Features of the implementation of current foreign exchange transactions

Current foreign exchange transactions are foreign economic operations related to the export, import of goods, services, works for which settlements are carried out both in national and foreign currencies in time, not exceeding 180 calendar days.

All currency transactions are carried out only through accounts with authorized banks and authorized enterprises. This determines the priority of authorized banks and authorized enterprises in the implementation of foreign exchange transactions.

This means that business entities are required to keep foreign currency. in authorized banks on their current, special, deposit, other accounts.

Own foreign currency funds of an authorized bank may be held in correspondent accounts of the “nostro” type within the limit of a long open currency position. Business entities, in accordance with the requirements of the central bank, are granted the right to store cash foreign currency at the cash desk of the enterprise within the limit of the cash desk balance in the prescribed manner. With the permission of the central bank, currency entities, residents have the right to place foreign currency funds outside the country on the accounts of non-resident banks.

Settlements in foreign currency are carried out by residents within the balance of funds in the current currency account. All currency transactions due to be of legal origin and can be obtained legally from the following sources:

foreign exchange earnings from foreign economic activity; contributions in foreign currency to the authorized fund of enterprises with the participation of foreign investment; loans in foreign currency from authorized resident banks, non-resident banks and other non-residents to business entities – residents of the non-bank sector of the economy in permitted cases; acquired foreign currency in the established manner in the domestic foreign exchange market; charitable contributions, gifts, donations.

Authorized banks and authorized enterprises perform the function of a state agent for currency control and have the right to refuse to conduct a currency transaction to the subject if it contradicts the notes of currency regulation. All settlements between residents and non-residents are carried out in freely convertible currency and other foreign currencies, if provided for by intergovernmental agreements and agreements between the central banks of states.

When organizing settlements on foreign economic contracts in national currency, the central bank of the country may apply one of the following options:

the organization of settlements in national currency with non-residents provides for the free implementation of settlements; the organization of settlements provides for the introduction of certain regulations in the form of developing certain operating regimes of ruble accounts of non-residents; full or partial restriction on the implementation of settlements in national currency.

The following factors influence the choice of these options for the central bank, first of all:

balance of payments status; the state of the international currency market FOREX (unorganized market of non-residents), which quotes the national currency against foreign currencies.

In relations between residents, foreign currency is used in settlements in exceptional cases. In relations between residents, the national currency should be accepted without restrictions both in payment of any claims and obligations expressed in it, and in payment of claims and obligations expressed in foreign currency. At the same time, in settlements between residents, the use of foreign currency is allowed as an exception in the following cases of an objective nature:

when calculating with transport and forwarding organizations for the transportation and forwarding of goods outside the country; when calculating business entities for air, rail, bus tickets in cases of business trips abroad, if the selling organization has the appropriate permission of the central bank to provide such services for foreign currency; when calculating business entities with insurance organizations in cases of insurance by the latter of the health of individuals abroad, if the insurance organization has a license to insure this type of activity for foreign currency; when settlements with enterprises of the Ministry of Communications of the country on payment of rent for the use of international communication channels; when paying for bank expenses by banking institutions, if expenses were carried out by these institutions in currency or were presented for payment by non-residents; when calculating suppliers of export products and sub-suppliers from foreign exchange earnings left at the disposal of the exporter; upon receipt and servicing of a bank loan in foreign currency (repayment of the principal debt and interest accrued on it); when combining temporarily free funds of business entities to solve common problems in the form of a currency contribution to the authorized funds of enterprises, unless otherwise provided by legislative and regulatory acts; in settlements between business entities, if loans are received in foreign currency; when placing funds in foreign currency on deposit accounts in authorized banks and operations related to servicing these accounts; when calculating intermediary organizations, carrying out operations on the sale of goods for export from direct producers of these goods in case of payment from a non-resident.

The status of an intermediary for one of the participants in the calculations is attached by the mediation agreement concluded between the counterparties. In practice, such an agreement includes a commission agreement and an assignment agreement.

According to the contract of instruction, one party (confident) undertakes to take certain legal actions on behalf of and at the expense of the other party (trustee). Thus, the intermediary acts on behalf of and on behalf of the resident (seeking a foreign partner, product supplier, signs a contract, etc.). Supply calculations are made directly between the resident and the non-resident without the participation of an intermediary. The last principal pays a fee for the work performed, according to the contract concluded between them.

According to the commission’s agreement, one party (commissioner) undertakes, on behalf of the other party (computer), to make one or more foreign economic operations for the comer on its own behalf, i.e. the resident instructs the intermediary to make any foreign economic transaction (for example, to purchase a consignment of goods from a non-resident) on his own behalf on the agreed terms. On the basis of the commission’s agreement, the commissioner enters into a foreign economic contract with a non-resident and makes settlements with him. Further, the commissioner sells the goods to the committee and receives remuneration from it, according to the terms of the commission’s contract.

All settlements between business entities in foreign currency are carried out on the basis of contracts, contracts, issued accounts in accordance with the legislation of the country of registration. Moreover, settlements between business entities, as a rule, are carried out only in a non-cash manner. The type of foreign currency is chosen by the parties by agreement. The form of settlements using cash foreign currency is also allowed in the prescribed manner. The purchase of currency for the above purposes in the domestic foreign exchange market, as a rule, is not allowed, with the exception of cases of repayment of the main debt on foreign currency loans and interest accrued on them.