåðó è ïîðÿäîê îáðàùåíèÿ èíîñòðàííîé âàëþòû íà òåððèòîðèè Ðîññèè, ïðîâîäèò âñå âèäû âàëþòíûõ îïåðàöèé, ðåãóëèðóåò âàëþòíûé ðûíîê Ðîññèè è êóðñ ðóáëÿ ê èíîñòðàííûì âàëþòàì, îñóùåñòâëÿåò êîíòðîëü çà äåÿòåëüíîñòüþ êîììåð÷åñêèõ áàíêîâ, óñòàíàâëèâàåò åäèíûå ôîðìû ó÷åòà, îò÷åòíîñòè, äîêóìåíòàöèè è ñòàòèñòèêè âàëþòíûõ îïåðàöèé, ãîòîâèò è ïóáëèêóåò ñòàòèñòèêó âàëþòíî-ôèíàíñîâûõ îïåðàöèé Ðîññèéñêîé Ôåäåðàöèè ïî ïðèíÿòûì ìåæäóíàðîäíûì ñòàíäàðòàì.

Ïïè íåäîáðîñîâåñòíîì âûïîëíåíèè óïîëíîìî÷åííûì áàíêîì ñâîèõ ôóíêöèé Öåíòðàëüíûé áàíê Ðîññèè ìîæåò ëèøèòü åãî ëèöåíçèè íà ñîâåðøåíèå îïåðàöèé ñ âàëþòíûìè öåííîñòÿìè è áàíêîâñêîå îáñëóæèâàíèå ðàñ÷åòîâ â âàëþòå.

Ðåãóëèðîâàíèå êîëåáàíèé êóðñà äîëëàðà ÑØÀ îñóùåñòâëÿåòñÿ Öåíòðàëüíûì áàíêîì Ðîññèè ïóòåì âàëþòíîé èíòåðâåíöèè, ò.å. ñ ïîìîùüþ öåëåâûõ îïåðàöèé ïî êóïëå-ïðîäàæå âàëþòû. Òàê, â ÿíâàðå 1994 ã. Öåíòðàëüíûé áàíê Ðîññèè ïðîäàë íà âíóòðåííåì âàëþòíîì ðûíêå 1 ìëðä. äîëë. ÑØÀ.

Êîíòðîëü çà ïðîâîìåðíîñòüþ îñóùåñòâëåíèÿ âàëþòíûõ îïåðàöèé ïîèçâîäèòñÿ Öåíòðàëüíûì áàíêîì Ðîññèè è Ôåäåðàëüíîé ñëóæáîé Ðîññèè ïî âàëþòíîìó è ýêñïîðòíîìó êîíòðîëþ. Óïîëíîìî÷åííûå áàíêè òàêæå âåäóò âàëþòíûé êîíòðîëü â ïðåäåëàõ ñâîåé êîìïåòåíöèè. Êîíòðîëü çà ïîëíîòîé è ñâîåâðåìåííîñòüþ ïåðå÷èñëåíèÿ âàëþòíîé âûðó÷êè â Ðîññèþ è îáîñíîâàííîñòüþ ïëàòåæåé çà ãðàíèöó ïî âíåøíåýêîíîìè÷åñêèì îïåðàöèÿì îáÿçàíû îñóùåñòâëÿòü è îðãàíû Ôåäåðàëüíîé íàëîãîâîé ñëóæáû.

Öåëü âàëþòíîãî êîíòðîëÿ - îáåñïå÷åíèå ñîáëþäåíèÿ âàëþòíîãî çàêîíîäàòåëüñòâà ïðè îñóùåñòâëåíèè îïåðàöèé ñ âàëþòíûìè öåííîñòÿìè.

Îñíîâíûìè íàïðàâëåíèÿìè êîíòðîëÿ ÿâëÿåòñÿ ïðîâåðêà:

- ñîîòâåòñòâèå ïðîâîäèìûõ îïåðàöèé äåéñòâóþùåìó âàëþòíîìó çàêîíîäàòåëüñòâó;

- íàëè÷èÿ íåîáõîäèìûõ äëÿ íèõ ðàçðåøåíèé (ëèöåíçèé);

- âûïîëíåíèÿ îáÿçàòåëüñòâ ïî ïðîäàæå âàëþòû, ïîëó÷åííîé îò ýêñïîðòà òîâàðîâ;

- ïîëíîòû è îáúåêòèâíîñòè ó÷åòà, îò÷åòíîñòè è äîêóìåíòàöèè ïî âàëþòíûì îïåðàöèÿì.

Îïåðàöèÿ ñâîï – ýòèî îäåíîâðåìåííàÿ ïîêóïêà è ïðîäàæà âàëþòû íà ïðèáëèçèòåëüíî ðàâíûå ñóììû ïðè óñëîâèè ðàñ÷åòîâ ïî íèì íà ðàçíûå äàòû. Ñâîï – âðåìåííàÿ ïîêóïêà ñ ãàðàíòèåé ïîñëåäóþùåé ïðîäàæè.

Èíûìè ñëâîàìè, ñâîï îçíà÷àåò ïîäïèñàíèå äâóõ îòäåëüíûõ êîíòðàêòîâ ïî âàëþòíîìó îáìåíó â îäíî è òî æå âðåìÿ. ýòè êîíòðàêòû èìåþò ïðîòèâîïîëîæíóþ íàïðàâëåííîñòü è ðàçëè÷íûå äàòû ðàñ÷åòîâ. ÏÎ îäíîìó êîòðàêòó ïåðâàÿ âàëþòà áóäåò ïðèîáðåòåíà â îáìåí íà âòîðóþ âàëþòó ñ ïîñòàâêîé â îïðåäåëííûé ñðîê. Ïî âòîðîìó êîíòðàêòó ïåðâàÿ âàëþòà áóäåò ïðîäàíà â îáìåí í âòîðóþ âàëþòó ñ ïîñìòàâêîé â äðóãîé ñðîê.

Ïðèåìóùåñòâî îïåðàöèé ñ âîï çàêëþ÷àåòñÿ â òîì, ÷òî îíè ïî÷òè ïîëíîñòüþ óòðàíÿþò âàëþòíûé ðèñê. Âàëþòû, êóïëåííûå è ïðîäàííûå â ðàçíûå äàòû, ìîãóò áûòü ïðîäàíû è êóïëåíû, ôàêè÷åñêè îáþðàçóÿ îáðàòíûé ñâîï. Ïîýòîìó, åñëè íåïîêðûòàÿ àîçèöèÿ âîçíèêàåò òîëòüêî èç-çà ðàçíèöû ðàñ÷åòíûõ äàò, îíà äåãêî ìîæåò áûòü óìåíòüøåíà èëè ïîêðûòà ïîëíîñòüþ.

Ôüþ÷åðñíûå îïåðàöèè ïðåäñòàâëÿþò ñîáîé êóïëþ-ïðîäàæó àêòèâîâî ïî ôèêñèðóåìîé â ìîìåíò çàêëþ÷åíèÿ ñäåëêè öåíå ñ èñïîëíåíèåì îïåðàöèè ÷åðåç îïðåäåëåííûé ïðîìåæóòîê âðåìåíè. Äàííàÿ êóïëÿ-ïðîäàæà îñóùåñòâëÿåòñÿ íà îñíîâå ïîäïèñàíèÿ ôüþ÷åðñíîãî êîíòðàêòà, èëè ôüþ÷åðñà.

Âàëþòíûé ôüþ÷åðñ – ýòî êîíòðàêò íà êóïëþ-ïðîäàæó âàëþòû â áóäóþùåì, ïî êîòîðîìó ïðîäàâåö ïðèíèìàåò îáÿçÿòåëüñòâî ïðîäàòü, à ïîêóïàòåëü -– êóïèòü îïðåäåëííîå êîëè÷åñòâî âàëþòû ïî óñòàíîâëåííîìó êóðñó â óêàçàííûé ñðîê. Îäíàêî ôüþ÷åðñíûé êîíòðàêò ìîæåò ïåðåïðîäàâàòüñÿ ïîêóïàòëåì âïëîòü äî óêàçàííîé íà íåì äàòû èñïîëíàíèÿ. Ôü÷åðñíûå êîíòðàêòû âûïîëíÿþò äâå çàäà÷è: îíè ïîçâîëÿþò èíâåñòîðàì õåäæèðîâàòü ðèñê, ñâÿçàííûé ñ íåáëàãîïðèÿòíûìè èçìåíåíèÿìè êóðñà âàëþò íà ðûíêå; äàþò âîçìîæíîñòü áèðæåâûì ñïåêóëÿíòàì èçâëå÷ü èç ýòîãî ïðèáûëü. ×åì áîëåå èçìåí÷èâû êóðñû âàëþò, òåì âûøå ñïðîñ íà õåäæèðîâàíèå.  îòâåò íà ýòî âîçðîñøèé ðèñê îÿâèëèñü ôüþ÷åðñíûå ðûíêè, êîòîðûå ïîçâîðëÿþò èõ ó÷àñòíèêàì õåäæèðîâàòü ñâîè òñàâêè ïðîöåíòà, âàëþòíûé êóðñ è ñíèæàòü ðèñê íà áèðæå, à òîðãîâöàì ñïåêóëèðîâàòü ýòèìè ôèíàíñîâûìè èíòñðóìåíòàìè.

ÇÀÊËÞ×ÅÍÈÅ

Òàêèì îáðàçîì, ìû ðàññìîòðåëè ñóùíîñòü, ñîäåðæàíèå è âèäû âàëþòíîãî ðûíêà, îðàãíèçàöèÿ åãî â Ðîññèè, âàîëþòíûé è ýêñïîðòíûé êîíòðîëü.  äàííîé ðàáîòå ðàñêðûò ìåõàíèçì îïåðàöèé ñ âîï è òîðãîâëÿ ôüþ÷åðñàìè.  ñèëó îãðàíè÷åííîãî îáúåìà äàííîé ðàáîòû çà ïðåäåëàìè ðàññìîòðåíèÿ åå àâòîðà îñòàëèñü òàêèå âèäû âàëþòíûõ îïïåðàöèé êàê ñòðàõîâàíèå è õåäæèðîâàíèå, îáìåí âàëþò, îáðàùåíèå öåííûõ áóìàã â âàëþòå, ïðèìåíåíèå êðåäèòíûõ è äåáåòíûõ êàðòî÷åê. Îäíàêî, íà íàø âçãëÿä, ïðåäñòàâëåííàÿ â ðàáîòå êàðòèíà âàëþòíûõ îïåðàöèé íà ðûíêå ðåàëüíî îòðàæàåò çàêîíîìåðíîñòè ôîðìèðîâàíèÿ è ðàçâèòèÿ ðîññèéñêîãî âàëþòíîãî ðûíêà.

Ñïèñîê èñïîëüçîâàííîé ëèòåðàòóðû:

1. Äèòåð Â. Ýëüáåðñêèðõ. Ïðàêòèêà îñóùåñòâëåíèÿ ìåæáàíêîâñêèõ îïðåàöèé.// Äåíüãè è êðåäèò - 1991, ¹ 6- ñ. 41-49.

2. Ìåæäóíàðîäíûå âàëþòíî-êðåäèòíûå è ôèíàíñîâûå îòíîøåíèÿ. Ïîä ðåä. ïðîô. Ë.Í. Êðàñàâèíîé. Ì. “Ôèíàíñû è ñòàòèñòèêà”, 1995.

3. Øèðèíñêàÿ Å.Á. Îïåðàöèè êîììåð÷åñêèõ áàíêîâ: ðîññèéñêèé è çàðóáåæíûé îïûò. Ì. “Ôèíàíñû è ñòàòèñòèêà”, 1995.

4. Äîëàí Ý.Äæ. è äð. Äåíüãè, áàíêîâñêîå äåëî è äåíåæíî-êðåäèòíàÿ ïîëèòèêà/ Ïåð. ñ àíãë. Â.Ëóêàøåâè÷à è äð.; Ïîä îáù. ðåä. Â.Ëóêàøåâè÷à - Ë., 1991.…...

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