Автор: Лякин В.А

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Exchange rates .

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Exchange rate . Natsbank of Belarus

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Can look in a mode on-line

Exchange rates (quotation of currencies)

Quotations are updated constantly with an interval,

Corresponding to the certain period.

Valjutnyj course — the price (quotation) of monetary unit of one country, expressed in monetary unit of other country, precious metals, securities.

The concept "exchange" is connected with its such characteristic, as convertibility. Degree of convertibility of currency is defined by the mechanism of state regulation of currency transactions. Currency name it is hard, if in the country of this currency to residents and non-residents don't apply any restrictions on realization of currency transactions, and unconvertible if in the country of this monetary unit legislatively established restrictions almost on all kinds of operations with it operate. Partially convertible the currency of the countries in which restrictions and regulations on some kinds of exchange operations or for some participants of these operations operate is considered. Freedom of converting of currency should lean against economic stability of the country, that is it is not enough one legislative permission of exchange, are necessary trust to currency and an estimation of an economic solvency of the country. Thus convertibility is an ability of currency freely to exchange on other currencies and back on national currency in the currency markets.

For the converted currencies at the heart of a course the currency parity lies. However exchange rates almost never coincide with their currency parity. In the conditions of international trade and other external economic actions the relation of receipts and payments in foreign currency and, accordingly, foreign currency supply and demand isn't in balance. At the active balance of payments courses of foreign currencies in the currency market of the given country fall, and the course of national monetary unit raises. The return occurs in a case when the country has the passive balance of payments. Therefore in the majority of the countries together with a firm official rate of national currency also there is a free. On official parity calculations of the central national banks and others currency-financial institutions between the different countries and with the international organizations are carried out. Calculations between private persons and the organizations are carried out at a free course.

Fixing of the rate of exchange is carried out or according to gold parity (to the guaranteed gold maintenance by it of national monetary unit), or under the international contract. At the classical gold standard, that is at free exchange of currencies on gold in the central bank, the rate of exchange is established in proportions to its gold maintenance.

To some extent the country government establishes official exchange rates ( so-called registration), regularly published in special bulletins. In Russia the rouble official rate is established by the Central Bank of the Russian Federation for use in calculations of incomes and expenses of the state budget, all kinds of platezhno-settlement relations of the state with the organizations and citizens, and also the taxation and accounting purposes.

Fixation of national monetary unit in foreign is called as the currency quotation. It is accepted to distinguish the direct and return (indirect) quotation. The direct quotation is the price of the foreign currency which has developed in the national market. It shows quantity of the currency-measuring instrument, having on unit of quoted currency. The return (indirect) quotation reflects quantity of units of the quoted currency, having on currency-measuring instrument unit. The course of one currency in relation to another can be defined also through the third currency. In this case it is called as a cross-rate. Necessity for such quotations arises when the volume of direct exchange operations between two currencies is rather small, and, hence, there are no representative enough direct quotations. Besides, even in the presence of reliable direct quotations cross-rate calculation can give a little excellent size of a course. At supervision over level of the rate of exchange fix two courses:

• the Course of the seller (on which the bank sells currency);

• the Course of the buyer (on which the bank buys currency).

They differ, as here currency transactions are considered as means of reception of profit. The difference between these courses forms a margin.

Source wikipedia