6.1. CURRENCY OPERATIONS WITH FUNDS OF INDIVIDUALS Commercial banks carry out several types of foreign exchange transactions with funds individuals: opening and maintaining accounts in foreign currency; foreign exchange transactions; non-trading transactions.

6.2. CURRENCY OPERATIONS ON ORDER OF LEGAL ENTITIES All operations carried out commercial bank in the interests of legal entities can be conditionally divided into two groups: passive and active. Passive operations include attracting deposits in foreign currency and

30. Passive Operations commercial banks Passive operations of commercial banks are operations to generate sources of funds, bank resources, which are reflected in the liability side of its balance sheet. Resources of commercial banks consist of two main types

31. Active operations of commercial banks Active operations of a commercial bank mean the use of attracted and own funds to receive appropriate income. The main types of active operations of a commercial bank

30. Passive operations of commercial banks Passive operations of commercial banks are operations to generate sources of funds, bank resources, which are reflected in the liability side of its balance sheet. Resources of commercial banks consist of two main types of sources:

113. Balance sheet of commercial banks The balance sheet of a bank characterizes in monetary terms the state of the resources of commercial banks, the sources of their formation and directions of use, as well as financial results activities of banks at the beginning and end of the reporting period. Balance sheet

Regulation of foreign exchange transactions of commercial banks

Currency regulation- state activities aimed at regulating settlements and the procedure for making transactions with currency values. The need for currency regulation lies in the desire of countries and banks to minimize currency risks. Countries, with the help of currency regulation, seek to place under state control foreign exchange transactions, the provision of credits and loans to foreign legal entities and individuals, the import, export and transfer of currency abroad, and thereby maintain the equilibrium of the balance of payments and the stability of the currency.

The basis of the currency legislation of the Russian Federation is the Federal Law “On currency regulation And exchange control" The Law defines the principles for carrying out foreign exchange transactions in Russian Federation, rights and obligations of legal entities and individuals in relation to the possession, use and disposal of currency values, liability for violation of currency legislation.

However, the Law on Currency Regulation defines only the basic provisions for regulating the foreign exchange sector. In this regard, it is of great importance regulations in the field of currency regulation, developed by the Bank of Russia.

Basic principles of currency regulation and currency control in the Russian Federation are:

priority of economic measures in the implementation of state policy in the field of currency regulation;

exclusion of unjustified interference by the state and its bodies in foreign exchange transactions of residents and non-residents;

unity of foreign and domestic monetary policy of the Russian Federation;

unity of the system of currency regulation and currency control;

provision by the state of protection of the rights and economic interests of residents and non-residents when carrying out currency transactions.

As the crisis deepens, there is a tendency to expand the scope of currency regulation. Many countries have established limits on the export of currency abroad, introduced a special system of permits for the provision of loans to foreign legal entities, etc. Currency regulation is predominantly normative, i.e. carried out mainly through the conclusion of international monetary agreements and the publication of regulations. Most countries oblige their country's exporters to deposit their proceeds in foreign currency or deposit it in certain banks. The currency legislation of many Western European countries establishes the regulation of national currency markets. Banks in these countries are required to seek special permission to provide long-term or medium-term loans to foreign borrowers. currency funds in national currencies. In many countries, currency legislation periodically provides for the establishment of a regime for foreign currency accounts and limits on the export of currency.

Currency restrictions- this is a legislative or administrative prohibition, limitation and regulation of transactions of residents and non-residents with currency and other currency values. Currency restrictions are one of the forms of monetary policy. They are fixed by the country's currency legislation and are the subject of interstate regulation, mainly through the IMF.

The establishment of currency restrictions pursues various goals, for example, equalizing the balance of payments, maintaining the exchange rate, concentration of currency values ​​to solve government current strategic tasks.

centralization of foreign exchange transactions in the Central and authorized (motto) banks;

licensing of foreign exchange transactions, requirement of prior permission of the foreign exchange control authority for the acquisition of foreign currency;

blocking and introduction of different categories of foreign currency accounts - blocked, internal (in national currency), clearing, freely convertible, etc.;

restriction of currency convertibility.

The currency regulation authorities in the Russian Federation are the Government of the Russian Federation and the Bank of Russia.

According to the legislation in force on the territory of the Russian Federation, all currency transactions must be carried out only through the Bank of Russia or authorized banks - banks and other credit institutions that have received licenses from the Bank of Russia to conduct currency transactions. All residents, regardless of their form of ownership, are required to credit foreign currency received as a result of foreign economic activity to the accounts of authorized banks.

The main currency control body in the Russian Federation is the Bank of Russia, which:

determines the scope and procedure for circulation of foreign currency and securities in foreign currency in the Russian Federation;

issues regulations binding on residents and non-residents;

conducts all types of foreign exchange transactions;

establishes the rules for the conduct by residents and non-residents in the Russian Federation of transactions with foreign currency and securities in foreign currency, as well as the rules for the conduct by non-residents in the Russian Federation of transactions with the currency of the Russian Federation;

sets general rules issuing licenses to banks and other credit institutions to carry out foreign exchange transactions and issues such licenses;

establishes uniform forms of accounting, reporting, documentation and statistics of foreign exchange transactions, including to authorized banks, as well as the procedure and deadlines for their provision;

performs other functions.

Banking operations with foreign currency in our country can be carried out by authorized banks, including banks with foreign capital and banks whose capital is entirely owned by foreign participants. Authorized banks are banks that have licenses from the Central Bank of the Russian Federation to conduct foreign exchange transactions.

The Bank of Russia license specifies the type of license, the list of banking operations the right to carry out which is granted to the credit institution, the date of issue and the license number.

All currency licenses issued by the Bank of Russia are divided into:

Internal licenses , giving the right to open resident accounts in foreign currency, open correspondent accounts in foreign currency with Russian banks for a full or limited range of banking operations in foreign currency on the territory of Russia.

General licenses, guaranteeing the right for commercial banks to carry out a full range of banking operations in foreign currency, both on the territory of Russia and abroad. In this case, the bank has the right to create branches in the territories of foreign states and (or) acquire shares (stakes) in the authorized capital of foreign banks.

In order for banks to obtain licenses to conduct operations in foreign currency, the Bank of Russia imposes a number of qualified and technical requirements. For example,

To obtain a license to conduct non-trading operations in foreign currency, the Bank of Russia imposes the following requirements:

knowledge of laws and regulations governing the use of foreign currency in Russia;

knowledge of instructions for conducting foreign exchange non-trading transactions, cash operations with foreign currency values, the procedure for opening and maintaining accounts in foreign currency and rubles of Russian and foreign organizations and individuals, and the operation of exchange offices;

the presence of employees on the bank's staff who have experience in conducting cash transactions;

knowledge of the types of payment documents in foreign currency and rubles and the features of working with them;

availability of a correspondent account in foreign currency;

possession of cash register equipment that ensures the safety of valuables;

equipped with counting equipment and office equipment;

Availability of the necessary strict accounting forms, stamps and seals.

When maintaining current foreign currency accounts of clients, the bank is obliged to perform the functions of a currency control agent for the foreign exchange transactions of its clients.

To maintain current currency accounts you must:

knowledge of the procedure and conditions for opening and maintaining current accounts of organizations in rubles;

knowledge of instructions on the procedure for opening and maintaining foreign currency accounts;

knowledge of regulatory documents and rules for selling part of the foreign exchange earnings of enterprises;

availability or consent to open a correspondent foreign currency account in a foreign bank or in a bank that has an account in a foreign bank.

One of the necessary conditions for obtaining a license for a bank to conduct international payments is the presence of correspondent relations with foreign banks.

The Bank of Russia imposes the following qualification and technical requirements for organizing correspondent relations with foreign banks:

knowledge of foreign languages, allowing you to conduct banking and commercial correspondence;

knowledge of the main trends in modern international economic relations, the fundamentals of economic analysis for assessing economic and financial situation individual banks;

knowledge of the main provisions of interbank correspondent agreements;

Availability of operational international communication channels. Obtaining a license to carry out international settlement operations related to the export of goods and services also requires the bank to fulfill certain conditions, namely:

knowledge of the legislation of the Russian Federation on checks and bills, unified rules and customs of the International Chamber of Commerce for collection, letters of credit and guarantees, regulations of the Bank of Russia on international payments;

knowledge of a foreign language and relevant banking terminology;

practical skills in conducting commercial banking correspondence in a foreign language;

knowledge of the procedure for reconciling calculations and settling unmatched amounts;

availability of international communication means;

equipping with keying and encryption technology payment instructions, availability of sample signatures and key tables for encrypting transmitted messages;

equipping with computer terminals.

Obtaining licenses to conduct operations for the sale and purchase of foreign currency on the domestic foreign exchange market is not technically difficult, but is associated with certain risks, and therefore requires:

knowledge of the currency legislation of the Russian Federation, in particular regarding the procedure for authorized banks to maintain an open currency position and the mandatory sale of a portion of export foreign currency earnings;

knowledge of foreign exchange market conditions, trends in exchange rates;

practical skills in assessing emerging risks, the ability to distribute these risks;

availability of funds in different currencies in customer accounts.

One of the most complex and risky types of operations of commercial banks with foreign currency are credit operations in foreign currency. Banks place foreign currency on the domestic or international market.

Obtaining a license to conduct credit operations in foreign currency is subject to the same requirements as for a license to operate on the sale and purchase of foreign currency, namely:

knowledge of trends in interest rates on national and global foreign exchange markets;

knowledge of the features of international credit agreements and the rules for their execution;

experience working with foreign banks and companies;

equipping with computer equipment and modern communication channels.

There is another type of international banking operations that require a special license, as well as careful training and modern technical equipment - these are deposit and conversion operations in international capital markets. These operations are subject to the same requirements as credit operations, plus knowledge of the customs and traditions of behavior in international capital markets, the equipment of a special operating room and equipment with a system, for example, Reuters, which allows dealing.

Formation foreign exchange market in Russia began under conditions of a state monopoly on international trade, unsatisfactory consumer demand, including for imports, and the absence of a legislative framework in the field of foreign currency transactions. Therefore, taking into account this economic situation in the Russian Federation, the supply of foreign currency in the foreign exchange market was formed mainly due to the mandatory sale of foreign currency by exporting enterprises and, to a lesser extent, by players in the foreign exchange market, and demand - due to importing enterprises and market participants who wanted to increase their foreign exchange assets .

The obligation to sell part of foreign currency earnings was introduced back in Soviet times, when the country was on the verge of bankruptcy. Since 1991, exporters were required to sell part of their foreign exchange earnings (first 40%, then 50%). In 1998, the mandatory sale standard was increased to 75%. As Russia emerged from the crisis, the standard decreased, and amendments to the Law on Currency Regulation and Control adopted in 2003 left the Central Bank of the Russian Federation with the right to set it within 25%. Since the end of 2004 it has been 10%.

In 2006, the Central Bank of Russia abolished the mandatory sale of foreign currency earnings and, from May 1, 2006, halved the standards for reserving funds for foreign exchange transactions for the outflow and inflow of capital.

The decision of the Bank of Russia was determined by the state of the Russian economy, characterized by positive dynamics of macroeconomic indicators, a state budget surplus, a high level of official gold and foreign exchange reserves, and a systematic excess of the supply of foreign currency over the demand for it in the domestic market.

The decision was made in order to ensure a smooth transition of the Russian economy to a foreign exchange regime, which, in accordance with current legislation, provides for the implementation of foreign exchange transactions without restrictions from January 1, 2007 and the implementation of measures to achieve full convertibility of the currency of the Russian Federation.

In general, currency restrictions in all countries of the world may be renewed during a period of aggravation of the currency crisis, and here the state takes on the functions of regulating foreign exchange transactions.

After Russia joined the IMF, measures were taken to liberalize the procedure for obtaining a license for exporting and sending from the country and importing and sending currency of the Russian Federation into the country, as well as to establish limits on open currency positions and control over their compliance with authorized banks of the Russian Federation. The procedure for opening and maintaining accounts of residents and non-residents in the currency of the Russian Federation by authorized banks was changed, and new reporting on conversion transactions of authorized banks, which are leading operators of the interbank foreign exchange market, was introduced.

Changes have been made to the procedure for issuing transaction passports, transactions with cash foreign currency, the operation of exchange offices, transactions between authorized banks, the procedure for reserving, the mandatory sale of part of foreign currency earnings, and strengthening foreign exchange control.

There has been a significant tightening of foreign exchange controls over open foreign exchange positions.

An authorized bank acquires the right to open a currency position from the date it receives a license from the Bank of Russia to conduct operations in foreign currency and loses such a right from the date of its withdrawal by the Bank of Russia.

Control over open currency positions of authorized banks of the Russian Federation is carried out as part of supervision over the activities of credit institutions. In case of gross violations, the Bank of Russia takes measures up to and including revoking the license for the right to conduct transactions with foreign currency.

Control over export-import operations has been strengthened through interaction with customs control authorities to draw up a transaction passport as part of the supervisory function of authorized banks.

Accounting for export-import transactions and control over their implementation is carried out by an authorized bank (transaction passport bank - BPS), in which, under a contract, a transaction passport was issued or re-issued by a resident.

Transaction passport- this is a currency control document containing information from the contract between a resident and a non-resident, necessary for verification.

The procedure for the resident to submit supporting documents and information to the bank.

The resident submits to the BPS documents confirming the fact of import of goods into the customs territory of the Russian Federation or export of goods from the customs territory of the Russian Federation, as well as performance of work, provision of services, transfer of information and results of intellectual activity, including exclusive rights to them. The supporting documents are submitted by the resident to the BPS simultaneously with two copies of the certificate of supporting documents within a certain time frame.

Copies are attached to the documents:

bank statements confirming the implementation of the specified currency transactions under the contract;

reservation applications.

The BPS checks the compliance of the information specified by the resident in the certificate of supporting documents and in the certificate of settlements through accounts abroad with the information contained in the supporting documents or in copies of bank statements, as well as the resident’s compliance with the procedure for issuing certificates.

On the day of signing (registration or re-issuance) of the transaction passport under the contract, the BPS opens and maintains a special statement in electronic form.

Opening and maintaining a transit currency account. Authorized banks open a current currency account for residents (legal entities and individuals - individual entrepreneurs) on the basis of a bank account agreement and, in connection with this, at the same time a transit currency account.

To a transit currency account by an authorized bank are credited in full all amounts of foreign currency in favor of the resident received:

from one current foreign currency account to another current foreign currency account of a resident;

from the authorized bank in which the resident’s current foreign currency account is opened, according to agreements concluded between them;

from the current foreign currency account of one resident to the current foreign currency account of another resident, opened in one authorized bank.

Funds from a transit currency account are written off:

for the sale of foreign currency, including the mandatory sale of part of the foreign currency proceeds (if mandatory sale is established);

to pay expenses and other payments;

for crediting foreign currency receipts to the resident's current foreign exchange account in this authorized bank.

The essence and classification of foreign exchange transactions.

Currency operations in a broad sense, it is a series of sequential actions for the execution and payment of documents and transactions denominated in foreign currency. They can cover all types of operations of a credit institution.

Foreign exchange transactions in the narrow sense are transactions for the purchase and sale of foreign currency.

Transactions with foreign currency are carried out in accordance with Federal law“On currency regulation and currency control”, decrees of the President of the Russian Federation, resolutions of the Government of the Russian Federation, regulatory documents Bank of Russia and the Ministry of Finance of Russia.

TO foreign exchange transactions should include:

acquisition by a resident and alienation of currency values, as well as their use as a means of payment;

import and export of currency valuables from the customs territory of the Russian Federation;

transfer of foreign currency to and from the Russian Federation.

Classification of banking foreign exchange transactions can be carried out both according to criteria common to all banking operations (passive, active operations), and according to special classification criteria characteristic only of foreign exchange operations.

1. Transactions with foreign currency and securities in foreign currency in accordance with currency legislation are divided into current foreign exchange transactions Andforeign exchange transactions related to capital movements.

Current transactions are completed within 180 days. Current operations, unlike operations related to the movement of capital, are carried out without restrictions. Transactions carried out with terms over 180 are associated with the movement of capital. Operations involving capital movements are inherently higher risk and may therefore be subject to restrictions.

Their restrictions have the following purposes:

preventing a significant reduction in gold and foreign exchange reserves;

smoothing out sharp fluctuations in the currency exchange rate of the Russian Federation;

maintaining the stability of the balance of payments of the Russian Federation.

Restrictions are non-discriminatory in nature and are canceled by currency regulatory authorities as the circumstances that led to their establishment are eliminated.

To current currency transactions include the following:

transfers to and from the Russian Federation of foreign currency for making payments on export-import transactions without deferment, as well as with deferred payment for a period of no more than 180 days;

obtaining and providing financial loans for a period of no more than 180 days;

transfers to and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other operations related to the movement of capital;

non-trade transfers to and from the Russian Federation, including transfers of amounts, wages, pensions, alimony, inheritance, etc.

Foreign exchange transactions related to capital movements, include:

direct investment, i.e. investments in authorized capital enterprises for the purpose of generating income and obtaining rights to participate in the management of the enterprise;

portfolio investment, i.e. purchase of securities in foreign currency;

transfers in payment of ownership rights to real estate, as well as other rights to real estate;

transfers to and from the Russian Federation of foreign currency for settlements on export-import transactions with deferred payment for a period of more than 180 days;

obtaining and providing financial loans for a period of more than 180 days;

all other currency transactions that are not current.

2. Foreign exchange transactions can be distinguished by timing execution . In this regard, there are cash Andurgent currency operations. These include transactions for the purchase and sale of currency assets:

foreign exchange transactions;

cash transactions (with a period of two days - spot transactions);

forward transactions (for a period of one month, three months, six months, one year, over one year)

forward futures contracts for a term;

REPO operations, reverse REPO.

3. According to classification criteria by subject foreign exchange transactions are divided into transactions With residents and non-residents Andoperations regulated by the Bank of Russia and authorized banks.

Authorized banks have a general license and can conduct and control the following transactions with foreign currency:

attracting funds from individuals and legal entities to deposits (on demand and for a certain period);

placement of funds attracted to deposits (on demand and for a certain period) of individuals and legal entities on their own behalf and at their own expense;

opening and maintaining bank accounts for individuals and legal entities;

settlements on behalf of individuals and legal entities, including authorized correspondent banks and foreign banks, on their bank accounts;

collection of funds, bills, payment and settlement documents and cash service individuals and legal entities;

purchase and sale of foreign currency in cash and non-cash forms;

issuance of bank guarantees;

making money transfers on behalf of individuals without opening bank accounts (except for postal transfers).

The Bank has the right to in the prescribed manner create branches in the territories of foreign states and (or) acquire shares (stakes) in the authorized capital of foreign banks.

4. Banking operations in foreign currency can be carried out by the bank on its own behalf, on its own initiative and at its own expense, or on behalf of and on behalf of the bank’s clients. Therefore, depending on the entity from which the initial proposal for carrying out operations, foreign exchange transactions can be divided into own operations, those. operations carried out by banks at their own expense, and client operations, those. operations performed on behalf of bank clients.

The need to divide foreign exchange banking operations into own and client ones is also due to the fact that financial results in the first case are formed as marginal income or loss, and in the second case - as income as a commission for performing the function of an intermediary, reduced by the bank’s expenses associated with performing this function. In the first case, all risks associated with the operation fall on the bank, and in the second case, on the client at whose expense this operation is performed.

5. By purpose all types of foreign exchange transactions are divided into commodity and non-commodity (non-trade).

TO commodity transactions relate:

payments for goods and services;

purchase and sale of currency assets by legal entities and banks (forward and cash transactions);

banking and commercial lending for export-import operations.

TO non-commodity (non-trade) transactions include all transactions and settlements of individuals for the purchase and sale of cash currency, traveler's checks and letters of credit, plastic cards that are not of a business nature.

6. The nature foreign exchange transactions can be active and passive.

TO active foreign exchange transactions can be attributed:

lending to participants in foreign economic activity;

providing loans to banks;

conversion transactions (swap, spot, forward);

currency arbitrage;

transactions with cash currency.

From passive foreign exchange transactions can be distinguished:

opening and maintaining current accounts in foreign currency;

attracting foreign currency deposits;

foreign currency loans received;

issue of securities denominated in foreign currency.

7. By shape differentiate cash foreign exchange transactions (foreign exchange transactions and spot cash transactions) and non-cash currency transactions (all other operations).

8. By risk level There are foreign exchange transactions with high, medium and low risk.

For foreign exchange transactions with high risk include all operations related to the movement of capital, trade, credit and repayment of receivables.

To foreign exchange transactions with average risk You can include guarantee operations, credit operations with reservation (50%).

Low risk carry out non-trading operations to attract deposits and deposits, maintain accounts in foreign currency, and settlement operations.

9. By impact on open currency position (ORP) distinguish currency operationsinfluencing And not influencing on ORP.

TO operations affecting changes in currency position , should include:

accrual of interest and receipt of operating income in foreign currencies;

accrual of interest and payment of operating expenses, as well as expenses for the acquisition of own funds in foreign currencies;

conversion transactions with immediate delivery of funds (no later than the second working banking day from the date of the transaction) and their delivery for a period (more than two working banking days from the date of the transaction), including transactions with cash foreign currency;

forward transactions (forward and futures transactions, swap transactions, etc.) for which claims and obligations arise in foreign currency, regardless of the method and form of settlements for such transactions;

other transactions in foreign currency and transactions with other currency values, except for transactions with precious metals;

transactions with derivative financial instruments of the foreign exchange market (including the exchange market), if the terms of these transactions in one form or another provide for the exchange (conversion) of foreign currencies or other currency values.

Main types of foreign exchange transactions

Foreign exchange transactions cover all areas of banking activities. Let's look at the most common types of foreign exchange transactions.

Opening and maintaining foreign currency accounts for clients.

Any foreign exchange transactions are carried out through special foreign currency accounts. Each type of account opened determines the participants in the transaction and the nature of the payments made on it. Regardless of the type of foreign currency account, they all have common classification criteria. They are:

procedure for opening foreign currency accounts for legal entities (residents and non-residents), individuals;

features of calculating interest on account balances;

possibility of providing overdrafts;

frequency of providing statements;

features of the invoice archive design;

performing operations only on the orders of clients;

To conduct currency transactions, residents of the Russian Federation may open accounts in banks located outside the territory of the Russian Federation and accounts in authorized banks of the Russian Federation.

For operations on accounts of residents of the Russian Federation (except for accounts of authorized banks and exchanges) opened abroad, a number of restrictions:

opening accounts only in banks located on the territories of foreign countries that are members of the Organization for Economic Cooperation and Development (OECD) or the Financial Action Task Force (FATF);

notification of the tax authorities of the Russian Federation about the opening of an account;

performance tax authorities reports on the movement of funds on accounts (deposits) in banks outside the territory of the Russian Federation;

availability of a registration document on opening an account;

reservation by a resident of 100% of the amount of a foreign exchange transaction (for a period of no more than 60 calendar days before the day of its implementation) when transferring currency from one account to another.

The restrictions are caused by the need for additional control over funds in accounts to counter the export of capital from Russia, money laundering, tax evasion, as well as to monitor the solvency of the account owner.

For the accounts of residents in authorized banks of the Russian Federation (except for operations on mandatory preliminary reservation), the amount of funds transferred from the foreign currency account and for individual transactions of individuals, no restrictions have been established.

The procedure for opening and maintaining bank accounts ( bank deposits) non-residents opened on the territory of the Russian Federation, including special accounts, are established by the Bank of Russia. Non-residents have the right, without restrictions, to transfer foreign currency and the currency of the Russian Federation from their bank accounts in banks outside the territory of the Russian Federation to their bank accounts in authorized banks and vice versa. However, the mandatory preliminary reservation procedure also applies to them.

Opening and maintaining foreign currency accounts for clients includes the following types:

opening current foreign currency accounts for legal entities (residents and non-residents), individuals;

accrual of interest on account balances;

provision of overdrafts (by decision of the bank management);

provision of statements as the transaction is completed;

creating an archive of invoices for any period of time;

execution of instructions at the order of the account holder (payment of provided documents, purchase and sale of foreign currency at the expense of the client);

control over export-import operations.

Netrading operations of a commercial bank.

Non-trading operations include customer service operations that are not related to settlements for the export and import of goods and services of bank clients or to the movement of capital. They are usually carried out with cash foreign currency. Transactions with cash foreign currency are foreign exchange transactions. They can only be carried out through exchange offices of authorized banks.

The following operations can be performed at the exchange office:

purchase and sale of cash foreign currency for cash national currency;

purchase and sale of payment documents in foreign currency for cash national currency, as well as sale and payment of payment documents in foreign currency for cash foreign currency;

acceptance for sending cash foreign currency and payment documents in foreign currency for collection;

accepting for examination banknotes of foreign states and payment documents in foreign currency, the authenticity of which is in doubt;

issuance of cash foreign currency for credit and debit cards, as well as accepting cash foreign currency for crediting to individual bank accounts, for payments by credit and debit cards;

exchange (conversion) of the cash currency of one foreign state for the cash currency of another foreign state;

exchange of a payment banknote of a foreign state for payment banknotes of the same foreign state;

replacing a non-payment banknote of a foreign state with payment banknotes of the same state;

purchase of non-payment banknotes of foreign countries for cash national currency.

When carrying out foreign exchange transactions, banks charge a commission from their clients. It can be charged in cash in both national and foreign currency.

The purchase and sale of cash foreign currency (and payment documents in foreign currency) for cash in national currency is the most common operation carried out by banks. Payment documents in foreign currency include personal checks, traveler's checks and letters of credit.

When purchasing cash foreign currency or payment documents in foreign currency from a bank in some countries, a tax is charged to the client.

Establishment of correspondent relations with foreign banks- a necessary condition for the bank to carry out international payments. The decision to establish correspondent relations with one or another foreign bank should be based on the real need to service regular export-import transactions of clients.

For international payments, the bank opens NOSTRO and LORO correspondent accounts in foreign banks and at home.

NOSTRO account is a current account opened in the name of a commercial bank with a correspondent bank.

LORO account is a current account opened with a commercial bank in the name of the correspondent bank.

The relationship between credit institutions in the process of currency settlement transactions on correspondent accounts is regulated by the legislation of the countries of registration of credit institutions and the correspondent account agreement concluded between the parties.

When performing transactions on correspondent accounts LORO, NOSTRO, an agreement must be reached between the respondent bank and the correspondent bank, for example, on the procedure for establishing the value date of the account, the rules for the exchange of documents (on on paper, in the form of an electronic document) and the form of the register of upcoming payments, on the obligations of the executing bank to send to the sending bank confirmation of the settlement transaction for its reflection in the correspondent account in the respondent bank and the correspondent bank on the same date, etc.

When settlement transactions are carried out on correspondent accounts LORO, NOSTRO, the sending bank of the payment or the executing bank of the payment can be either a respondent bank or a correspondent bank.

The correspondent account is closed upon termination of the account agreement in the cases provided for by the account agreement.

The correspondent bank terminates operations on the LORO correspondent account upon termination of the account agreement after receiving an application from the respondent bank to close the correspondent account or the date of termination of the account agreement specified therein.

Conversion operations represent transactions of purchase and sale of cash and non-cash foreign currency (including currency with limited conversion) when using cash and non-cash currency of the Russian Federation.

The turnover of foreign currency purchase (sale) transactions for a reporting day means the volume of foreign currency purchased (sold) during the reporting day.

All transactions are divided into cash (spot) and urgent.

Operations of banks on the purchase or sale of foreign currency with a deadline for the delivery of funds for these transactions no later than the second banking day from the date of their conclusion are called spot foreign exchange transactions. This name combines three types of transactions for the purchase and sale of foreign currency, providing for the supply of funds through them:

1) on the day of the transaction (trade type “today”). Such transactions are called TOD transactions, the rate fixed in them is called TOD (from English, today - today);

2) on the next business day after the transaction is concluded (transaction like "tomorrow"). Such transactions are called TOM (TOM) transactions, the rate fixed in them is called the TOM rate (from the English tomorrow - tomorrow);

3) one (i.e., on the second) business day after the conclusion of the transaction. Such transactions are called SPOT transactions, the rate fixed in them is called the spot, or SPOT rate (from the English spot - cash).

The exchange (purchase and sale) of one foreign currency for another occurs at the cross rate directly between authorized banks or through currency exchanges.

Futures transactions include the following:

Urgent (forward) transaction- this is a conversion transaction, the value date for which is more than two business banking days away from the date of conclusion of the transaction. Futures exchange transactions (such as futures, options, swaps) are not conversion. A forward transaction is a contract that is currently being concluded to purchase one currency in exchange for another at a specified rate with the transaction being completed on a certain day in the future. In turn, the forward operation is divided as follows:

deals With outright- with the condition of delivery of currency on a certain date;

deals With option- with the condition of a non-fixed date for currency delivery.

Swap transactions represent foreign exchange transactions that combine the purchase or sale of a currency on a spot cash basis with the simultaneous sale or purchase of the same currency for a period at the forward rate. The swap transaction has varieties:

deal report- sale of foreign currency on spot terms with its simultaneous purchase on forward terms;

transaction dereport- purchase of foreign currency on spot terms with its simultaneous sale on forward terms. Currently, the purchase and sale of contracts on forward terms, as well as the purchase and sale of futures contracts, are carried out.

Currency arbitrage- carrying out transactions for the purchase of foreign currency with its simultaneous sale in order to profit from the difference in exchange rates. The emergence of differences in exchange rates in the markets of different countries is the essence of the concept spatial currency arbitrage. It is a type of currency arbitrage. With the development of computer technology and modern means of communication, and the increase in the volume of transactions, differences in rates in different markets began to arise very rarely, so spatial arbitrage lost its importance.

Another type of currency arbitrage is temporary currency arbitrage. Its essence lies in changes in the exchange rate over time. A necessary condition for its implementation is the free convertibility of currencies. The prerequisite is a discrepancy between the courses. As a result of the spread of the system of floating exchange rates, the role of temporary currency arbitrage has increased. Its difference from ordinary currency speculation is that when conducting arbitrage, the dealer changes tactics within one day and bets mainly on the short-term nature of the operation. A foreign exchange transaction is aimed at long-term maintenance of a long position in a currency whose exchange rate is rising, or a short position in a currency whose exchange rate tends to decrease.

There is also conversion currency arbitrage, involving the purchase of currencies in the cheapest way, using both the most favorable market and changes in rates over time. In conversion arbitrage, multiple currencies are exchanged.

5. K international settlement operations relate:

settlements under letters of credit;

collection settlements;

bank transfers;

collection of payments (payment collection);

guarantee operations - related to the need to ensure timely settlements on the part of the authorized banks participating in them;

consulting services (selection of the most effective form of payment, analysis of the terms of foreign trade contracts, review of changes in currency legislation, reduction of settlement costs, reduction of commercial and currency risks, etc.).

6. Operations to attract and place foreign currency funds by the bank are very important for the bank, as they have a significant impact on the open currency position, currency and interest rate risks. These operations include operations to attract deposits from individuals and legal entities, interbank loans and deposits, as well as the placement of loans on the interbank market, among resident and non-resident legal entities and individuals. Such operations are carried out according to general rules, but have features associated, for example, with the need to recalculate the reserve created for active operations for possible losses in rubles due to changes in the exchange rate.

7.Transactions with securities denominated in foreign currency, are divided as follows:

operations to form share capital;

operations to issue own bonds, bills, deposit and savings certificates;

transactions for the purchase and sale of securities at one’s own expense for resale and for investment purposes;

barter and loan transactions;

transactions for the purchase and sale of securities on behalf of the client;

forward repo transactions;

trust transactions;

DEPO operations;

consulting clients.

A feature of many operations is the need to determine positive and negative exchange rate and unrealized exchange rate differences, which are associated not only with changes in the price of the quoted security, but also with changes in the exchange rate. This applies to operations of resale of securities from the bank’s trading portfolio and execution of forward transactions. For investment transactions, there is also a need to add additional reserves for possible losses due to changes in the exchange rate.

The procedure for reserving and returning the reservation amount is established by the Bank of Russia. Residents and non-residents deposit the reserve amount into a separate account in an authorized bank in the currency of the Russian Federation. Reservation standards are determined by the Bank of Russia, for example, to purchase currency, a resident needs to reserve 100% of the purchased amount, and for sale - only 20%.

The reserve amount for a foreign exchange transaction in foreign currency is calculated at the official exchange rate established by the Bank of Russia on the day the reserve amount is deposited. The authorized bank, no later than the next business day from the date of depositing the reservation amount, is obliged to deposit an amount equal to it in rubles to an account with the Bank of Russia.

Before the expiration of the reservation period, a resident or non-resident must conduct a foreign exchange transaction.

In order to minimize risks, interest is not accrued on reserve amounts, and collection on the obligations of authorized banks cannot be made. In the event of bankruptcy of authorized banks, reserve amounts are not included in the bankruptcy estate.

The authorized bank is obliged to pay a resident or non-resident a penalty for late repayment of the reserve amount in the amount of 1/300 of the refinancing rate in force at that time. Penalties are charged for each calendar day of delay.

Banking operations with foreign currency include: - maintaining foreign currency accounts of clients; - non-trading operations; - establishing correspondent relations with Russian authorized and foreign banks; - international payments related to the export and import of goods and services; - purchase and sale of foreign currency on the domestic foreign exchange market; - attraction and placement of foreign currency funds within the Russian Federation; - credit operations on international money markets; - deposit and conversion operations in international money markets.

Commercial banks can carry out the above operations only if they have an appropriate license from the Central Bank. Banks that have received a license for foreign exchange operations are called authorized banks.

Licenses are divided into: 1) internal; 2) extended; 3) general.

Internal license gives the right to restrict foreign exchange transactions on the territory of the Russian Federation; maintaining foreign currency accounts of clients; carrying out trading and non-trading operations; purchase and sale of cash and non-cash currency on the domestic foreign exchange market; establishing correspondent relations with Russian banks that have a general license. To obtain an internal license, a commercial bank must operate for at least one year from the date of registration with the Central Bank and receipt of a ruble license. In exceptional cases, in the presence of compelling circumstances, a foreign exchange license is issued before the expiration of the specified period.

An internal license is granted if the bank fulfills the following mandatory conditions: 1) profitable operation and compliance with established economic standards during the last year; 2) qualification and technical readiness to carry out currency transactions; 3) economic justification for foreign economic relations.

To obtain an internal license, a commercial bank must submit the following documents to the Central Bank of Russia: 1) the bank’s application for granting it an internal license; 2) economic justification for foreign economic relations of future clients who have agreed to open current foreign currency accounts; 3) a list of clients who have agreed to open current foreign currency accounts, with the attachment of their official applications addressed to the bank and information on turnover for the year, as well as balances as of the last date on foreign currency accounts opened in other banks; 4) a certificate of technical readiness to carry out currency transactions; 5) a certificate of organization of intrabank control and its compliance with established requirements; 6) an auditor’s report on the bank’s activities for the last year confirming the reliability of the bank’s balance sheet and reporting; 7) a letter from a commercial bank with a general license agreeing to establish correspondent relations; 8) a list of bank branches indicating all postal details, telephone numbers, names of managers; 9) bank statements (annual balance sheet, reports on income, expenses and profits of the bank as of the last date, certificate of compliance with economic standards, explanatory note); 10) a list of persons who will be involved in foreign exchange transactions with the attachment of documents confirming their theoretical training in a registered and licensed educational institution and their internship in a commercial bank. The documents must contain information about currency transactions that each employee has mastered; 11) the decision of the bank’s shareholders (shareholders) to form part of the authorized capital in foreign currency, confirmed by the blocking of funds in the authorized bank or letters of guarantee; 12) conclusion of the main territorial department of the Central Bank of Russia at the location of the commercial bank.

For getting extended license Along with these documents, the following must be additionally presented: information on the number of foreign currency accounts of clients, foreign currency turnover and foreign currency profit of the bank; objective certificates, certificates confirming that employees of the bank’s foreign exchange department have completed an internship in foreign banks and mastered foreign exchange transactions; letter foreign bank about consent to establish correspondent relations; results of an audit of the legality of currency transactions and the reliability of the currency part of the balance sheet; bank statements on foreign exchange transactions for the year.

Since July 1, 1994, foreign exchange licenses are issued to commercial banks if they have their own funds (capital) in an amount equivalent to one million ECU. Own funds mean the balances of all bank funds (except for depreciation of fixed assets) and retained earnings.

When applying for general license higher demands are placed on the bank. He must prove the success of his work with an extended license. Bank employees must have appropriate qualifications and special training (fluency in foreign languages, the ability to conduct negotiations of any technical complexity, knowledge of the conditions of the world money and credit markets, the peculiarities of working on them, the ability to draw up international credit agreements, etc.); the bank must have modern communication channels (direct dial telephone lines, telexes, telefaxes). The main document of the current currency legislation is the law “On Currency Regulation and Currency Control”, adopted on November 9, 1992.

The Central Bank of Russia has been granted the right to issue binding regulations: instructions, letters, regulations, telegrams, etc., which clarify and supplement certain issues of regulation of currency relations. The most complete regulatory document of the Central Bank is the letter of the State Bank of the USSR dated May 24, 1991 No. 352 “Basic provisions on the regulation of foreign exchange transactions on the territory of the USSR” with appropriate amendments and additions made by the Central Bank.

The most important task of currency legislation is to protect the Russian ruble in conditions of parallel circulation of freely convertible foreign currency.

Current foreign exchange transactions include: 1) transfers to and from the Russian Federation of foreign currency related to export and import, without deferred payment and lending for a period of no more than 180 days; 2) obtaining and providing financial loans for a period of no more than 180 days; 3) transfers to and from the Russian Federation of income from deposits, investments, loans and other operations related to the movement of capital; 4) non-trade transfers to and from the Russian Federation.

The priority area of ​​foreign exchange regulation is the domestic foreign exchange market.

A stable supply of foreign currency in the domestic foreign exchange market is ensured by:- mandatory sale by resident enterprises of 50% of foreign currency export earnings through authorized banks on interbank currency exchanges; - voluntary sale legal entities(residents and non-residents) their own foreign currency at the commercial rate through the intermediary of authorized banks; - currency interventions of the Central Bank.

The demand for currency is regulated by restrictions on its purchase for enterprises and authorized banks.

Control over compliance with currency legislation during currency transactions is carried out by currency control authorities and agents.

The main areas of currency control are: 1) determining the compliance of currency transactions carried out with current legislation and the availability of the necessary licenses and permits for them; 2) checking the fulfillment by residents of their obligations to sell currency on the domestic foreign exchange market and to the state; 3) checking the validity of payments in foreign currency; 4) checking the completeness and reliability of accounting and reporting on foreign exchange transactions and transactions of non-residents in Russian rubles.

The main regulatory act regulating the implementation of foreign exchange transactions is the Law of the Russian Federation “On Currency Regulation and Currency Control”, as well as the regulations of the Central Bank of Russia issued on its basis.

Transactions with foreign currency and securities in foreign currency are divided into current foreign exchange transactions and foreign exchange transactions associated with the movement of capital.

Current currency transactions The following are recognized: - transfers to and from the country of foreign currency for making payments without deferred payment for the export and import of goods, works and services, as well as for making payments related to lending for export-import transactions for a period of no more than 180 days; - obtaining and providing financial loans for a period of no more than 180 days; - transfers to and from the country of interest, dividends and other income on deposits, investments, loans and other operations related to the movement of capital; - non-trade transfers, including transfers of wages, pensions, alimony, as well as other similar transactions.

TO foreign exchange transactions related to capital movements, include: - direct investments, i.e. investments in the authorized capital of an organization in order to generate income and obtain rights to participate in the management of the organization; - portfolio investments, i.e. purchase of securities; - transfers in payment for ownership of buildings, structures and other property (including land and its subsoil), classified as real estate under the laws of the country; - provision and receipt of deferred payment for a period of more than 180 days for the export and import of goods, works and services; - provision and receipt of financial loans for a period of more than 180 days; - all other currency transactions that are not current.

Currency exchange or conversion operations mean bank operations related to currency conversion, that is, the exchange of one currency for another. This exchange carried out by concluding transactions for the purchase and sale of foreign currency for Russian rubles or vice versa, as well as transactions of purchase and sale of foreign currency of one state for the foreign currency of another state. Delivery of funds under these transactions can be carried out immediately (no later than the second banking day from the date of conclusion of the transaction) or after a certain period. In accordance with the timing of delivery of funds, spot and urgent conversion operations are distinguished, which are carried out, as a rule, with non-cash foreign currency. Foreign currency purchase and sale transactions on the Russian domestic foreign exchange market can be carried out between authorized banks and their clients, as well as between authorized banks themselves on the over-the-counter market or through currency exchanges.

Main participants of the foreign exchange market:

· commercial banks;

· importers paying for incoming goods in foreign currency;

· exporters who receive currency for exported goods and convert it into national monetary unit;

· portfolio investors buying and selling foreign stocks and bonds;

· currency brokers who buy and sell currency according to a client’s order;

· dealers who carry out speculative transactions with currencies, playing on exchange rate differences;

· traders who are market makers in the foreign exchange market.

The regulation of the domestic foreign exchange market of Russia and the operations carried out on it is carried out by the Central Bank of Russia.

Transactions with foreign currency are carried out in accordance with the Federal Law “On Currency Regulation and Currency Control”, decrees of the President of the Russian Federation, decrees of the Government of the Russian Federation, regulatory documents of the Bank of Russia and the Ministry of Finance of Russia.

TO foreign exchange transactions should include:

1. acquisition by a resident and alienation of currency values, as well as their use as a means of payment;

2. import and export from the customs territory of the Russian Federation of currency values;

3. transfer of foreign currency to and from the Russian Federation.

Classification of banking foreign exchange transactions can be carried out both according to criteria common to all banking operations (passive, active operations), and according to special classification criteria characteristic only of foreign exchange operations.

1. Transactions with foreign currency and securities in foreign currency in accordance with currency legislation are divided into current foreign exchange transactions And foreign exchange transactions related to capital movements.

Current transactions are completed within 180 days. Current operations, unlike operations related to the movement of capital, are carried out without restrictions. Transactions carried out with terms over 180 are associated with the movement of capital. Operations involving capital movements are inherently higher risk and may therefore be subject to restrictions.

To current currency transactions include the following:

· transfers to and from the Russian Federation of foreign currency for making payments on export-import transactions without deferment, as well as with deferred payment for a period of no more than 180 days;

· obtaining and providing financial loans for a period of no more than 180 days;

· transfers to and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other operations related to the movement of capital;

· non-trade transfers to and from the Russian Federation, including transfers of amounts, wages, pensions, alimony, inheritance, etc.

Foreign exchange transactions related to capital movements, include:

· direct investment, i.e. investments in the authorized capital of an enterprise in order to generate income and obtain rights to participate in the management of the enterprise;

· portfolio investments, i.e. purchase of securities in foreign currency;

· transfers in payment of ownership of real estate, as well as other rights to real estate;

· transfers to and from the Russian Federation of foreign currency for settlements on export-import transactions with deferred payment for a period of more than 180 days;

· obtaining and providing financial loans for a period of more than 180 days;

· all other currency transactions that are not current.

2 . Foreign exchange transactions can be distinguished according to deadlines . In this regard, there are cash And urgent currency operations. These include transactions for the purchase and sale of currency assets:

· foreign exchange transactions;

· cash transactions (with a period of two days - spot transactions);

· futures transactions (for a period of one month, three months, six months, one year, over one year)

· forward futures contracts for a period;

· REPO operations, reverse REPO.

3. According to classification criteria by subject foreign exchange transactions are divided into transactions with residents and non-residents And operations regulated by the Bank of Russia and authorized banks.

The bank has the right, in accordance with the established procedure, to create branches in the territories of foreign states and (or) acquire shares (stakes) in the authorized capital of foreign banks.

4 . Banking operations in foreign currency can be carried out by the bank on its own behalf, on its own initiative and at its own expense, or on behalf of and on behalf of the bank's clients. Therefore, depending on the entity from which the initial offer to carry out operations comes, foreign exchange transactions can be divided into own operations, those. operations carried out by banks at their own expense, and client operations, those. operations performed on behalf of bank clients.

5. By purpose all types of foreign exchange transactions are divided into commodity and non-commodity (non-trade).

TO commodity transactions relate:

· payments for goods and services;

· purchase and sale of foreign currency assets by legal entities and banks (forward and cash transactions);

· banking and commercial lending for export-import operations.

TO non-commodity (non-trade) transactions include all transactions and settlements of individuals for the purchase and sale of cash currency, traveler's checks and letters of credit, plastic cards that are not of a business nature.

6. The nature foreign exchange transactions can be active and passive.

TO active foreign exchange transactions can be attributed:

· lending to participants in foreign economic activity;

· providing loans to banks;

· conversion transactions (swap, spot, forward);

· currency arbitrage;

· operations with cash currency.

From passive foreign exchange transactions can be distinguished:

· opening and maintaining current accounts in foreign currency;

· attracting foreign currency deposits;

· foreign currency loans received;

· issue of securities denominated in foreign currency.

7. By shape differentiate cash foreign exchange transactions (foreign exchange transactions and spot cash transactions) and non-cash currency transactions (all other operations).

8. By risk level There are foreign exchange transactions with high, medium and low risk.

For foreign exchange transactions with high risk include all operations related to the movement of capital, trade, credit and repayment of receivables.

To foreign exchange transactions with average risk You can include guarantee operations, credit operations with reservation (50%).

Low risk carry out non-trading operations to attract deposits and deposits, maintain accounts in foreign currency, and settlement operations.

Commercial banks can carry out these operations only if they have one or more licenses. These licenses are:

· license to carry out banking operations with funds in rubles and foreign currency;

· license to attract deposits from individuals in rubles and foreign currency;

· a general license is issued to a bank that carries out all banking operations with funds in rubles and foreign currency.

Banks that have received one or more licenses are called authorized and are currency control agents reporting to the Bank of Russia.

When conducting currency transactions, it is necessary to comply with currency legislation. It is for this purpose that the Central Bank of the Russian Federation carries out currency control, which includes:

· determining the compliance of currency transactions with current legislation and determining the availability of the necessary licenses and permits;

· checking the fulfillment by residents of obligations in foreign currency to the state, as well as obligations to sell foreign currency on the domestic foreign exchange market of the Russian Federation;

· analysis of the validity of payments in foreign currency;

· checking the completeness and objectivity of accounting and reporting on foreign exchange transactions, as well as on transactions of non-residents in the currency of the Russian Federation.

In accordance with the Law “On Currency Regulation and Currency Control” (Article 1.9), currency transactions include:
acquisition and alienation by a resident from a resident or by a resident from a non-resident, or by a non-resident from a resident, or by a non-resident from a non-resident of currency values, the currency of the Russian Federation and domestic securities on legal grounds, as well as their use as a means of payment;
export and import into (from) the customs territory of the Russian Federation of currency values, the currency of the Russian Federation and domestic securities;
transfer of foreign currency, Russian currency, domestic and foreign securities from an account opened outside the territory of the Russian Federation to the account of the same person opened in the territory of the Russian Federation, and vice versa.

The Central Bank of the Russian Federation establishes uniform forms of accounting and reporting on currency transactions, the procedure and deadlines for their submission. The purchase and sale of foreign currency and checks denominated in foreign currency is carried out only through authorized banks.

Foreign exchange operations of banks are classified according to the following criteria:
1. According to the deadlines, they are distinguished:
A.
current currency transactions:
foreign currency transfers for settlements on export/import of goods, works and services;
settlements related to lending for export-import operations for a period of no more than 180 days;
obtaining and providing financial loans for a period of no more than 180 days;
transfers of interest, earned dividends and other income related to the movement of capital.
foreign exchange transactions related to capital movements:
direct investments;
portfolio investment;
loans for a period of more than 180 days;
transfers to pay for property rights;
all other transactions with currencies that are not current.
B. Cash transactions and urgent.
Cash transactions include the following types of currency purchase and sale transactions:
today – a transaction for which settlement is made on the day of its conclusion;
overnight – a transaction for which settlement is made the next day (within 24 hours);
tomorrow – a transaction for which settlement is carried out on the next business day after the day the transaction was concluded;
spot – a transaction in which currency exchange (currency delivery) is carried out on the second business day after the day the transaction was concluded.

Forward exchange contracts – for the purchase and sale of foreign currency at some specified date in the future.

2. Currency transactions carried out by non-residents and residents:
Non-residents can, without restrictions:
transfer and send currency;
import and export currency into the Russian Federation in compliance with customs rules;
manage foreign currency values ​​within the country.
to record transactions carried out with domestic securities of the Russian Federation, type “C” (special) accounts are opened in authorized banks.
Residents can do:
Settlements with residents within the country are carried out only in Russian currency, with the exception of settlements in duty-free shops and en route Vehicle during international transportation, as well as during transactions of donation or inheritance to close relatives and collecting;
foreign exchange received as export proceeds shall be credited to their account with authorized banks;
part of the export proceeds is sold on the domestic foreign exchange market;
can buy currency on the domestic market.

3. According to the intended purpose, foreign exchange transactions are divided into client and own:
operations carried out on behalf of clients:
opening and maintaining foreign currency accounts;
performing operations on international payments related to the export/import of goods and services;
performing non-trading operations for a commission. and etc.
operations carried out at your own expense and on your own behalf:
purchase and sale of foreign currency on the domestic market;
credit transactions;
warranty operations;
opening and maintaining correspondent accounts in banks of other countries. and etc.

4. Based on the nature of the transactions performed and the procedure for their accounting, the following are distinguished:
active operations:
lending to participants in foreign economic activity;
providing loans to resident and non-resident banks;
conversion transactions on the foreign exchange market;
arbitration transactions;
transactions with cash foreign currency, etc.
passive operations:
maintaining current accounts in foreign currency;
attracting foreign currency deposits;
loans received from resident and non-resident banks;
issuance of obligations in foreign currency (bills, Eurobonds, etc.).

Conversion transactions (Foreign exchange transaction - forex or FX) are transactions of foreign exchange market agents to exchange agreed sums of money in one currency to another currency at the agreed rate on a certain date.

Conversion operations are divided into:
current operations of the SPOT type (spot) - a foreign exchange transaction involving the supply of currency and payment within one day or two working days;
forward operations - operations to purchase currency for a certain period on the over-the-counter market at an agreed rate.

Arbitrage transactions with currencies are speculative in nature, carried out with different financial instruments, and are based on the difference in quotes on international and national currency markets.

The bank opens a foreign exchange position at its own expense in order to make a profit when the exchange rate changes.

A long position is opened when the exchange rate is expected to rise. Short position opens when the exchange rate decreases.

Accounting for transactions in foreign currency is reflected in analytical accounting in two currencies: in the account currency - foreign currency and in rubles at the official exchange rate of the Bank of Russia. Synthetic accounting is carried out only in rubles.