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Рік заснування видання - 2014

METHODS OF CURRENCY REGULATION AND ITS CHARACTERISTICS

25.05.2021 19:42

[Cекция 6. Банковское дело. Деньги, финансы и кредит]

Автор: Kravchuk Roman Serhiyovych, candidate of Economic Sciences, IHE "King Daniel University"


The National Bank in its exchange rate policy uses generally accepted methods of currency regulation, namely:

1 currency interventions;

2 discount (accounting) policy;

3 devaluation and revaluation of currencies;

4 currency restrictions.

Foreign exchange intervention is a direct intervention of the country's central bank in the functioning of the foreign exchange market through the purchase and sale of foreign currency in order to influence the exchange rate of the national currency.

Influencing the change in the foreign exchange market supply and demand of a particular currency, foreign exchange interventions lead to a corresponding correlation of the exchange rate of this currency [1].

Currency intervention can be carried out: at the expense of own foreign exchange reserves; on the basis of a “swap agreement” - an agreement with a certain country on obtaining a loan in the currency of the same country, necessary for the implementation of foreign exchange intervention and through the sale of securities issued in foreign currency.

Discount (accounting) policy is a traditional tool of the national bank to regulate the exchange rate and maintain foreign exchange reserves. The discount policy provides for a change in the discount rate of the central bank in order to regulate the exchange rate by influencing the movement of short-term capital. By changing the size of the discount rate, the central bank has some influence on the inflow or outflow of capital, and hence on the exchange rate. The traditional methods of currency regulation are revaluation and devaluation [2].

Devaluation - the official depreciation of the national currency against foreign currencies or international currencies.

Devaluation can occur spontaneously or purposefully as an element of the currency policy of the state in order to influence the development of the economy, primarily on the development of foreign economic relations by increasing the competitiveness of exports and improving the balance of payments.

Revaluation - the official appreciation of the national currency against foreign currencies or international currencies.

Currency restrictions - a set of measures and regulations established by law or administration and aimed at achieving balance of payments, maintaining the stability of the national currency and achieving other goals.

Currency restrictions usually provide for certain measures to regulate foreign exchange transactions of residents and non-residents of the country. The main areas of currency restrictions are current balance of payments transactions (trade transactions, transfer of profits and other transfers) and financial transactions (capital and investment movements). Currency restrictions are most often used to control the movement of capital, including the completeness and timeliness of return to the country of foreign exchange earnings, the regulation of currency exports by citizens traveling on tourist trips, the regulation of non-residents income from foreign investment.

Literature:

1. Budnik M. M. Financial market: textbook way. К.: Centre of educational literature, 2009. 336 p.

2. Vasyurenko O.V. Banking operations: textbook way for universities. K., 2008. 318 p.



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