1.2. Exchange rate

Currency courses are divided into two main types: fic-shaped and floating. The fixed rate is based on currency parity, i.e. officially asset ratio Monetary units of different countries. Floating currency courses are in-hang from market demand and expense on currency and can be measured in size.

1.3. Foreign exchange markets

World Currency (forex) The market includes individual markets localized in various regions of the world, centers of international trade and currency and financial operations. There is a wide range of operations related to foreign trade calculations, migration of capital, tourism, and as well as the insurance of currency risks and interventional events.

On the one hand, the foreign exchange market is a special institutional mechanism, indirecting relationships on the sale and sale of foreign currency between banks, brokers and other fi-nanced institutions. On the other hand, the foreign exchange market is about the relationship between banks and customers (as corporate, so government and individual). Thus, the participants of the foreign exchange market are commercial and central banks, government units, brokerage organizations, financial institutions, industrial and trade firms and individuals operating with currency.

The maximum weight in currency operations belongs to large transnational banks, which are widely used by co-temporary telecommunications. That is why currency markets are called the system of electronic, telephone and other con-boosts between banks associated with the implementation of operations in foreign currency.

Under the international currency market is a chain of tes-but interconnected by the system of cable and satellite communications of regional currency markets. Between them there is overflow depending on the current information and forecasts of leading market participants regarding the possibility of individual currencies. These largest regional foreign exchange markets are allocated as European (in London, Frankfurt am Main, Paris, Zurich), American (in New York, Chicago, Los Angeles, Montreal) and Asian (in Tokyo, Hong Kong, Singapore, Bahrain ). The annual volume of transactions in these currency markets is estimated by leading central banks, over 250 trillion. Dol. In these markets, the leading currencies of the world are quoted. Since individual regional currency markets are located in various time zones, the International Monetary Market works around the clock.

1.4. International Monetary and Financial Organizations

The main supranational monetary and financial institution ensuring the stability of the international monetary system is the International Monetary Fund (IMF). Its task includes countering currency restrictions, the creation of a multinational system of payments on foreign exchange operations, etc.

In addition, the international monetary and financial institutions include a number of international institutions, the investment-but-credit activity of which wears simultaneously and currencies. Among them, an international bank of reconstruction and development can be called, a bank of international settlements in the base-le, European investment bank, the Asian Development Bank, African Development Bank, Islamic Development Bank, Scan-Dernava Investment Bank, Andean Reserve Fund, Arab Monetary Fund, African Development Fund, East-Bow-African Development Bank, International Association of Once-of-Vortiya, International Fund for Agricultural Development, etc.

1.5. Interstate agreements

To implement effective international trade and investments between countries, streamlining settlements and the achievement of uniformity in the interpretation of payment rules, a number of interstate agreements are adopted, which the overwhelming number of world countries are adopted. "Unified Rules for Documentary Account", "Unified Rules for Documentary Incasso", "Uniform Waiting Law", "Uniform Checkers Act", "On Bank Guarantees", Charter Swift, Charter Chips and other documents .

In general, the nature of the functioning and stability of the MVS depends on the degree of its compliance with the structure of the world economy. With the change in the structure of the world economy and the ratio of forces on the world arena, there is a replacement of the existing form of the MVS for a new one. Appearing in the XIX century, world currency system There were three stages of evolution: "Golden Standard", Bretton Woods System of Fixed Currency Courses and the Jamaic System of Floating Currency Currency Courses. Briefly describe these stages of the Evolution of the MVS.

2. System "Gold Standard"

The beginning of the "Golden Standard" was made by the Bank of England in 1821. Official recognition of this system was obtained at the conference held in 1867 in Paris. I existed the "gold-that standard" to the Second World War. Its foundation was gold, behind which the role of the main form of money was fixed. Within the framework of this system, the national va-lyut rate was tightly tied to gold and through the gold content of the currency with each other in a solid currency rate. So, if 1 f. Art. It was equal to 1/4 oz of gold, and 1 dollars. The United States was 1/20 ounce of gold, then for 1 f. Art. It was possible to get 5 dollars when exchanging. The United States (1 Troy Gold Once is 31.1 g of gold 999 samples). Deviations from the fixed exchange rate were extremely insignificant (no more than +/- 1%) and were in the pre-lands of "golden points" (so called the maximum limits of the exchange rate of the currency from the installed gold parity, which are determined by the cost of gas transportation abroad).

The need for the transport of gold abroad occurs when the balance in foreign trade, which was redeemed by equivalent gold carriages. At the same time, gold plates did not have restrictions.

The varieties of the "Gold Standard" are: 1) the golden standard, in which the banks carried out the freedom of gold coins (acted before the beginning of the XX century); 2) the gold-dyanka standard, in which gold was used only in international calculations (the beginning of the XX century - the beginning of the First World War); 3) Zolotovolnaya (goldenness) standard, when cooked, along with gold, currencies included in the "Gold Standard" system were used in the calculations, which is known as the Genoese (1922 - the beginning of the Second World War).

During the First World War and especially during the time of the Velo-Koi Depression (1929-1934), the Gold Standard system was experiencing crisis. Zolomononete and Zitron Stan-Darta were sulfilled by themselves, as they ceased to correspond to the scale of increased economic relations. Due to the high inflation in the majority of European countries, their currencies became non-convertible. The United States has become a new financial leader, and the "gold standard" was modified.

Genoese International Economic Conference of 1922 secured the transition to a gold-based standard based on gold and leading currencies, which are converted into gold. There were mottos - payment funds in foreign currency, pre-designated for international settlements. Golden Parishes co-stored, but the conversion of currencies in gold could be carried out and indirectly through foreign currencies, which made it possible to save gold to the states, impoverished during the First World War.

In the period between wars of the country consistently refused from the "Gold Standard". The first to come from the system of "Agricultural Standard" Agrarian and Colonial countries (1929-1930), in 1931 - Germany, Austria and the United Kingdom, in April 1933 - the United States (taking the obligation to exchange dollars on Gold at a price of 35 dollars. for the Troy ounce for foreign central banks in order to strengthen the international positions of the dollar), in 1936 - France. Many countries have introduced currency limitations and currency control. At this time, on the basis of on-other currency systems of leading countries, currency blocks and zones begin.

The currency unit is a grouping of countries dependent in economic, currency and financially from the head of its power, which dictates a single policy in the field of international relations and uses them as a privileged sales market, a source of cheap raw materials and a profitable application sphere. Capital.

The purpose of the currency block is to strengthen the competitive positions of the leader in the international arena, especially in the MO-mention of economic crises. For the currency block, the following features: The currency rate is attached to the country currency heading; International calculations of the countries in the block of countries are carried out in the currency of Hegemon countries; Vasu-literal reserves of the participating countries are stored in Hegemon country; Baking the dependent currencies serve treasury bills and bonds of state loans from Hegemon Country.

At this time, sterling, dollar and alternate currency blocks were formed. The sterling block was formed in 1931. It included the countries of the British Commonwealth of Nations (Cro-Me Canada and Newfoundland), the territory of Hong Kong, Egypt, Iraq and Portugal. Later in him joined Denmark, Norway, Sweden, Finland, Japan, Greece and Iran. The US dollar unit, headed by the United States, was formed in 1933, in it, in the US, Canada, as well as the countries of the Central and Southern Ame-Rica. The Golden Block was created in 1933 of the countries that sought CO-Store Golden Standard, France, Belgium, the Netherlands, Switzerland, and later Italy, Czechoslovakia and Paul-Sha. By 1936, due to the abolition of the system of the Golden Standard in France, the block collapsed. During World War II, all currency blocks ceased to exist.

The advantages of the Gold Standard:

1) Ensuring stability both in the internal and external economic policy, which is explained as follows: The transnational gold flows stabilized the exchange of vital courses and thereby created the favorable conditions for the growth and development of international trade;

2) Stability of currency exchange rates, which ensures accuracy of forecasts cash streams Companies, expense planning and profits.

Disadvantages of the Gold Standard:

1) the established dependence of the money supply from the extraction and production of gold (the opening of new deposits and an increase in its production led to transnational inflation);

2) the inability to conduct an independent monetary policy aimed at solving the country's internal problems.

The Second World War led to the crisis and disintegration of the Genoese Monetary System, which was replaced by Bretton Woods.

3. Bretton Woods Monetary System

The second currency system was officially executed at the UN International Monetary and Finance Conference, which was pro-participated from July 1 to July 22, 1944 in Bretton Woods (USA, New Hampshire). It also founded the International Currency Fund (IMF) and the International Bank for Reconstruction and Once-Qity (IBRD), referred to as the International Bank.

The objectives of the creation of the second MVS were:

restoration of extensive free trade;

establishing a stable equilibrium of the international exchange system based on a system of fixed exchange rates;

transfer of resource states for counter-action temporary difficulties in the external balance sheet.

The second MVS was based on the following principles:

installed solid exchange rates of the currencies of the country-NIC to the course of the leading currency;

2) the leading currency rate is fixed to gold;

3) Central banks support a stable course of their currency in relation to the leading (within +/- 1%) currency with the help of currency interventions;

4) changes in currency rates are carried out by de pupil and revaluation;

5) The organizational link of the system is the IMF and the IBRD, which are designed to develop the mutual currency cooperation of countries and to assist in reducing the balance of payments deficit.

The reserve currency was the US dollar, since only he could be converted into gold at that time (US had 70% of the entire global stock of gold). Golden US dollar price was established: 35 dollars. For 1 troy ounce. Other countries tied their currencies to the US dollar. The dollar began to fulfill all the functions of money internationally: the international exchange rate, the international counting unit, the international reserve currency and the means to preserve value. Thus, the US national currency has become simultaneously global money and therefore the second MVS is often called the SIS-theme of the gold frame standard.

Currency interventions were considered as a self-adaptation mechanism of the second MVS to the changing external conditions, similar to the transportation of gold reserves to regulate balance balance at the Gold Standard. Currency exchange rates could only be changed when the foundation-mental imbalance is occurred. These changes of the Vashehny courses in the framework of solid parities were called revalvaby * and devaluation ** currencies.

* Revaluation is an official exchange rate of the national currency against foreign currency.

** Devalvation - the official decrease in the exchange rate of the national currency relative to foreign currency.

As the country of the leading currency, the United States after the Second World War had a constantly passive balance of payments (for the use of the period of the Korean War at the beginning of the 50s.). In medium, the balance was from 2 to 3 billion dollars. However, this is not a taja-ball negatively on the economic situation of the United States, but only contributed to the expansion of American capital to other countries. Not considering the obligations to sell gold, in the Bretton Woods system there was no mechanism for sanctions on the system of inflationary policy of the country of the leading currency. The weakness of the dollar only led to the expansion of the monetary base and at an increase in currency reserves in a country with a strong currency, without causing any opposite effects in the United States. Under these circumstances, the United States possessed almost unlimited possibilities for their monetary poly-tick, based on inconomic purposes.

The second MVS could only exist until the alien US stocks could provide conversion of foreign dollars in gold. However, by the beginning of the 70s. There was a redistribution-division of gold reserves in favor of Europe: in the period of the 60-70s. Dollar Aguuars of central banks in Europe tripled and by 1970 amounted to 47 billion dollars. against 11.1 billion dollars in USA. There are also significant problems with international face-visa, since compared with the increase in the volume of international trade, gold mining was small: from 1948 to 1969. Gold mining increased by 50%, and the volume of international torus - more than 2.5 times. Trust in the dollar as a reserve currency falls and due to the gigantic deficit of the US balance of payments. New financial centers are formed (Western Europe and Japan), which leads to the loss of the United States of its absolute pre-mining position in the world. The vapor-doctocility of this system based on the internal protest, known as a paradox, or a triffen dilemma is clearly manifested.

According to the triffen dilemma, the gold frame standard must compose two opposite requirements:

1) The emission of the key currency should correlate with the change of the country's golden stock. Excessive emission of key va-laute, not provided with a gold reserve, can undermine the learning key currency in gold and over time will cause a crisis of confidence in it;

2) The key currency should be produced in quantities, fast-accurate in order to ensure an increase in international money supply to maintain an increasing number of international transactions. Therefore, its issue should be much transmitted to the gold stock of the country.

Thus, it becomes necessary to revise the foundations of the susceptible currency system. The crisis of the second currency system lasted 10 years. Forms of its manifestation were: currency and gold fever; Mass devaluation and revaluation of currencies; Panica stock Exchange Waiting for changes in currency rates; active intervention of central banks, including colative; Activation of national and interstate vaubuyu regulation.

Key stages of the crisis of the Bretton Woods Monetary System:

1) March 17, 1968 installed a double gold market. The price of gold in private markets is established freely in accordance with supply and suggestion. According to official transactions for central banks of countries, the reversibility of the dollar is maintained in gold at the official rate of 35 dollars. for 1 troy ounce;

2) On August 15, 1971, the convertibility of the dollar in gold for central banks is temporarily prohibited;

3) On December 17, 1971, the devaluation of the dollar in relation to the gold-tu by 7.89%. The official price of gold increased from 35 to 38 dollars. For 1 Troyan ounce without resuming dollars for gold on this course; The boundaries of permissible fluctuations of courses expanded to +/- 2.25% of the announced dollar parity;

5) On March 16, 1973, the International Conference in Paris sub-revenue exchange rates of market laws. From this time, the Cours of Vasuut is not fixed and changed under the influence of supply and demand, contrary to the IMF Charter. Thus, the system of toll-free exchange rates ceased to exist.

After the Second World War, six main currency zones were formed:

a) British pound sterling;

b) US dollars;

c) french franc;

d) Portuguese Escudo;

e) spanish dogs and

e) Dutch Gulden.

The most stable was the currency zone of French Frank, which also exists to present, combining a number of countries in Central Africa.

After a long transition period, during the past country, various currency system models could try, a new world currency system began to form, for which there was a significant fluctuation of exchange rates.

The device of the modern world monetary system was officially stipulated at the IMF conference in Kingston (Yamai-KA) in January 1976. The basis of this system is floating exchange rates and a multivariable standard.

The transition to flexible exchange rates assumed the achievement of three main objectives:

1) aligning inflation rates in different countries;

2) balancing balance of payments;

3) expanding opportunities for the independent internal monetary policy of monetary policy by individual central banks.

The main characteristics of the Jamaician currency system are the following:

1) Polycentric system, i.e. It is not based on one, but on some key currencies;

2) canceled the mint parity of gold;

3) the main means of international calculations was the freely convertible currency, as well as a SDR and backup positions in the IMF;

4) There are no limits of currency fluctuations. The exchange rate is formed under the influence of supply and suggestions;

5) Central banks of countries are not obliged to interfere with the work of foreign exchange markets to maintain a fixed parity of their currency. However, they carry out currency interventions to stabilize currency courses;

6) The country itself chooses the currency course mode, but it is prohibited to express it through gold.

7) The IMF is monitored by the policies of countries in the field of exchange rates; The IMF member countries should avoid manipulating exchange rates, allowing to prevent the action of the actual restructuring of payment balances or receive single-rone benefits to other IMF member countries.

According to the classification of the IMF, the country can choose the following currency exchange rates: fixed, floating or mixed.

A fixed currency rate has a number of varieties:

1) The national currency rate is fixed with respect to one voluntary selected currency. The course of the National Va Litter automatically varies in the same proportions as the base course. Usually recorded courses of their currencies in relation to the US dollar, the English pound of sterling, French franc developing countries;

2) the national currency rate is fixed to the SDR;

3) "Basket" exchange rate. The national currency rate is tied to artificially designed currency components. Usually in the data of the combination (or currency baskets) in the currency of the main countries - trading partners of this country;

4) Course, calculated on the basis of sliding parity. It is imposing a solid course in relation to the base currency, but the connection between the dynamics of the national and base course is not auto-matical, but is calculated by a specially agreed form-le, which takes into account the differences (for example, at the rate of prices).

In "free swimming" there are currencies in the United States, Canada, Great Britain, Japan, Switzerland and a number of other countries. One-Nako often central banks of these countries support currency courses with their sharp fluctuations. That is why they speak "UP-Roll", or "dirty", swimming exchange rates. Thus, the central banks of the United States, Canada and Germany are interviewed to align short-term fluctuations in their national currencies, while others change the structure of their foreign exchange reserves.

Mixed swimming also has a series of varieties. Warm, this is group sailing. It is characteristic of the countries in ESU. For them, two exchange rates are installed: internal - for operations within the community, external - for operations with other countries. ESU currencies operate a solid parity, calculated on the basis of the relationship of central courses to ECU with the oscillation limit in +/- 15%, installed since 1993 (before that, the limit of the course oscillations was in the range of +/- 2.25 %). Currency courses together "float" in relation to any other currency not included in the ESU system. In addition, this category of currency modes owns a special course mode in OPEC countries. Saudi Arabia, United Arab Emirates, Bahrain and other OPEC countries "tied" courses of their currencies to the price of oil.

Generally the developed countries Currency courses are in pure or group swimming. Developing countries usually record a course of their own currency to a stronger currency or determine it on the basis of a sliding parity (Table 1.2).

Table 1.2. Currency Current Modes (1995)

Currency rate mode	Number of countries
Fixed courses, including: To US dollar To french franc To other currencies To cart currencies		Argentina, Syria, Lithuania, Iran, Panama, Turkmenistan, Venezuela, Nigeria, Oman, etc. African countries included in the franc zone Namibia, Lesotho, Swaziland (Rand South Africa), Estonia (Mark FRG), Tajikistan (Ruble RF). Libya, Myanmar, Rwanda, Seychelles. Cyprus, Iceland, Kuwait, Czech Republic Bangladesh, Hungary, Morocco, Thailand, etc.
Floating courses Taking into account the specified parameters		Chile, Ecuador, Nicaragua
Adjustable swimming Free swimming		Israel, Turkey, South Korea, Russia, China, Malaysia, Poland, Slovenia, Singapore, etc. USA, Italy, Switzerland, India, Ukraine, Canada, Philippines, Norway, United Kingdom, Azerbaijan, etc.
Mixed swimming To one currency (dollar) To the currency group		Bahrain, Saudi Arabia, Qatar, United Arab Emirates European Currency System Countries

An important role is played by special borrowing rights - SDR. Within the framework of the Jamaican currency system, they are one of the official reserve assets. The second amendment to the IMF Charter, which entered into force from 1978, secured the replacement of the Gold SDR as a scale of value. SDR has become a measure of international cost, important reserve Avoire, one of the means of international official calculations.

Participants of the SDR system can only be the member states of the IMF. However, the membership in the Fund does not mean automatic participation in the SDR mechanism. For the implementation of SDR operations in the IMF structure, the SDR Department is formed. Currently, all IMF member countries are its participants. At the same time, the SDR function only in the official, interstate level, on which they are introduced into the turnover of central banks and international organizations.

The IMF is endowed with the authority to create "unconditional liquidity" by issuing funds expressed in the SDR for the countries participating in the SDR Department. The emission of the SDR is fulfilled and in the case when the IMF Executive Board is concluded that at this stage there is a long-term universal lack of liquid reserves and there is a demand in their replenishment. Evaluation of such a need determines the size of the SDR release. The SDR emission is made in the form of credit records in special accounts in the IMF. The SDR is distributed among the IMF member countries in proportion to the magnitude of their quotas in the IMF at the time of release. The amount of quota for each State party of the IMF is established in accordance with the volume of its national income and the size of foreign trade overond, i.e. The richer is the country, the higher its quota in the fund.

The fund cannot produce a SDR for himself or for other "authorized holders." In addition to the member countries to receive, keep and use a SDR can IMF, as well as by decision of the Governing Council of the IMF, the received majority, which should be at least 85% of the votes, the country, which is not members of the Fund, and other international and regional institutions (Banks, currency funds, etc.), having official status. At the same time, their holders cannot be commercial banks and individuals.

The functioning of the Jamaician currency system is controversial. The expectations associated with the introduction of floating exchange rates were only partially. One of the reasons is a variety of possible options for the participating countries available to them within this system. Modes of exchange rates in their pure form are not practiced over a long period. For example, the number of countries that attributing their currencies to the dollar for the period 1982-1994, decreased from 38 to 20, and to the SDR - from 5 to 4. It should be noted that if in 1982 only 8 countries were carried out Independent swimming, in 1994 there were already 52. \u200b\u200bCountries that announced their free swimming of their Vasha, supported the exchange rate through interventions, i.e. Instead of pure swimming, managers were actually carried out.

Another reason is the preservation of the US dollar leading positions in the Jamaican currency system. This is explained by a number of circumstances:

a) since the Bretton Woods Monetary System, there are significant stocks of dollars from individuals and governments around the world;

b) alternative to the dollar recognized by all reserve and transaction currencies will be constantly in short supply until the payment balances of countries whose currencies may apply to this role (Germany, Switzerland, Japan), have hundred-bilish active balance;

c) Eurodollar markets create dollars regardless of the US balance of payments and thereby contribute to the supply of world currency system with a necessary tool for transactions.

For the Jamaican currency system, a strong currency exchange rate for the US dollar is characterized, which is due to the counter-resisting US economic policy in the form of expansionist fiscal and restrictive monetary policy. This co-challenge of the dollar has caused many currency crises.

Book

Semilyina Natalia Gennadievna - Candidate of Law, Deputy Head of Development Management financial markets Legal Department of the Moscow Interbank Currency Exchange (MICEX) - one of the leading financial stock exchanges

Educational and methodical complex of academic discipline SDM 06 Credit and monetary regulation

Training and metodology complex

Extract from the State Educational Standard of Higher Professional Education in the direction of 521600 Economics, Master of Economics, Apparatus.

Methodical instructions on the implementation of final qualifying (diploma) work on financial law

Methodical instructions

The graduation work of a student studying on the main educational programs of a specialist and bachelor's program has the status of final qualifying work in the specialty 030501 "Jurisprudence".

Topic 5. International Financial System

5.2. World monetary system

World monetary system - This is a form of organization of currency relations regulated by national currency legislation and interstate relations.

The world currency system includes items:

1. World cash product - Currency. Under the currency understand the goods capable of performing the functions of money in the world economy. National currency is a legitimate payment facility in the territory of this country. Foreign currency is a legal means of payment in other countries.

2. Exchange rate - It is defined as the value of the monetary unit of one country, expressed in the monetary units of another country. Currency exchange rates are:

Fixed - based on currency parity, i.e. The officially established relationship of monetary units * of different * countries;

Floating - depend on market demand and currency supply, it can significantly fluctuate in magnitude.

3. Foreign exchange markets - A combination of monetary requirements and obligations of non-residents to each other.

4. International Monetary and Financial Organizations .

5. Interstate agreements .

Everything currency operations are divided into two types:

Current currency transactions;

Currency transactions related to the movement of capital.

The following world currency systems were peculiar to various stages of the development of the world economy.

Currency course: concept, types and factors of its defining

The exchange rate is the price of a monetary unit of one country, expressed in monetary units of other countries. It shows which volume of foreign goods (assets) can be bought on a certain amount of national money.

The exchange rate is required to exchange currencies in trade in goods and services, the movement of capital and loans; To compare prices in world commodity markets, as well as the cost indicators of different countries; For periodic reassessment of accounts in foreign currency firms, banks, governments and individuals.

There are four types of currency rates:

1) Fixed -it is based on currency parity - the officially established relationship of monetary units of different countries. The Central Bank establishes the exchange rate fluctuations (currency corridor). For example, if the national currency rate decreases, the central bank will buy a certain amount in exchange for foreign currency to maintain it. Thus, the proposal of the national currency is reduced, and its course rises, and vice versa. The decrease in the course is called devaluation, and an increase in revaluation.
2) Floating exchange rate - is established as a result of the interaction of supply and supply in the market. In addition to them, there are a number of intermediate options, so-called hybrid courses. The most typical view of the latter is a managed currency course (controlled swimming). Managed Swimming is a course management practice using tools. state regulation.
3) Nominal currency rate - the actual price of one currency in units of another currency.

4) The real exchange rate is a change in the price level in one country, compared with the price level in another, measured through the nominal exchange rate (the ratio in which the goods of one country can exchange for the goods of another country).

Currency course required for:

mutual exchange of currencies in trade in goods, services, when moving capital and loans;
comparison of prices of world and national markets, as well as valuable indicators of different countries expressed in national or foreign currencies;
periodic reassessment of accounts in foreign currency firms and banks.

The exchange rate affects a number of factors. First of all, the change in the exchange rate occurs under the influence of supply and demand in the foreign exchange market. In turn, the demand and proposal are influenced by the numerous circumstances of an economic, political, subjective psychological nature.

1) trade balance.

From the manifold of economic indicators, at first glance, the most direct and direct connection with the exchange rate should have a trade balance, since it is the difference between the total export and import of the country.

If exports prevails in the structure of foreign trade in the country, then this means an excessive flow of foreign currency to the country, therefore, the growth in demand for the national currency and the growth of the exchange rate of this currency. Conversely, with a trade balance deficiency (when the volume of imports is greater than the volume of exports), the national currency should weaken. In reality, the mutual influence of trade, exchange rates, inflation and interest rates is so mixing all the factors that the relationship between them becomes completely non-obvious.

2) interest rates.

Another important indicator for tracking the dynamics of foreign exchange markets is interest rates. Percentage differential, that is, the difference in interest rates operating in two currencies is the main factor that directly determines the relative attractiveness of the currency pair, and, consequently, the possible demand for each of them.

The greater the interest rate on this currency compared to other currencies (large percentage differential), the more willing to buy this currency among foreign investors to place funds into a deposit at a high interest rate. In short, high interest rates make this currency attractive as an investment tool; So, the demand for it in the international foreign exchange market is rising, and the course of this currency is growing.

3) gross domestic product.

Gross domestic product, GDP - a general indicator of the amount of added values \u200b\u200bcreated for a certain period by all manufacturers operating in the country. GDP is a generalizing indicator of the strength of the economy (or on the contrary, its weakness during recession periods). His relationship with the currency course is always obvious and immediately immediate - the stronger the GDP is growing, the stronger the national currency. The higher the GDP, the better the state of the economy. Its optimal change - up to 3% per year; If above - reverse reaction. There will have to introduce increased rates, which will cause rise in price to the national currency.
4) Inflation.

Inflation is the most important development indicator economic processesAnd for currency markets - one of the most essential landmarks. For inflation data, currency dealers follow the most attentive way.

Inflation growth reduces the real interest rate, since it is necessary to subtract some of the income from the income received, which simply goes to cover the rise in prices and does not give any real increase in the benefits of goods or services). The simplest way of formal accounting of inflation and is that as a real interest rate examines the nominal rate minus the inflation rate (also specified as a percentage), in addition, the level of inflation is the most important indicator of "health" of the economy, and therefore it is carefully monitored by central banks . The means of combating inflation is to increase interest rates.

5) the actions of central banks.

All the actions of state regulatory authorities, and in particular, central banks affecting finance and money turnoverare important factors for exchange rates. The price of the currency is determined primarily by supply and demand associated with this currency in the international market. Therefore, exchange rates of major currencies are created by the market, but central banks have a number of instruments with which they can significantly affect currency courses. The central banks apply these tools based on the goals of their financial policy (the main of which is the stability of the national currency) and the specific situation, which is determined by the state of the economy, the country's competitive position in the world market and political factors. Therefore, the markets are always very closely monitored not only for the economy, but also for statistics of finance of the main trading countries, trying to predict the actions of central banks.

6) the amount of money supply.

The amount of money in circulation is one of the essential factors forming the exchange rate. An excess one currency will create an increased proposal for its international currency market and will cause a decline in its course with respect to other currencies. Accordingly, the currency deficit, if there is demand for it, will lead to an increase in the course.

Direct quotation - the number of national currency for one unit of someone else's. In most countries, foreign currencies are expressed in national currency. This is the so-called direct quotation system. For example, in Germany, one US dollar ($) will be equated to a certain number of FRG brands (DM), and in New York, one German brand will be equated to a certain number of cents (or dollars if the brand is high enough).

Return quote - the number of foreign currency per unit of national.

Currency courses are divided into two main types: fixed and floating.

A fixed currency course varies in narrow framework. Floating currency courses depend on market demand and expense on the currency and can be significantly fluctuated in magnitude.

The fixed rate is based on currency parity, i.e. The officially established relationship of monetary units of different countries. With monometallism - gold or silver - the base of the currency rate was the mint parity - the ratio of monetary units of different countries by their metallic content. He coincided with the concept of currency parity.

When gold monometallism, the currency rate relied on the gold parity - the currency ratio of their official gold content - and spontaneously fluctuated around it within the golden points. The classic mechanism of golden dots acted under two conditions: free purchase - sale of gold and its unlimited export.

The exchange rate with undequensed credit money gradually broke away from the gold parity, because Gold was supplanted from handling treasure. This is due to the evolution of commodity production, monetary and currency systems. For the mid-70s, the golden currency content was served for the mid-70s - the official scale of prices - and golden parries, which, after the Second World War, were recorded IMF. The measure of the currency ratio was the official price of gold in credit money, which, along with commodity prices, was an indicator of the degree of impairment of national currencies. In connection with the separation for a long time, the official price of gold from its value, the artificial character of gold parity increased by the state-fixed state.

For more than 40 years (1934-1976), prices and gold parity were installed on the basis of the official price of gold. When the Bretton Woods Monetary System, due to the domination of the dollar, the dollar served as the point of reference of the currency of other countries.

After stopping the exchange of dollar on gold at the official price in 1971. Gold content and golden currencies became a purely nominal concept. As a result of the Yamaician currency reform, Western countries officially abandoned gold parities as the basis of the exchange rate. With the abolition of official gold parities, the concept of minting parity has also lost importance. In modern conditions, the exchange rate is based on the currency parity - the ratio between the currencies prescribed in the legislative order and fluctuates around it.

In accordance with the changed charter of the IMF, the currencies can be installed in a SDR or another international currency unit. The introduction of parities based on the currency basket has become a new phenomenon from the mid-70s. This is the method of compulsion of the weighted average course of one currency relative to a certain set of other currencies. The use of a currency basket instead of the dollar reflects the trend of waste from dollar to a multilute standard.

Thus, in the free swimming system, the exchange rate is formed under the influence of market demand and suggestions. The foreign exchange forex market at the same time is most close to the model of the perfect market: the number of participants, both on the demand side and the side of the proposal, is huge, any information is instantly transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and inconstant.

In the system of controlled voyage, in addition to demand and suggestions, the central banks of countries, as well as various temporary market distortion, have a strong influence on the currency rate. An example of a system of fixed courses is Bretton - Woods Monetary System 1944-1971. The target zone system develops the idea of \u200b\u200bfixed exchange rates. This type includes the mode of functioning of currency exchange rates of the European currency system.

The exchange rate is determined as the value of the monetary unit of one country, expressed in the monetary units of another country. The exchange rate is required to exchange currencies in trade in goods and services, the movement of capital and loans; To compare prices in world commodity markets, as well as the cost indicators of different countries; For periodic reassessment of accounts in foreign currency firms, banks, governments and individuals.
Currency courses are divided into two main types: fixed and floating.
A fixed currency course varies in narrow framework. Floating currency courses depend on market demand and expense on the currency and can be significantly fluctuated in magnitude.
The fixed rate is based on currency parity, that is, the officially established relationship of monetary units of different countries. With monometallism - gold or silver - the base of the currency rate was the mint parity - the ratio of monetary units of different countries by their metallic content. He coincided with the concept of currency parity.
When gold monometallism, the currency rate relied on the gold parity - the currency ratio of their official gold content - and spontaneously fluctuated around it within the golden points. However, with the abolition of the Golden Standard, the mechanism of golden points has ceased to act.
In modern conditions, the exchange rate is based on the currency parity - the ratio between the currencies prescribed in the legislative order and fluctuates around it.
In accordance with the changed charter of the IMF, the currencies can be installed in a SDR or another international currency unit. The introduction of parities based on the currency basket has become a new phenomenon from the mid-70s. This is the method of compulsion of the weighted average course of one currency relative to a certain set of other currencies. The use of a currency basket instead of the dollar reflects the trend of waste from dollar to a multilute standard.
The development of foreign economic relations requires a special tool through which the subjects operating in the international market could support close financial cooperation among themselves. Such a tool is the banking operations for the exchange of foreign currency. The most important element in the system of banking operations with foreign currency is the exchange rate, since the development of MEO requires measuring the value ratio of currencies of different countries.
Currency course required for:

· Mutual exchange of currencies in trade in goods, services, when moving capital and loans. The exporter shares the proceeded foreign currency to the national, since the currencies of other countries cannot apply as a legitimate purchasing and means of payment in the territory of this state. The importer shares the national currency for foreign goods purchased abroad. The debtor acquires foreign currency for the national debt to pay off and paying interest on external loans;

· Comparison of prices of world and national markets, as well as cost indicators of different countries expressed in national or foreign currencies;

· Periodic reassessment of accounts in foreign currency firms and banks.
Exchange rate - This is the exchange rate between two currencies, for example 100 yen for 1 US dollar or 16 rubles of the Russian Federation for 1 US dollar, 440 AWS Drama for $ 1.
Hypothetically exist five exchange rates:

· Free ("clean") swimming;

· Managed swimming;

· Fixed courses;

· Target zones;

· Hybrid currency exchange rate.
Thus, in the free swimming system, the exchange rate is formed under the influence of market demand and suggestions. The foreign exchange forex market at the same time is most close to the model of the perfect market: the number of participants, both on the demand side and the side of the proposal, is huge, any information is instantly transmitted in the system instantly and is available to all market participants, the distorting role of central banks is insignificant and inconstant.
In the system of controlled voyage, in addition to demand and suggestions, the central banks of countries, as well as various temporary market distortion, have a strong influence on the currency rate.
An example of a system of fixed courses is the Bretton Woods Monetary System 1944-1971.

The target zone system develops the idea of \u200b\u200bfixed exchange rates. Its example is the fixation of the Russian ruble to the US dollar in the corridor 5, 6-6, 2 rubles for 1 US dollar (in pre-crisis times). In addition, this type can include the mode of functioning of currency exchange rates of the European currency system.
Finally, an example of a hybrid exchange rate system is a modern currency system, in which there are countries carrying out the free sailing of the exchange rate, there are stability zones, etc.