Organization of operations for international settlements. Organization and forms of international payments. Financial globalization and risks in international settlements

Current account of foreign trade operations

Import and export of goods. Most people, when talking about the processes of international trade, first of all remember the import and export of goods. In the table. 21.2 example, the export of goods from the United States is 200 billion dollars. Over the past two decades - from 1965 to 1985 - the export of goods from the United States has grown rapidly; over this period, it increased by more than 2.5 times in real terms. However, imports of goods at this time grew even more - by 1984 in real terms it had reached four times the level of 1965. In table. 21.2 import of goods is 300 billion dollars.

The table below shows a simplified version of the US balance of payments for foreign trade operations in a typical mid-eighties. The first part of the table - the current account of foreign trade operations - covers the exchange of goods and services, as well as one-way one-time transfers. The second part of the table - the capital account - interfaces with the transnational sale and purchase of assets, as well as the international practice of obtaining loans and granting loans. The third part, the official reserve account, highlights changes in the federal reserve assets of the US government and foreign governments. All funds entering the United States through transactions in foreign exchange markets come with a plus sign, and funds leaving the United States - with a minus sign. Since any transaction in the foreign exchange market has both a buyer and a seller, the resulting balance of payments for the current account of foreign trade operations, the capital account and the official reserve account add up to zero. In the example below (the official reserve account here sums up to zero), the deficit in the current account of foreign trade is made up by a surplus in the capital account.

According to the established tradition, the export of goods, which is a source of funds flowing into the economic system, is taken in accounting with a plus sign. Conversely, the import of goods, which is itself a use of cash, is taken with a minus sign. The difference between these two economic variables is the balance of trade.

Non-trading operations. Not. all foreign trade consists of imports and exports of goods. There is an active exchange of services between different countries. Investment income is one of the main categories of services. Investment income received by US firms and businesses represents payments for the use of US firms operating abroad. In addition, this position includes services rendered in the management process. Cash receipts in the form of investment income is the source of cash (+), and payments on these incomes are the use of cash (-). In our case, the net investment income is $20 billion.

International foreign trade operations include payments and receipts from tourism, transportation, television and radio communications, insurance, etc. In the American economy, expenses on these items usually exceed income (in Table 21.2-(-5) billion dollars).

And finally, some types of payments do not have any trading basis. These include official transfers of funds, such as foreign aid, as well as private transfers from famine relief and humanitarian aid to pensions for former employees of US firms now living abroad. This position in its pure form is included in the final balance as a negative value, which is a characteristic feature of the US economy. Without exception, the expenditure of funds for making these payments to foreign governments and individuals exceeds similar receipts from abroad. The sum of the trade balance, net income from services sold and unilateral one-time payments is known as the balance of the current account on foreign trade operations. In information messages, it is often called the balance of payments of foreign trade operations. In the example under consideration, the deficit in the balance of payments of foreign trade operations is $95 billion.

Capital account

Foreign trade operations on current accounts got their name due to the fact that in this case, funds are exchanged for goods and services that are intended for immediate use, or the transfer of funds temporarily does not imply the receipt of something tangible in return. In addition to such settlements on current accounts of foreign trade operations, other financial activities are also carried out related to the purchase and sale of financial assets, as well as with the international practice of granting and receiving loans and borrowings. Such financial transactions are called capital account transactions (presented in Table 21.2 in the second part of the US balance of payments for foreign trade transactions).

Acquisitions of US financial assets by foreign buyers and borrowings from foreign banks and non-banking sources by US firms, businesses, and US individuals constitute US cash inflows. Such transactions in banking practice are known as capital inflows (shown with a positive sign in the US balance of payments). Purchases and acquisitions of foreign assets by US businesses and citizens, as well as loans made by US banks and other non-banking sources to foreign firms and citizens, constitute an outflow of funds from the US economy, a kind of use outside the US. Such transactions are called capital outflows (shown with a negative sign in the US balance of payments).

The numerical expressions of capital inflow-outflow operations at first glance look rather modest compared to export-import operations. This is somewhat confusing, but it must be remembered that the balance of these transactions is given in net units. The daily transactions in foreign exchange markets related to the capital accounts far outnumber

operations on current accounts of foreign trade operations. For example, in table. 21.2 The $20 billion in net capital outflows may consist of $300 billion in new loans, $290 billion in repayments on pre-existing loans, $700 billion in foreign securities paid by businesses and US citizens, and $690 billion in foreign securities. dollars received from the sale of foreign securities. In table. Table 21.2 gives only the net dollar value of these transactions - (-20) billion dollars.

The table also shows that the capital inflow in this case exceeds the outflow by $95 billion. This is the balance of the capital accounts for the year. In this case, it is customary to say that the capital account has a surplus; when capital inflows exceed capital outflows, the reverse term is used - in this case, it is considered that the capital account has a passive balance.

Settlements on official reserve accounts

The third part of the table. 21.2, records transactions in official reserve assets of central banks and government agencies. They include transactions for the purchase and sale of foreign currency, gold, as well as a number of other activities implemented through the International Monetary Fund (more on them in the next chapter). Conceptually, these transactions are not much different from capital account transactions conducted by private firms and economic agents. However, since the motive for such transactions is usually not financial profit, these calculations are accounted for separately.

Growth in US federal government official reserve assets (for example, growth in US federal government deposits with foreign central banks) represents the use of funds outside the US economy and enters the balance of payments with a minus sign. The growth of foreign reserve assets placed in the US (for example, the growth of deposits of foreign governments in the Fed) is a source of funds and is included in the balance of payments with a plus sign. In the example shown, the resulting balance of these transactions is zero.

Relationship between account transactions

An important property of accounts for foreign trade operations is the fact that the final balance for all positions results in zero. This is due to the fact that all receipts of funds (+) and their total use (-) equally pass through external foreign exchange markets, and, of course, each of the costs of funds must necessarily find its source.

In the example already familiar to us, the balance of the official reserve account is zero, so this position in itself cannot be either a source of funding for other operations, or a use of funds raised from somewhere. Looking further at the current account of foreign trade, we see that $315 billion needs to be found to cover the cost of $300 billion in imports of goods, $5 billion of net imports of services that are not investment income, and $10 billion of one-time unilateral payments. Income from the export of goods

costs $200 billion of these1 costs, and investment income another $20 billion. What is the source of the missing $95 billion needed to bring the balance of payments on foreign trade operations to zero?

Obviously, this source is the capital account. One such possibility - since the export of goods and services does not cover the costs of imports - could be the purchase of these goods and services on credit. As we have already seen, obtaining loans from foreign sources is included in the balance of payments on foreign trade operations with a plus sign - as an inflow of capital into the US economy, an additional source of funds. As another possibility, the following transaction can be considered: consumers of US imported goods can export financial assets abroad as payment for them1. For example, it is entirely possible to sell U.S. federal government bonds to a Japanese pension fund, or a controlling stake in American Motors Corporation to the French concern Renault, or a luxurious estate in Florida to a successful Saudi Arabian oil trader who does not know where to invest his petrodollars. Such transactions, as well as attracting foreign loans, are capital inflows. In this example, the net capital inflow exceeds the outflow of capital by $95 billion, that is, exactly by the amount that covers the deficit in the balance of payments on the current account of foreign trade operations.

Therefore, we see that the appreciation of the dollar, that is, the increase in its exchange rate, expressed in francs per dollar, increases the price of American goods, expressed in francs. This circumstance reduces the demand for American goods and thus the amount of demand for dollars from French importers of American goods. The depreciation of the dollar, that is, the fall in its exchange rate, expressed in francs per dollar, reduces the price of American goods, expressed in francs. This circumstance increases the demand for American goods and, consequently, the magnitude of the demand for dollars in the foreign exchange markets. Based on these circumstances - demand in France for US goods and services - at 21.1 the demand curve for dollars on current accounts of foreign trade operations is presented, which, as follows from the above graph, has an inclined shape.

International settlements cover international settlements in foreign trade in goods and services, non-commercial transactions, loans and capital movements. This is the regulation of payments to snow claims and obligations arising from economic, political and cultural relations between legal entities and citizens. They include the conditions and procedure for making payments in the course of the practical activities of banks. For settlements, banks use their foreign branches and correspondent relations with foreign banks, which are accompanied by the opening of accounts loro(foreign banks in this bank) and nostro(given by the bank in foreign). Since ancient times, the national credit money of the leading countries has been used in current international settlements. With the abolition of the gold standard and the cessation of the exchange of credit money for metal, there was no need to pay international obligations in gold. However, gold is used as emergency world money under unforeseen circumstances. In modern conditions, countries resort to selling part of their official gold reserves in those currencies in which their international obligations under foreign trade contracts and loan agreements are expressed. Consequently, in modern conditions, gold is used in international settlements indirectly through operations in the gold markets.

The predominant use of national currencies in international payments increases the dependence of their effectiveness on exchange rate fluctuations, the economic and monetary policies of the countries that issue these currencies. The state of international settlements depends on a number of factors: economic and political relations between countries, currency legislation, international trade rules and customs, banking practices, the terms of foreign trade contracts and loan agreements.

International settlements called payments for monetary claims and obligations arising in connection with trade, economic and other relations between organizations, firms, individuals from different countries. Their difference from internal settlements lies in the fact that they are associated with the exchange of the national currency for another. When concluding foreign trade transactions, the parties agree on the currency in which the payment will be made: in the currency of one of the parties or in the currency of a third country. Foreign currency in the international payment turnover does not appear in the form of cash or coins, but mainly in the form of telegraph and postal orders, checks, urgent drafts. Cash banknotes are used in the international payment turnover by individuals traveling on a business trip as tourists. However, here, too, the predominant form for settlements is cash letters of credit, traveler's or traveler's checks, and plastic cards.

The largest part of international settlements is currently carried out in US dollars (50% of all trade transactions, 80% of transactions in the foreign exchange markets, 40% of the foreign exchange reserves of IMF member countries are also denominated in US dollars).

Historically, there were features of international settlements:

importers and exporters, their banks enter into certain relations separate from the foreign trade contract related to the execution, forwarding, processing of documents of title and payment, making payments;
settlements are regulated by regulatory national legislative acts, international banking rules and customs;
calculations are unified and are of a documentary nature;
settlements are carried out in different currencies, therefore, the dynamics of exchange rates affects the effectiveness of their implementation;
the unified rules of guarantees are used in the calculations.

Letter of credit form of payment - an agreement by virtue of which the bank undertakes, at the request of the client, to pay documents to a third party (beneficiary) or to make payment, acceptance of a draft or purchase of documents.

Collection form of payment - the bank, on behalf of the client, receives payment from the importer for the goods shipped to its address, crediting these funds to the exporter's bank account. Distinguish simple and documentary collection. Simple collection means the collection of payment on financial documents (promissory notes and bills of exchange, checks, payment receipts) not accompanied by commercial documents (invoices, documents confirming the shipment of goods, insurance documents, certificates). Documentary collection is a collection of financial documents accompanied by commercial documents.

Bank transfer - an order from one bank to another to pay a certain amount to the recipient using the SWIFT system. They can be combined with other forms of payment and with a guarantee.

Payments in the form of an advance - payment for goods is made by the importer before shipment.

Open account settlements - periodic payments from the importer to the exporter upon receipt of the goods.

Settlements using bills of exchange and checks- bills of exchange (drafts) issued by the exporter to the importer are used. Retratta - counter bill of exchange drawn by the holder of an unpaid or unaccepted bill of exchange to the drawer (creditor) or endorser for the amount of the bill plus costs. Travel (tourist) check - a payment document, a monetary obligation (order) to pay the amount of currency indicated on it to its owner. They are issued by large banks in national and foreign currencies of different denominations. Eurocheck is issued by the bank without a preliminary payment of cash by the client and for larger amounts against a bank loan for a period of up to one month.

Credit card - a nominal monetary document that gives the owner the right to purchase goods and services using non-cash payments.

State intervention in the sphere of international payments is manifested in the periodic use currency clearing— agreements between the governments of two or more countries on the mandatory mutual offset of international claims and obligations.

International payments - it is a system of mechanisms for the implementation of monetary claims and obligations that arise between different entities in the field of international economic relations.

The evolution of international payments reflects the development of international relations, currency systems, financial markets, including the financial services market. The need for international payments is due to international trade, the export of capital, migration processes, etc.

At the present stage, international settlements are the object of state regulation, which is carried out in several directions. The state influences the settlement system, since it often takes part in them; legally regulates, periodically introducing certain currency restrictions, creating currency control bodies, etc.; affects settlements through the system of international organizations.

International settlements are carried out mainly in non-cash form by appropriate entries in bank accounts in authorized banks; they are directly related to currency exchange.

Subjects of international settlements:

importers;
exporters;
banks, credit institutions;
state;
international organizations;
physical person.

There are three main types of organization of international settlements:

settlements through the organization of correspondent relations between commercial banks;
settlements through correspondent accounts, which are slightly opened in the institutions of central banks. As a rule, these are full settlements that are carried out individually, on a gross basis, they can be characterized as gross payments;
settlements through clearing institutions. These are settlements, or payments, net.

For the implementation of international settlements, authorized banks use their foreign apparatus (branches, departments, subsidiaries) and correspondent relations with foreign banks.

Correspondent relations as one of the main organizational forms of banking activities in international markets are considered in the topic "International Banking".

The international settlements are based on the movement of commodity and administrative documents and the operational processing of payments.

The main factors that express the state of international settlements are:

terms of foreign trade contracts;
Currency legislation;
features of banking practice;

international rules and "customs", etc..

There are such types of international payments.

National currency:
trade, credit and payment agreements between countries;
International collective currency (SDR, euro):
trade, credit and payment agreements within the integration groupings of countries;
Clearing settlements:
international payment agreements of a clearing type - an agreement between the governments of two or more countries with a mandatory mutual offset of international claims and obligations;
Gold:
used in international settlements indirectly in the gold market.

Types of international paymentsdepends on:

Subject specifics:
between specific counterparties;
between banks;
between the bank and the counterparty;
between the state and the bank;
between states.
Subject Interactions:
directions;
through intermediaries.
From object:
trading operations;
investment operations;
non-commercial operations.
Payment terms:
cash;
with a loan.

Forms of international payments(presented in the direction of decline in profitability for the exporter):

100 percent advance payment or advance payments (prepayment);
letter of credit;
collection;
bank transfer;
bank bill;
bank check;
open bank account;
consignment;
plastic cards.

Consider each of the listed forms of calculation.
Advance payments (prepayment) a rare occurrence in normal international currency transactions.
Advance payment - this is a form of payment when the importer pays for the goods on his own or through his bank or the exporter's bank at the time of transferring the order to the exporter. It is used only in case of unsatisfactory credit condition of the importer or if there are difficulties in obtaining the funds necessary for the exporter to produce the goods ordered by the importer. But in any case, the final calculations will depend on the verification of all documents by the importing bank.
Letter of credit - an agreement according to which the bank undertakes, at the request of the client, to pay the documents to a third party (beneficiary-exporter), in favor of which an open letter of credit, whether to pay for the acceptance of the draft drawn up by the beneficiary, or to negotiate (purchase) the documents issued to him by the exporter (beneficiary), respectively determined conditions .
A letter of credit, in accordance with the Uniform Customs and Practice for Documentary Letters of Credit, which were developed by the International Chamber of Commerce and came into force on January 1, 1994, means a written obligation of the issuing bank, which is performed at the request and on the basis of the instructions of the client (applicant to the letter of credit):

make payment to the beneficiary or, at the request of a third party;
pay or accept bills of exchange (drafts) drawn up for the beneficiary;
authorize another bank to pay, accept or negotiate such bills of exchange (drafts).

A letter of credit, compared with other types of settlements, provides great opportunities to protect the interests of the exporter.

When signing a sale and purchase agreement, the exporter must clearly define what risks and requirements he needs to consider regarding:
political, economic and legal conditions in the buyer's country;
solvency and reliability of the buyer;
own liquidity.

The form of a letter of credit is:

monetary- This is a nominal monetary document, which indicates the bank's order to pay the owner of a certain amount in full or in parts. It is paid in the specified currency or in the currency of the country. Where letters of credit are presented, at the rate on the day of payment;
commodity (documentary) - provides that the buyer gives a power of attorney to the bank that serves, to open such a commercial letter of credit, which indicates the name of the goods and the documents that must be presented to receive payment.

The following are involved in settlements under a documentary letter of credit:

importer (applicant) who applies to the bank with a request to open a letter of credit;
importer bank, or issuing bank who opens a letter of credit;
the bank that advises (i.e. the exporting bank), who is instructed to notify the exporter of the opening of a letter of credit in his favor and to transfer to him the text of the letter of credit, having checked its validity;
beneficiary exporter in whose favor the letter of credit is opened;
reimbursement bank, if there are no correspondent relations between the exporter's bank and the importer's bank ;
carrier and forwarder.

The sequence of actions when issuing a letter of credit can be schematically presented as follows (Fig. 10.1)

conclusion of an agreement between the exporter and importer;
application by the importer to open a letter of credit;
opening a letter of credit by the issuing bank and sending it to the beneficiary through the advising bank (exporting bank);
advising (message) to the beneficiary about the opening of a letter of credit in his favor;
verification of the letter of credit by the exporter (compliance with the terms of the transaction, implementation);
shipment of goods by the exporter to the importer;
registration and submission by the beneficiary to his bank of a set of documents for receiving payment for a letter of credit;
verification and forwarding by the advising bank of documents to the issuing bank;
verification by the issuing bank of the received documents that are received and their payment;
issuance by the issuing bank of documents that are paid for by the ordering party of the letter of credit, i.e. issuer;
transfer by the advising bank of funds to the beneficiary.

The term and conditions of the letter of credit must be agreed to the payment transaction (negotiation or acceptance). An agreement with a documentary letter of credit provides for the following documents:

bill;
a bill of lading or other transport document that may be a distribution document;
commercial invoice, invoice, invoice;
certificate of origin of goods;
insurance policy or certificate.

Advantages and disadvantages of a letter of credit for:
a) the importer:

high commission;
a bank loan is applied;
immobilization and dispersion of its capital - the opening of a letter of credit for the receipt and sale of goods.

b) exporter:

there is an obligation of the bank to pay;
reliability of settlements and a guarantee of timely payment for goods, since it is carried out by the bank;
the speed of receiving payment;

obtaining the importer's permission to transfer the currency to the exporter's country when issuing a letter of credit in foreign currency.

40. Planning, management and control of foreign economic activity at the enterprise.

Management of foreign economic activity of an enterprise is an impact on the processes of preparation and implementation of foreign economic operations, focused on making a profit, increasing profitability through participation in the international division of labor.

The essence of management is manifested in functions that express the direction or stages of the implementation of a targeted impact on the connections and relationships of people in the management process:

1) foreign trade planning, which involves the development of a plan for the production and sale of export products, foreign exchange flows (revenues and expenses), R&D, etc. (see ch. 4);

2) organization of foreign economic activity, which consists in choosing the optimal organizational structure of management;

3) coordination (regulation) - a corrective purposeful impact on specialists who carry out individual operations for the implementation of foreign economic activity;

4) stimulation (activation) - material and moral encouragement of employees, their motivation

5) control - systematic observation (monitoring) of the activities of specialists, comparison of planned and actual results of foreign economic activity.

Planning an effective foreign economic activity of an enterprise is based on careful consideration of numerous factors of the external and internal environment.

Since the product determines the fate of foreign economic activity, the entire system of measures associated with the product - creation, production, sale, advertising, service, etc. - occupies a central place in planned work.

Table 6. The process of planning the foreign economic activity of an enterprise

Management of foreign economic activity at the enterprise level is carried out in accordance with the legislation of foreign economic activity and local regulations. Depending on the volume of export-import products in the general structure of production, departments or divisions are created at the enterprise that deal with the organization and management of foreign economic activity.

The functions of foreign trade specialists can be as follows, depending on the production structure of the company:

scientific and technical cooperation and external relations; protocol events for the organization of foreign economic relations; market research, identifying potential buyers and suppliers, studying competitors; organization and planning of foreign trade transactions; advertising company, organization of product distribution and sales promotion; assessment of the effectiveness of export-import operations.

Accounting for transactions is carried out through accounts 30114 "Correspondent account in non-resident banks" ( NOSTRO - A), opened in the name of a commercial bank with a correspondent bank and an account 30111 "Correspondent accounts of non-resident banks"(LORO - P), opened in a commercial bank in the name of a correspondent bank. When making transactions between the respondent bank and the correspondent bank, there must be an agreement on the procedure for setting the account value date.

1. Receipt by a bank from the issuing bank of coverage for export (deposited) letters of credit opened in favor of its clients of the beneficiary bank with payment coverage:
Dt 30114.840 Kt40902.840(P)

2. Return of unused cover on deposited letters of credit in case of their cancellation or reduction of the amount of the letter of credit:
Dt-40902.840(P) Kt 30114.840(A)

3. Receipt from the issuing bank of applications for an export letter of credit (guaranteed) with payment coverage:
Dt-91414.840(A) Kt-99999.840(P)

4. Paid for documents on account of the issued covered letter of credit in the bank - beneficiary (executor) Dt 30111 Kt r.c. supplier

5. Reduction of the amount of the guaranteed letter of credit in connection with its use (full or partial) or in case of their cancellation or reduction of the amount of the letter of credit:
DT-99999.840(P) KT-91414.840(A)

Question 6. Documents in foreign trade transactions: commercial invoice, transport documents, etc.

Depending on what form of international payments is established between the exporter and importer (letter of credit, collection, transfer, etc.), documents are used in contracts. The list of documents that accompany a foreign trade transaction is necessarily reflected in the contract. Depending on the terms of delivery, the type of goods, the need for its insurance, a list of documents is also established.

All documents can be divided into several groups:

Transport documents;

Commodity documents;

Insurance documents;

Customs documents.

To transport documents include:

Railway invoice;

Air waybill;

Road waybill;

Bill of lading.

Railway invoice - this is the documentary execution of the contract of carriage between the consignor and the administration of the railway.

Name of the destination station and border stations;

Shipping Name;

Freight note.

air waybill- a document that certifies the existence of a contract of carriage between the consignor and the carrier for the delivery of goods by air.

Name of airports of departure and arrival;

Declared value of the cargo;

The amount of payment for transportation;

Date of invoice.

consignment note- serves as a contract when using road transport in international transfers.

Shipping date;

Shipping Name;

Name of the recipient;

Transportation cost.

Bill of lading- this is a document issued to the shipper about the acceptance of goods for transportation by sea.

Perform 3 functions:

Certifies the acceptance of the cargo for transportation;

Serves as a document of title;

Evidence of the conclusion of the contract of carriage by sea.

Distinguish:

- registered bill of lading– persons in whose name I issue the bill of lading;

- warrant bill of lading– the person in whose name the bill of lading is collected;

- bearer bill of lading- the person who will present the bill of lading.

River waybill- confirms the acceptance of cargo for transportation by river, is issued by the carrier to the sender of the cargo, is not a document of title.

Trade Documents:

Goods quality certificate;

Test report;

Certificate of origin;

Packing list.

Packing list is a list of all types and varieties of goods located in each shipping item, describes the content of each package, box, bundle, i.e. each piece of cargo.

Goods quality certificate- this is a certificate certifying the quality of the actually delivered goods and its compliance with the terms of the contract, issued by the competent authorities, state. bodies.

Test report- a document that is drawn up after the seller, together with the representative of the buyer, tests.

Certificate of origin- a document issued by the competent authority in the exporting country and certifying the origin of the goods. Certificate of origin is issued by chambers of commerce, customs.

Customs documents:

Veterinary certificates;

Sanitary certificates;

quarantine certificates.

Veterinary certificates- usually required for the delivery of goods such as livestock, products, livestock and others. They are issued by the export veterinary authorities and certify the health of the animals.

Must have an insurance policy.

Transaction passport. The procedure for registration, the procedure for accounting for operations and control over the conduct.

Transaction passport is the main document for the implementation of currency control by banks, since the CB is an agent of currency control.

The transaction passport is issued by the exporter. The transaction passport contains all the information about the external contract, in accordance with which the goods will be exported and currency control will be carried out. Only if there is a photocopy of the transaction passport, the customs authorities can use the cargo for clearance.

The control is carried out by comparing the data of the customs authorities on the value of the exported goods, on the date of its movement across the customs border, and the information of the authorized bank on the amount of the timing of the receipt of the export unloading.

Under one export contract, one transaction passport is issued in one authorized bank. The exporter brings to the bank 2 copies of the transaction passport, the original contract and a copy of the contract.

The Bank checks the contract in terms of its compliance with the currency legislation, signs the transaction passport and makes an entry on the back of the contract: “The contract has been accepted for settlement services by the Bank “…”; indicates the date.

The bank within 5 days generates an electronic copy of the transaction passport and a statement. Within 10 calendar days, an electronic copy of the transaction passport must be transferred by the bank to the customs authorities. One copy of the transaction passport and the original contract is returned to the exporter. The second copy of the transaction passport remains with the Bank and serves to form a dossier on this transaction. Stored for 5 years. At the same time, the Bank signs the transaction passport only if the exporter has provided all the documents under the contract, and they correspond to the data specified in the transaction passport.

If the contract is drawn up in a foreign language, then its translation into Russian is required.

MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE

DONBAS STATE TECHNICAL UNIVERSITY

"Department of Finance"

option number 24

Test

on the course "Money and Credit"

Completed: EPP group student _11_z

Yudin Dmitry Borisovich

Checked: Tatarenko Vladislav Alekseevich

International settlement operations

Loans related to bill turnover

Bibliography

1. INTERNATIONAL SETTLEMENT OPERATIONS.

1.1. International settlements are a system for organizing and regulating payments for monetary claims and obligations arising from the implementation of foreign economic activity between states, legal entities and individuals located on the territory of different countries. (International settlements is a system for organizing and regulating payments in the field of international economic relations, the subjects of which are banks, exporters and importers).

The main intermediaries in international settlements are banks that ensure the interstate movement of funds of clients-intermediaries of foreign economic activity. The vast majority of international payments are made in the form of non-cash payments.

The system of international settlement transactions uses the so-called correspondent relations with banks in other countries - the most common form of transactions carried out by commercial banks. Correspondent relations of banks are usually based on the mutual opening of special accounts by banks, in which certain amounts of funds are kept. The size of these funds depends on the scale of interbank operations. For the implementation of correspondent services by banks, a commission is usually charged.

Correspondent relations are established, as a rule, with the banks of those countries with which the country has diplomatic relations. They are formalized by the conclusion of an interbank correspondent agreement in the form of a bilateral agreement or an exchange of letters. Therefore, correspondent relations are contractual relations between banks for the purpose of making payments and settlements on behalf of each other, for the implementation of which a domestic bank opens correspondent nostro and loro accounts with foreign banks and with itself. Nostro accounts are opened in the name of their correspondent banks in foreign banks. This is done to provide services to customers in the implementation of the payment turnover through the existing account, which is the basis for cooperation between banks. Loro accounts are opened for foreign correspondent banks in domestic banks. This form of international banking relations is very convenient and expedient when banks carry out only separate, isolated operations with firms, banks or persons of another country (although they can be very numerous). In these cases, correspondent banks carry out separate instructions given by them to each other, usually on a reciprocal basis. The most common orders of this kind are orders for foreign trade transactions (acceptance of drafts, payments from letters of credit, etc.), supply of credit information (on the state of affairs of clients, etc.). Banks communicate with each other mainly by mail or telegraph. In a number of cases, correspondent ties develop into cooperation on a more solid financial basis (based on participation, including mutual participation, in capital, on stable credit ties, etc.). In recent years, due to the complication of international banking operations and the development of other forms of “exit” of banks to the foreign market, the importance of correspondent relations has somewhat decreased. Nevertheless, leading banks continue to not only maintain, but also develop their network of correspondents around the world. International settlement operations are carried out by conducting them through

bank accounts or in other words through wire transfers. The following payments are used in international economic relations:

Advance, carried out using a bank transfer;

Upon delivery of goods on the basis of the submitted documents and carried out mainly with the help of a letter of credit or collection;

On receipt of goods and invoices carried out by means of transfer;

On due date when transfer is used.

The form of settlements in foreign trade is understood as the methods of registration, transfer and payment of documents of title that have developed in international commercial and banking practice. The main forms of payment are a documentary letter of credit, collection with prior acceptance and bank transfer. In this case, international settlements are made only through banks that have correspondent relations with each other. When choosing the forms of payment, they take into account the type of product that is the object of a foreign trade transaction (machinery and equipment, food, timber, grain, etc.), the existence of a loan agreement, the solvency and reputation of counterparties in foreign economic transactions, which determine the nature of the compromise between them.

The choice of a specific form of payment is determined by agreement of the parties and is fixed in a foreign trade contract. The applied forms of international settlements differ in the share of participation of commercial banks in their conduct:

The share of participation of banks in a bank transfer (execution of a client's payment order) is minimal;

A larger share is present during the execution of a collection order (control over the transfer, forwarding of distribution documents and their issuance to the payer in accordance with the instructions of the principal);

The maximum share of participation of banks is present when working with a letter of credit (providing a payment obligation to the beneficiary, which is realized when the latter fulfills the main conditions contained in the letter of credit).

Differentiation of the share of participation of banks in the implementation of forms of international settlements leads to a differentiation in the security of payment for the exporter, which is the minimum for a bank transfer for shipped goods and the maximum for a letter of credit, which actually acts as a monetary guarantee of payment for the shipped goods to the bank opening the letter of credit.

1.2. The subjects of international settlements are exporters, importers and banks that enter into relations related to the movement of documents of title and the operational processing of payments.

1.3. International settlements are governed by the norms of international law, banking customs and rules, the terms of foreign economic contracts, the currency legislation of the countries participating in settlements.

1.4. The general conditions of settlement relations with foreign states are determined by international treaties. The procedure for settlements and maintenance of bank accounts is established by agreements concluded by authorized banks.

1.5. International settlements are carried out through institutions of banks, between which there is a correspondent relationship (banks that have an agreement on making payments and settlements on mutual instructions).

1.6. For international settlements, commercial documents are used: bill of lading, waybill, invoice, insurance documents (insurance policy, certificate), document of ownership and other commercial documents. The financial instruments that are used to make international payments are a promissory note, a bill of exchange, an IOU, a check and other documents used to receive payment.

The basis of international settlements is the movement of commodity prescribing documents and the operational processing of payments under concluded foreign economic agreements. Of decisive importance are monetary and financial conditions, which include the main elements:

Price currency;

Payment currency;

Payment terms;

means of payment;

Forms of payment;

Banks that serve international payments.

The price currency is the currency in which the price of goods is expressed under a concluded foreign trade agreement or the amount of an international loan provided.

The payment currency is the currency in which payments are made or loans and debts are repaid.

The terms of payment include cash or deferred payments, on credit terms, the use of clearing settlements, currency warnings, financial guarantees.

The main forms of international payments are letters of credit, collections, advances and open accounts, and technically they are provided by bank telegraph and postal orders, checks and bills of exchange.

A letter of credit is a bank's obligation, issued by it on behalf of an importing client, to make a payment in the interests of the exporter (to accept his expenses) or to secure payment (acceptance of expenses) by another bank within certain amounts and a specified period against the documents given in the letter of credit.

In settlements for foreign trade operations, documentary letters of credit are used, payments for which are made after the presentation of commercial documents to the bank: invoices, transport and insurance documents, certificates. The use of letters of credit for international settlements is regulated by the "Uniform Customs and Practice for Documentary Letters of Credit" developed by the International Chamber of Commerce (publication No. 500, edition 1993), to which more than 160 countries of the world have joined. The unified rules define the basic concepts and types of letters of credit, methods and procedures for application, obligations and responsibilities of banks, requirements for documents that are submitted along with a letter of credit and a warning that the Rules are an integral part of such a 5 letter of credit.

The participants of the settlement transaction under the letter of credit are:

The buyer (importer) who applies to the bank with a request to open a 5 kcredit;

The beneficiary (exporter) to whom the letter of credit is addressed and in whose interests the payment will be made;

Issuing bank - a bank that opens a letter of credit on behalf of a client or applies

with a request to another bank to open a letter of credit on his behalf and at his expense.

1.7. The function of world money is connected with the conduct of international settlement operations. The material prerequisite for the emergence of the function of world money was the development of commodity production and the exit of commodity exchange beyond the national borders of the state. In the world market, money dropped, in the words of K. Marx, their “national uniforms” and appeared in the form of ingots of precious metals. This function was performed only by full and real money. In the world commodity turnover, money functions as a universal means of payment and a universal means of purchasing. The function of the means of payment is predominant, since world trade is a large wholesale trade. Therefore, the goods are either sold on credit, or, conversely, the buyer advances money in advance to pay for the goods. In world circulation, money functions as a social materialization of wealth in general, which is associated with its migration from one country to another. Since each country needs a certain gold reserve for international payments, Money as a treasure is also the reserve fund of World Money.

In the 20th century, major changes took place in the functions of world money. Thus, according to the Bretton Woods agreement, the US dollar and the British pound sterling were supposed to function instead of gold in world circulation as a payment, purchasing and reserve means. In fact, the evolution of the function of world money in a peculiar form repeats the path of national money - from metal to credit. But in reality, there is no world money in the form of banknotes in international circulation, although projects for issuing world credit money have been developed for a long time. However, the first experience of creating a prototype of world credit money in the form of SDRs (special drawing rights in the IMF) led to the transformation of new international assets into a purely accounting monetary unit. This is due to the break in the connection between SDRs and gold and the determination of their rate by calculation based on the weighted average value of 16 currencies (before the introduction of the euro).