Types of exchange rates, their characteristics. Concept, types of exchange rates What types of exchange rates exist

The most important elements of any monetary system are the currency and the exchange rate.

CURRENCY (from Italian valuta - price, cost) is a monetary unit used to measure the value of the value of goods.

concept "currency" applied in three meanings:

a) the country's monetary unit (dollar, yen, ruble, etc.) and one or another of its types: paper, metal;

b) foreign currency - banknotes of foreign states, as well as credit and means of payment denominated in foreign monetary units ah and used in international settlements;

c) international (regional) monetary unit of account and means of payment(SDRs issued by the IMF and EUROs issued by the European System of Central Banks, led by the European Central Bank).

Depending on the mode of use, currencies are divided into:

a) fully convertible (freely convertible),

b) partially convertible (partially convertible),

c) irreversible (non-convertible, closed).

Completely reversible the currencies of countries whose legislation has practically no currency restrictions are called. These currencies are exchanged for any other currencies without special permission. These include the US dollar, Canadian dollar, Swiss franc, Japanese yen and some others.

Partially reversible are the currencies of countries in which currency restrictions remain, especially for residents 1 , in relation to a certain range of foreign exchange transactions,

TO irreversible include the currencies of those countries in which there are various restrictions and prohibitions for both residents and non-residents regarding the import and export of national and foreign currency, foreign exchange, the sale and purchase of foreign currency and currency values and etc.

Currency convertibility is one of the tools that neutralizes the influence of national borders on the movement of goods, services and capital on the scale of the world market.

CONVERTIBILITY, or convertibility (from lat. convertere - to change, convert) - the ability of the national currency to be freely, without restrictions, exchanged for foreign currencies and vice versa without direct state intervention in the exchange process.

EXCHANGE RATE - this is the value ratio of two currencies during their exchange, or the "price" of the monetary unit of one country, expressed in the monetary units of another country or in international means of payment. It reflects in an average form a complex set of relationships between the two currencies: the ratio of their purchasing power; inflation rates in the respective countries; demand and supply of specific currencies in international currency markets, etc.

The most important element of the monetary system is currency parity - the ratio between the two currencies, established by law. Under monometallism - gold or silver - the base of the exchange rate was monetary parity - the ratio of monetary units of different countries according to their metal content. It coincided with the concept of currency parity.

The exchange rate regime is also an element of the currency system. Differ fixed narrowly fluctuating exchange rates, and floating rates that vary depending on the market supply and demand of the currency, as well as their variety.

Under gold monometallism, the exchange rate was based on gold parity - the ratio of currencies according to their official gold content - and spontaneously fluctuated around it within gold points. Classic mechanism of gold points operated under two conditions: free purchase and sale of gold and its unlimited export. The limits of exchange rate fluctuations were determined by the costs associated with transporting gold abroad (freight, insurance, loss of interest on capital, testing costs, etc.), and actually did not exceed ± 1% of the parity. With the abolition of the gold standard, the mechanism of gold points ceased to operate.

Exchange rate with fiat credit money, it gradually broke away from the gold parity, since gold was forced out of circulation into a treasure. This is due to the evolution of commodity production, monetary and foreign exchange systems. For the mid 1970s. the basis of the exchange rate was the gold content of currencies - the official scale of prices and gold parities, which were fixed by the MIF after the Second World War. The measure of the ratio of currencies was the official price of gold in credit money, which, along with commodity prices, was an indicator of the degree of depreciation of national currencies. In connection with the separation for a long time of the official, fixed by the state price of gold from its value, the artificial nature of the gold parity intensified.

The exchange rate has a great influence on many macroeconomic processes taking place in the world and national economy. The level of the exchange rate, which compares prices for goods and services produced in different countries, determines the competitiveness of national goods in world markets, the volume of exports and imports, and, consequently, the state of the current account balance.

No exchange rate system has the exclusive advantage of achieving full employment and price stability.

The main advantage of a fixed exchange rate system- their predictability and certainty, which has a positive effect on the volume of foreign trade and international loans. disadvantages of this system are, firstly, the impossibility of conducting an independent monetary policy and, secondly, a high probability of errors in choosing a fixed level of the exchange rate.

The main advantage of a flexible exchange rate is that it acts as an "automatic stabilizer" that contributes to the settlement of the balance of payments. At the same time, significant exchange rate fluctuations negative affect finances, generating uncertainty in international economic relations.

The exchange rate, as a macroeconomic indicator that reflects the country's position in the system of world economic relations, occupies a special place in the system of indicators used as a means of state regulation of the balance of payments. The reason is that its increase or decrease immediately and directly affects the economic situation of the country. Its foreign economic indicators, foreign exchange reserves, debt, dynamics of commodity and financial flows are changing.

There are several options for establishing exchange rates between national and foreign currencies:

    "floating" the exchange rate - the exchange rate of the national currency in relation to foreign ones - fluctuates freely depending on supply and demand;

    regulated, or "dirty swimming" - the exchange rate of the national currency fluctuates until the changes reach a certain limit, after which the state begins to use regulatory levers;

    "step swimming" - exchange rates fluctuate, but if certain limits are reached when “fundamental or structural changes” occur, when ordinary financial regulatory measures are insufficient, the country is entitled to devaluation, that is, a one-time change in the exchange rate;

    "joint swimming" or the "currency snake" principle - exchange rates fluctuate around some officially established parity, but their fluctuations do not leave certain fixed limits;

    fixed rate - the national currency is rigidly pegged to another currency or to another parity.

Common to all cases is the use of the dynamics of changes in exchange rates (or the ratio of one's own and foreign currency) to adjust the balance of payments. These changes can be one-time or regular and take the form of a devaluation (if the value of the national currency is constantly falling) or revaluation (if the national currency appreciates excessively).

Regulated or "dirty floating", "stepped floating", "joint floating", or the principle of "currency snake" - all forms of foreign exchange regulation are modified versions of the two main approaches to the regulation of exchange rates: "floating" exchange rate, freely fluctuating in depending on supply and demand, and a rigidly fixed exchange rate. Individual elements of these two courses are combined with each other in various combinations.

A feature of a freely fluctuating exchange rate is that its fluctuations are considered, if not the only, then at least the most important means of regulating the country's balance of payments. This is explained by the adjustment mechanism: an easier way to balance the balance is to change the price of the currency that determines the ratio between prices, compared, for example, with the restructuring of the entire internal mechanism of economic relations (taxation, emission activity, etc.). Fluctuations in the price of the currency, occurring in parallel with the imbalance of payments, make it possible to make adjustments less “painfully”, without attracting external sources of financing. Supporters of the use of a "floating" exchange rate emphasize its ability to automatically adjust the amount of exports and imports.

A "floating" exchange rate allows the export of goods in which the country has a comparative advantage, and thus optimizes its participation in the international division of labor.

The benefits of a "floating" exchange rate include the government's ability to pursue a relatively independent national economic policy (primarily aimed at providing more employment and increasing economic growth rates).

For example, supporters of the introduction of a “floating” exchange rate of the US dollar point out the need for a more independent economic policy in the context of the US dollar performing the function of a world currency and the obligations arising from this.

In modern conditions, the exchange rate is influenced by many factors that neither the government, nor the Central Bank, nor any other official bodies can take into account.

It is the "floating" exchange rate that most realistically reflects these impacts and provides an effective response to them, indicating the real value of the national currency in the world market. This approach explains why, in most countries, completely free float was used only for short periods of time to determine the real price of the national currency.

At the same time, the "floating" rate has a drawback. Significant short-term fluctuations can destabilize foreign trade transactions and lead to losses due to the impossibility of fulfilling previously concluded contracts.

The listed shortcomings exclude the fixed exchange rate tied to any stable cost unit. A fixed rate allows you to predict entrepreneurial activity, regulate the level of profitability of future investment programs. I Almost all entrepreneurs and bankers are in favor of a fixed exchange rate of the national currency.

The fixed exchange rate is especially important for industries oriented to a significant volume of imports (high-tech industries) with a high share of exports in total production. Such a rate means the projected future amounts of the transferred currency necessary for the development of investment programs associated with a long payback period for invested funds. A fixed rate is effective for organizations that have long-term and stable relationships. It is especially beneficial for preserving and maintaining the political "face" of the leadership and testifies to the strength and reliability of the government's economic policy. The government undertakes to maintain the stability of the currency, and, accordingly, the position of the country in the system of world economic relations. The country's leadership, as it were, confirms that there is enough trust and financial resources at the national and international levels in order to maintain the stability of the national currency. At the same time, it assumes the costs of "smoothing" possible short-term fluctuations, which are especially dangerous for foreign trade transactions.

The introduction of a fixed exchange rate poses a number of problems for the national government. The most important of them is the maintenance of "external balance", that is, the balancing of external payments in order to maintain the exchange rate at a constant level.

The effectiveness and expediency of using fixed or "floating" exchange rates as a means of regulating the balance of payments can be reduced to the following. As evidence of the stability and strength of the country's economic and political system, a fixed exchange rate can only exist in conditions of a stable macroeconomic policy of the government. Job creation programs, tax policy - everything should be subordinated to the interests of maintaining a stable exchange rate of the national currency.

Exchange rate- this is the price of the country's currency, expressed in the currency of other countries or in international currency units (euro, SDR).

The exchange rate is one of the elements of the currency system, which is used to:

Exchange of currencies between countries in the trade of goods and services. Exporters exchange the received currency for the currency of their country in accordance with the laws, and importers exchange their country's currency for foreign currency to pay for goods purchased abroad;
comparison of prices in national and world markets;
revaluation of bank and company accounts in foreign currency.

For exchange participants, the exchange rate is a coefficient for converting currencies from one to another. But the cost basis of the exchange rate is the purchasing power of currencies, showing the average price levels for goods, services and investments of the country. The exchange rate enables buyers and sellers to compare prices in their own country with prices for similar goods and services in other countries. Such a comparison allows us to evaluate the profitability of the development of a particular production.

The following factors influence the exchange rate:
size and rate of inflation;
difference in interest rates of different states;
country's balance of payments;
the state of the foreign exchange market and speculative operations on it;
the popularity of a certain currency in the world market;
the degree of confidence in the currency;
speed of international payments.

For currency transactions obligatory exchange of currencies and quotation - determination of the exchange rate.

There are several types of exchange rates:

fixed- the ratio established by law between the two currencies;
floating- is established during trading on the currency exchange (in Russia - the Moscow Interbank Currency Exchange, operating under the control of the Central Bank). Based on the results of trading on Tuesdays and Thursdays, the Central Bank of the Russian Federation sets the exchange rate of the US dollar against the ruble, the so-called fixing;
cross course- the ratio between two currencies, resulting from their exchange rate against a third currency;
current (spot rate)- cash transaction rate. This type of exchange rate is used for settlements within two days;
forward- used in settlements under foreign exchange contracts some time after their conclusion;
fundamental equilibrium- in which the state can maintain external and internal macroeconomic balance.

There are such types of exchange rates as the seller's rate and the buyer's rate. Banks sell foreign currency at a higher price (seller's rate) than they buy it (buyer's rate). The difference is used to cover expenses and to insure foreign exchange risk.

All world currencies are divided into:

Currencies with a fixed rate (to one currency);
currencies with a limitedly flexible exchange rate (within the framework of a joint policy, in relation to one currency);
floating currencies.

Belonging to a particular group depends on the change in the type of exchange rate.

A currency is a monetary unit that can perform the function of money in the exchange of goods. This is speaking in a more general sense. If we consider this issue in a narrow sense, then the currency in this case will be called a certain type of banknotes, which is a participant in international economic relations. The types of currencies are quite diverse.

All about currencies

There are a large number of species, because science tries to classify everything for more convenient handling of all the concepts that relate to it, and in order to use this knowledge in practice. After all, the understanding of the mechanisms of currency formation and turnover cannot be considered in isolation from the theory, of which the classification is a part.

What is a currency?

As mentioned earlier, the currency is what the participants in the economic or trading process are calculated with. Each of them has its own value, which determines the success of the state economy. Naturally, it is not necessary to say that only the currency does this. But it is important to understand that after all, it is the value of the exchange rate that determines the success of the economy in the international arena.

Relationship between the standard of living and the price of a currency

However, the low cost of some currency does not always affect the standard of living negatively. Sometimes even too expensive currencies, such as the dollar, do not help ordinary people live. And this can be seen in the example of American society. Yes, there is a middle class. But that doesn't mean anything, because financial position they achieve by very intensive work.

At the same time, take such a well-known country as Belarus. This state is considered a country with enough high level life in the post-Soviet space. But if you look at the course Belarusian ruble, then you can’t even say that they don’t have any special problems with the standard of living. Naturally, citizens of any country have their own economic problems. But the determining factor is not the exchange rate or economic situation and the ability of citizens to adapt even to poor conditions.

Currency functions

Regardless of what types of currencies are, they perform the following functions:

  • The currency acts as a base for the price scale. What does this mean? The point is that you need to determine the value of each product. The price for it is the magnitude. But how can you determine what price to set? This is what currencies are used for.
  • Legal tender. It makes no difference what types of currencies are used on the territory of the state, each of them is a legal tender. As a rule, prices in other currencies are not indicated. If they are put on price tags, then they perform an indicative function rather than a directly calculated one. As for foreign currencies, the state can independently establish the degree of turnover of some currency in it.
  • Means of ensuring settlement between states. By understanding the value that a certain currency has, it becomes clear at what price you can sell imported goods. It is on the export of some goods that its well-being depends, since usually import prices are much higher. Accordingly, it is much easier for the exporting country to stabilize the economy. At the same time, a truly valuable product should be exported. Then there will be no difference what types of currencies are involved in circulation, since the economy will still be strong.

When can a currency be a player?

Everything is very clear, isn't it? It should be noted that if some function is not performed, then the currency cannot exist in the form that it can. It must be a player not only in its own market, but also in the external one. Still, often the external determines the internal. And the key to the success of any country is the correspondence of these two indicators. Because in the Soviet Union, the type of currency, the ruble, had a very high price. But the economy was still in stagnation, after which it completely collapsed.

Classification of exchange rates

The exchange rate is the price at which it can be bought on international exchange. Naturally, we need to consider the types of exchange rates. These are not types of currencies in terms of exchange rate stability, but completely separate classification. With that parameter, everything is clear: currencies are stable and unstable.

The first type is economic profitable currency, regardless of its course, since stability is sometimes better than quantitative indicators. An unstable currency is a rather bad option, which is constantly changing. It can both jump up sharply, and its quotes can fall down. And here you can never guess which option will work. Banks do not want to work with such currencies. And people somehow do not want to pay with unstable currencies, which makes the latter even weaker. After all, the currency also depends on the trust of the population.

Types of exchange rates

Now let's move on to the types of courses themselves. This classification is divorced from the currencies themselves. Just the concept of the course and what they are is considered.

  1. A fixed exchange rate is one that is established directly by law. It does not change depending on how they want to sell it. This is the rate that is laid down in the country's budget and does not change over a certain period of time. It is not for nothing that this type of exchange rate is called fixed.
  2. A floating exchange rate is one that is set directly on the currency exchange. A floating exchange rate is characterized by volatility. In Russia, the floating rate is set by the Moscow Currency Exchange, which is directly subordinate to the Central Bank Russian Federation.
  3. Cross course. This is a direct ratio of one currency to another, based on a third currency. For example, at the time of writing, the cross rate for the hryvnia and the ruble is 1:3 based on the dollar. Such a course also has its advantages. So, you can find out which course is on this moment without fixing. This is an operation that is performed by the main bank of the country to correct the exchange rate against the dollar or any other.
  4. The current rate is the value that is used as the price for a certain currency. It lasts for two days, after which it changes. However, it may remain the same. Once in a while it doesn't have to.

For an ordinary person, another classification is clear. This is a sale. But here everything is clear. One currency is bought and the other is sold. In exchangers, you need to look at the currency purchase rate. The sale is usually cheaper, although there are exceptions. In general, what is sold or bought is very relative. It all depends on which reference point is being used.

There are a lot of national currencies. Some countries refused to enter own currencies in favor of international They will not be considered here. After all, international currencies and so everyone knows. One of these is the euro, which is quite an expensive currency. But let's take a closer look at national currencies and what they are.

  1. Ruble. This is a currency that is actively used on the territory of Russia and in those countries or regions whose status is uncertain. For example, rubles are used in the territories of the DPR or LPR, which show their loyalty to Russia, or the authorities that seized them, at least show it.
  2. Hryvnia. This is the Ukrainian currency, which was introduced in 1996 after the end of the crisis. Despite the fact that this currency was then worth as much as half a dollar at that time, the standard of living at the moment in this country is much better. However, the rate is now less joyful - 25 hryvnia to one dollar. Not to say that everything is bad, though. As they said, the success of the country's economy is determined not by what course it is, but by how smart people are there. Unfortunately, not everyone can say the same. But those who suffer over the course and are unwilling to adapt to maintain the same standard of living are simply wrong.
  3. Dollar. In principle, this currency can be called national, since it is used as a settlement only in the United States. And this country is an example when a high exchange rate does not improve the standard of living of ordinary people. Yes, they all drive there. But this provoked mass obesity. And what level of life can we talk about if a huge number of people suffer from a disease that provokes heart attacks, strokes and diabetes?

Naturally, there are much more national currencies. But this list is pretty good too. Its value lies in the fact that, first of all, the emphasis is on our native currencies, which are understandable to everyone and which can be used to explain what works and how. We have already examined what a currency is - the concept and types (partially). Now we need to think about the types of currencies that are exchanged.

Types of currency in exchangers

An exchange is the sale of one currency and the purchase of another for this money. Everything is very simple, this mechanism has been worked out. But what are the types of exchange currency? Not everyone knows this question. Well, let's arrange a small educational program and understand what exchange currencies are. After all, nothing allows you to learn a topic like classification, right?

freely convertible

In general, the types of currencies according to the method of exchange can be different. What exactly? In particular, we will consider the types of currency convertibility that can be exchanged (that is, converted, these words are synonyms) one for another. The first type is freely convertible. As a rule, these are currencies that do not have a sufficiently high exchange rate and cannot adversely affect the country's economy. After all, what is bought becomes more expensive. This is clear. It turns out that if given the opportunity to freely convert the dollar, it may end up with even greater strengthening of it, which may worsen the economies of other countries.

Partially convertible

The dollar is a partially convertible currency for the reason that this currency is in price, but at the same time its too active turnover can lead to a deterioration in the state of the economy of a particular country. In the case of countries with a high dollar, this can end very sadly. To prevent this, the authorities make restrictions on certain types of foreign exchange transactions. And with the dollar, this is best shown.

non-convertible

It happens that some countries do not allow the use of their currencies in other countries. It's not exactly good in our globalized society, but that's how they do it. An example nearby is the Soviet Union. There, the currency was non-convertible, which negatively affected the economy of this country. That is why the ruble was then called wooden. Most likely, this can take place now, although at the moment it is better. A fairly large number of people calmly go and exchange their rubles for dollars, and everyone is doing pretty well.

Operations with currency

Types of currency transactions are also quite an important topic for discussion at the end of this article. In total, there are two types of possible operations:

  • Conversion, that is, an exchange. This is especially true for such a topic as types of transactions with foreign exchange. Exchange is the primary means by which the value of a currency can be secured. The price at which they are willing to exchange it means a lot. In this aspect Russian ruble is not a very good example, since in order to buy a dollar, you need to shell out almost, and in some exchanges even more than 70 rubles. This is a rather high price. Even Ukrainians are ready to pay three times less for a dollar. Although they are very close to Russia.
  • Credits. Here's what else they like to do with currency. Types and classification of currencies does not matter for a loan. Almost. In fact, there is some role, but rather insignificant. After all, loans can be issued in different countries and between different states in a wide variety of currencies. But there are only three main ones: national, dollar and euro.
  • Payment. This point is also important. After all, this is the main operation that we perform with you.

We figured out what types of currencies are and what you need to know about exchange rates and the types of transactions that can be performed. This information can be used by you both for general education and for the provision of a normal life. There is one piece of advice here that you might catch. He is very helpful and constructive.

Currency market– segment financial market, where transactions are made for the purchase and sale of foreign currency in cash and non-cash forms.

Exchange rate(exchange rate) - the price of a foreign currency in national monetary units (with the direct method of setting the exchange rate). The opposite view is called reverse course.

Determining the exchange rate of the national currency in a foreign currency at a certain point in time is called quote. Currency quotes are carried out by the central and largest world commercial banks.

Types of exchange rates:

    Fixed exchange rate- This is the official rate, which does not change, at least for a certain sufficiently long period.

    Restricted course - the establishment by the monetary authorities of limits on fluctuations in the exchange rate, which they seek to maintain mainly through foreign exchange interventions, i.e. operations in the foreign exchange markets using reserves of key currencies.

    Free floating exchange rate should not be regulated by state and interstate bodies, but established by the market.

On the exchange rate influence factors: reflecting the state of the economy of a given country: 1. Indicators of economic growth (gross national product, industrial output, etc.). 2. The state of the trade balance, the degree of dependence on external sources of raw materials. 3.Growth money supply in the domestic market. 4. Level of inflation and inflationary expectations. 5. Interest rate level. 6. Solvency of the country and confidence in the national currency on the world market 7. Speculative operations on foreign exchange market. 8. The degree of development of other sectors of the global financial market, such as the securities market, competing with the foreign exchange market.

Question 21

The evolution of the world monetary system. The role of gold in the international monetary system.

The evolution of the world monetary system

Allocate a different number of stages in the development of the world currency: from two to four. The most traditional is the point of view, according to which the world monetary system has gone through the following main stages during its existence, each of which was characterized by the presence of certain internationally agreed principles of monetary policy:

    Gold standard (Paris system).

    Gold motto standard (Genoese system).

    Fixed parity system (Bretton Woods system).

    The modern system of free floating rates (Jamaican system).

The principles developed at the international level are the basis for national monetary authorities to determine their own financial policy. In history, there are numerous examples of deviations from global principles, but in general they determine the most characteristic features of the development of world and national finance, primarily the methods of establishing and regulating exchange rates.

        Gold standard system (1867-1914). In the early stages of the formation of the world monetary system (XVII-XVIII centuries), currencies were exchanged in accordance with their "metal content", which simplified the problem of determining the exchange rate. In different countries, different metals were used for minting coins: copper, silver, gold (as well as nickel, tin, lead and iron), but precious metals served as a measure of determining exchange rates. In the 19th century, one part of the countries focused on the use of gold as a measure of the value of their monetary units, the other part - silver. France was dominated by bimetallism, so it was here that the idea arose to ensure uniformity in the determination of exchange rates.

At the Paris Conference (1867), gold was recognized as a form of world and national money. All the functions of money were assigned to him at the international level. The monetary system based on the gold standard ("gold monometallism") included the following basic principles:

          gold is the only form of world money;

          gold is freely circulating, which meant:

    central banks of individual countries can sell and buy gold in unlimited quantities at fixed prices;

    any person can use the gold without any restrictions;

    any person may mint gold coins from gold bullion at the state mint;

    import and export of gold were not limited.

These conditions applied to both residents and non-residents of certain countries.

The advantage of using gold as world money is the relative stability of such a "currency" due to the fact that gold practically does not wear out, so that the nominal and metallic value of the coins are the same. A significant disadvantage is the inflexibility of gold as a medium of exchange. That is why, in fact, such a role began to be played by bills of exchange (drafts), denominated in the most stable and popular currency of that period - the British pound sterling. Gradually, gold was replaced in the function of a means of payment by credit money. Gold, on the other hand, was mainly used to pay the country's public debt. passive balance its balance of payments. In addition, the pound sterling was used on an unofficial basis as a reserve currency.

The gold standard meant the establishment of a gold content for each national currency (the amount of gold per unit of the national currency), through which one can easily determine the official exchange rates in relation to each other. Since these courses are based on gold content, they talked about gold parities. Despite the presence of the gold standard, market rates were also formed under the influence of the ratio of supply and demand in the market. With significant deviations of market rates from gold parities, calculations began to be carried out in gold, which brought these rates in line with the official ones. At the same time, the transition to gold settlements became profitable when the so-called golden dots. So, if the market rate of the national currency in relation to the foreign one has decreased to a level at which it becomes more profitable to pay for the imported goods in gold than in foreign currency, then they say that they have reached the gold point of export. The gold point of entry is determined similarly.

During the 70s of the 19th century, France, Germany and many other countries moved to the gold standard, which led to an excess demand for gold and a deflationary process in these countries. Simultaneously, the demonetization of silver created an oversupply of silver and an inflationary pressure in countries that maintained the silver standard. The choice between gold and silver was finally decided once and for all during the discovery of large gold deposits in South Africa. In 1900 most of the leading countries, with the exception of China, have firmly committed themselves to the gold standard.

The gold standard system ensured the stability of most currencies for a long period of time and contributed to the development of world trade. Under the gold standard, national currencies were freely exchangeable firm course for gold, the amount of which was limited. If the increase in the amount of money inside the country led to an increase in prices, then this caused a trade deficit, an outflow of gold from the country, a decrease in the amount of money in circulation, a fall in prices and a restoration of balance. Of course, this scheme of automatic rebalancing is simplified, and in practice it worked with adjustments.

Currency crisis (1914-1922). The short era of the international gold standard was interrupted by the First World War and inflation in Europe, which forced the warring countries to leave the gold standard system. The US, which along with Japan maintained the gold standard, was flooded with gold. This led to a doubling of the value of the dollar and gold. The regulatory mechanism of the gold standard has ceased to operate. The factors that contributed to the destruction of the gold standard system were:

    a significant increase in the issue of paper money to cover military spending;

    the introduction by the belligerents of currency restrictions, due to which the existence of a single international monetary system became impossible;

    depletion of gold resources while financing military spending.

        Gold motto standard (1922-1939). In 1922 At the Genoa Conference, an attempt was made to restore the principles of the gold standard system, but in a modified form. According to the decisions of this conference, national credit money could be backed not so much by gold as mainly by the foreign currency of those countries that retained the free exchange of their monetary units for gold, i.e. British pound sterling, French franc and US dollar. Other currencies were exchanged for gold not directly, but through a preliminary exchange for one of the three indicated currencies. The gold standard retained its force only at the international level. The free coinage of gold by any persons was no longer possible; switched to closed coinage. However, there has been a transition from gold coin standard to gold bullion.

But, despite the decisions taken in Genoa, in fact, the period from 1924 to 1936. characterized by ubiquitous demonetization of gold in national monetary systems. The demonetization of gold means the deprivation of all or part of its functions as a "currency", primarily the refusal to use it as a measure for determining the exchange rates of national currencies, as a means of circulation and payment. A number of countries made attempts in one form or another to restore the gold-motto standard (England - in 1925, France - in 1928) or create gold blocks (for example, between France, Holland, Switzerland, Italy and Poland - in 1933), and the gold reserves of many countries, especially the US and France, have risen sharply. However, as a single world system the gold motto standard, unlike the gold standard, did not function.

The global economic crisis of 1929-1933 had a significant impact on the IFCS, which led to:

    to sharp overflows of capital and, as a result, disequilibrium of balances of payments and fluctuations in exchange rates;

    to paralysis international loan with the termination of payments by a number of debtor countries, which caused the emergence of separate currency zones (for example, in Germany);

    to the refusal of many countries from the gold-motto standard and the recognition of other principles of the world monetary system.

During the First World War and after it, the United States accumulated huge gold reserves, so that the gold coverage of banknotes in circulation, for example, in 1933, i.e. in the year the US abolished the gold standard, more than double the security required by law. The United States was a country in which until 1933. bank notes freely and in any quantity were exchanged for gold. However, the need to bring the American economy out of a deep economic crisis caused the appearance of a decree of the US President, according to which the country prohibited the storage and circulation of gold coins, bullion and certificates, and soon a ban was introduced on the export of gold abroad.

The pound sterling still played a leading role as an international medium of exchange, although the gold backing of the US dollar was higher. This was due to the existence of a developed system of British banks abroad (mainly colonial banks), which objectively led to the opening of accounts, the provision of loans and, as a result, settlements in pounds sterling.

After 1934 the world monetary system did not correspond to the principles that were its basis. During this period, only the United States guaranteed a fixed price of gold (35 USD per troy ounce), agreed to exchange dollars for gold, but only for Central Banks. Many countries expressed the price of their currencies in dollars (through the troy ounce). The result was the gradual transformation of the dollar on an unofficial basis into a reserve currency and the displacement of the pound sterling in this function.

Currency crisis (1939–1944). During the Second World War, there was no single currency market and the principles of the world monetary system were not respected. The most characteristic features in its development were:

    currency restrictions imposed by most belligerents and many neutral countries;

    a new rise in the role of gold as world money, since in war conditions strategic and scarce goods could only be purchased with gold;

    the related depletion of the gold reserves of countries that were actively purchasing weapons and food, and their accumulation from exporting countries, primarily the United States;

    the loss of the regulatory role of exchange rates in economic relations;

    the use by the occupying countries, in addition to direct methods of robbery, also of monetary and financial ones (issue of unsecured money to formally pay for the supply of raw materials and food from the occupied countries, overvaluation of the national currency).

        Bretton Woods monetary system (1944 - 1971). The world currency crisis caused by the Second World War and previous events forced the Anglo-American experts to develop a draft of a new world monetary system, the principles of which were enshrined at the Monetary and Financial Conference in Bretton Woods (USA). In the adopted agreement (the first version of the Charter IMF) the following basic principles of the new monetary system were defined:

    Recognition of gold and the US dollar as the basis of the world monetary system. This meant the restoration of the gold parities of currencies with their fixation in IMF, the continued use of gold as an international reserve and means of payment, the preservation of the gold-dollar standard established even before the Bretton Woods system (35 USD per troy ounce), for which the US Treasury continued to exchange dollars for gold at a set price to Central banks and government agencies. Other currencies could now be exchanged for gold only through USD. Currency devaluation over 10% was allowed only with permission IMF.

    Introduction of a currency band. The market exchange rate had to deviate from the established parity within narrow limits (±1%), and the central banks were charged with maintaining this "corridor" on the basis of foreign exchange interventions. They had to accumulate USD reserves for this. If the exchange rate of the national currency fell, then the central banks threw dollar reserves into the market. Otherwise, they were buying USD. In fact, this position meant the transfer to national banks other states of the costs of maintaining dollar exchange rate, which was a manifestation of US hegemony in world monetary relations. In addition, the obligation to accumulate dollar reserves led to the strengthening of the US currency.

    Easing foreign exchange restrictions with the introduction of mutual convertibility of currencies, as well as restrictions on the export of capital and obligations to sell foreign currency to Central Banks.

It should be noted that these principles led to the inconsistency of the Bretton Woods monetary system, because the maintenance of fixed rates requires, to some extent, to exercise control over foreign exchange transactions. In fact, within the framework of the MFCS, a system of limited moving rates was introduced. Therefore, the often used name of this system as the "fixed parity system" is not entirely legitimate.

For the first time in history, for the interstate regulation of currency relations, international monetary and credit organizations were created - the International Monetary Fund ( IMF) and the International Bank for Reconstruction and Development ( IBRD) 5 . The tasks of these organizations are discussed in detail in paragraph 15.2.

The final settlements of the balance of payments between countries were actually carried out by exchanging gold for currency and vice versa, either centrally (by Central Banks and other official institutions) or on the London gold market.

A monetary system based on the key role of a single currency (USD) could only remain stable under the hegemony of the United States in the world economy, which in the late 40s accounted for about 75% of the world's gold reserves, more than 50% of industrial production and 30% of exports capitalist countries.

Background and causes of the crisis of the Bretton Woods system. The signs of a crisis in the world monetary system under consideration matured gradually and became especially pronounced in the 1960s. These include:

    The formation of a huge deficit in the US balance of payments due to the fact that for various reasons there was an outflow of dollars from the country, which caused their accumulation in the reserves of both central and commercial banks. This process led to the formation of the so-called Eurodollar market. The factors that contributed to the formation of the Eurodollar market were:

    1. in the late 1940s and early 1950s, Soviet foreign trade organizations began to transfer dollar proceeds from American bank accounts to European banks;

      at the end of the 50s, a sharp weakening of the GBP exchange rate began to be observed, which forced British banks to switch to conducting operations (opening accounts, providing loans, settlement and payment transactions, etc.) in USD;

      In the late 1950s and early 1960s, Keynesian methods of regulating the economy began to be implemented in the United States, among which one of the main places is the limitation of levels interest rates; it reduced investment attractiveness country for both non-residents and residents, and caused an outflow of capital from the United States.

    Gradual overcoming by many countries of the technological and economic lagging behind the United States with a decrease in the share of the latter in world industrial production and world gold reserves. The use of the dollar, which is also depreciating, as the basis of the monetary system has become illogical.

    The actual use, along with the dollar as reserves, of other currencies, primarily the German mark, the Swiss franc and Japanese yen, i.e. currencies, the market rate of which at that time tended to increase.

    The right of the owners of dollar reserves to exchange them for gold at the official price by the end of the 60s came into conflict with the US ability to carry out this exchange.

    Understated in the interests of the United States, the official price of gold (for its mass purchase), which served as the base for currency and gold parities, began to deviate from the market price. As a result, artificially established parities have lost their economic meaning.

    From time to time there were sharp fluctuations in exchange rates relative to each other, which is associated with the cyclical development of the world economy and the instability of the balance of payments. In the 1960s, such countries as Germany and Japan had consistently positive balances of payments, while the United States and England had negative ones, which did not correspond to the official role of their currencies in the Bretton Woods system. Maintaining a permitted band of exchange rate fluctuations was associated with significant costs and was not in the interests of countries whose currencies were more stable.

Forms of manifestation of the crisis of the Bretton Woods system. The forms of manifestation of the crisis of the system under consideration are closely related to the causes of the crisis and were expressed as follows:

    "currency fever" ("flight" to stable currencies);

    "gold rush" (mass purchase of gold and, as a result, an increase in its market price);

    exacerbation of the problem international liquidity(general shortage of international means of payment and their uneven distribution between individual countries)

    revaluation and devaluation of currencies due to the impossibility of keeping their rates within the established limits;

    massive use of borrowing in IMF to mitigate the balance of payments deficit;

    panic on the stock exchanges with sharp fluctuations in prices valuable papers(they depend significantly on exchange rates).

At the end of the 60s, the dollar began to fall sharply due to a significant increase in their supply in order to exchange for gold, there was an uncontrolled movement of dollars bought up central banks to maintain the exchange rates of their currencies in the established IMF limits. The United States for a long time opposed the recognition of the bankruptcy of the Bretton Woods system and tried to shift the costs of saving it to other countries. Among such measures are the revaluation of some currencies, which is tantamount to a hidden devaluation of the dollar, but not so damaging to prestige; increase in import duties; stopping the exchange of dollars for gold.

The 10-country Agreement, signed in December 1971, can also be attributed to attempts to preserve the basic principles of the fixed parity system. in Washington (Smithsonian Agreement), according to which:

    the dollar was devalued (by 7.89%), and the official price of gold was raised to $38 per ounce;

    the official exchange rates of a number of currencies were changed;

    the allowed limits for currency fluctuations were expanded (up to ±2.25%);

    the newly introduced US import duty (10%) was abolished.

At the beginning of 1973, another devaluation of the dollar was carried out (by 10%) and the official price of gold was raised (to $42.22 per ounce). However, since these measures did not fundamentally change the system itself, it was not possible to overcome its crisis, and in March 1973 a decision was made to abandon fixed rates. But in full the principles of the new system were formulated later, so the period 1971-76. can be defined as transitional.

        The modern world monetary system (since 1976). In accordance with the principles of the Jamaican monetary system, any country - a member of the International Monetary Fund (IMF) - has the right to independently choose the exchange rate regime. However, certain requirements of the IMF Charter as amended in 1978 have been introduced:

    maintaining the stability of the financial and monetary policy in the country and the use of interventions by the Central Bank in case of too strong fluctuations in the exchange rate;

    refusal to manipulate the exchange rate aimed at obtaining unilateral advantages;

    promptly informing the IMF about all expected changes in the mechanism of foreign exchange regulation and exchange rates;

    refusal to link the exchange rate of their currencies to gold.

At the same time, gold was deprived of its official functions an international means of payment, a measure of the value of currencies, a mandatory reserve asset of central banks, i.e. demonetized. But in practice, countries can, if they wish, accumulate gold reserves, and also settle in gold by mutual agreement. Thus, the freedom to choose the currency regime is not absolute. Nevertheless, the transition to an independent choice of the exchange rate regime by countries meant that its interstate regulation was significantly weakened.

Therefore, at present, various national currency regimes have developed, which, nevertheless, can be classified according to certain general principles(Fig. 1).

Fig 1. Varieties of modern exchange rate regimes (according to the updated IMF classification 6)

Tied currencies are called, the change in the exchange rate of which is determined by changes in the exchange rate of the currency or basket of currencies to which the link is made. A basket of currencies means a set of currency values ​​recognized by a number of countries (standard basket) or by one country (individual basket), for which the weighted average value is calculated according to certain rules. Below, using the example of SDR, this will be shown in more detail. In the case of pegging to a certain currency, the fluctuations in the exchange rate of the pegged currency completely repeat the fluctuations in the exchange rate of the leading currency. When linking to a standard basket, in some cases a deviation of ± 1% is allowed.

Pegged currencies are sometimes referred to as fixed currencies. This is not entirely accurate, since fixing is carried out in relation to one currency (or basket), and in relation to other currencies there is a free float. The vast majority of pegs are made to the US dollar (more than 20 currencies). This is due to the leading role of the US dollar in world markets. But there are also individual examples of binding to other currencies, for example, the Estonian kroon and the Romanian leu - to EUR (previously - DEM), the currencies of Namibia, Lesotho and Swaziland - ZAR (South African currency), etc. A peculiar situation has developed in the zone of the French franc (14 countries) that uses XAF and XOF currencies with the same exchange rate. Previously, these currencies were pegged to the franc, now to the euro. Thus, we can talk about collective currencies that are pegged to another collective currency. Binding to the standard basket of currencies is carried out in relation to the international monetary unit - SDR (for example, the Libyan pound, Rwandan franc, etc.).

Oriented Currencies are called, the binding of which to other currencies is not strictly carried out. So, there are a number of currencies (for example, the Qatari rial, the Bahraini dinar and the Saudi Arabian rial), the official rates of which are pegged to the US dollar, but at the same time a corridor of ± 2 1/4% is maintained. In fact, here we can talk about preserving the principles of Bretton Woods in a mini version, but with the difference that there is no question of the gold standard.

Until 1999 corridor-bound swimming carried out in the EMU. The exchange rates in it were determined through the central rate ECU with an allowed range of fluctuations of ± 15% (from 1979 to 1999 - mainly ± 2.25%). This system was also called cooperative, since the countries included in it pursued a single monetary policy. However, with the transition of most EMU countries to the single currency EUR, it is more logical to define this system as a system of collective currency. Since the EUR exchange rate floats freely against most other currencies, now the EMU (within the EUR zone) can be classified as a floating rate currency system.

For currencies with moving course include those for which rigid limits of fluctuations are not established. However, this does not mean that the state does not interfere in the course formation process under any circumstances. At the same time, intervention can be quite active (daily or weekly adjustments with the sale or purchase of currency by central banks at a set rate). In this case, one speaks of controlled or controlled navigation. If exchange rate adjustments are sporadic and are carried out mainly in emergency cases, for example, in case of sharp falls or increases in the market rate of the national currency, then they speak of independent systems. These include, in particular, the US dollar, the Canadian dollar, the Japanese yen.

In recent years, specific currency regimes have begun to appear in countries that have abandoned their national currency in favor of a foreign one, or have recognized foreign currency as legal tender in the country along with the national currency. This applies to countries such as Ecuador and Panama, which use USD as their national currency (Panama also has its own national coins - balboa PAB).

A brief review of exchange rate regimes shows that it is not entirely correct to define the current world monetary system as a system of floating rates, as is often claimed. It would be more correct to speak of a system of free choice of exchange rate regimes.

Closely related to the legal demonetization of gold in the IMF is also the IMF’s approval as the official reserve and payment means of the SDR. According to the original plan, this unit was supposed to replace gold in IMF relations. with their members and among themselves.

Already in the early 60s in a number of industrial developed countries a lively discussion began about the insufficiency of the available international means of payment - at that time mainly USD and gold. It led to the IMF decision start issuing new international monetary units, which for the first time in history were created on the basis of an international agreement. In 1978 in connection with the decrease in the role of gold in the world monetary system in the IMF Charter the goal was fixed to turn the SDR into the main reserve fund, for which the scope of this unit was expanded, attractive rates were established on loans in the SDR.

However, the realization of this goal is hampered by a number of circumstances:

    the impossibility of full control by the IMF over the use of other elements of international liquidity;

    emergence of a multicurrency backup system(not only USD);

    an increase in the freedom of movement of capital, and, as a result, the volume of international transactions.

SDRs are non-cash accounts that can only be held by the IMF itself, the countries participating in the SDR system, and so-called other holders. Participation in the SDR system is voluntary. Since 1980 all member countries of the IMF participate in it. Other owners may be issuing banks that perform their tasks for more than one member of the IMF, as well as other official institutions. Individuals cannot be SDR account holders. They can use this unit only as a unit of account, for example, express the face value of a security in SDRs or indicate the contract amount for the delivery of goods in this unit. However, the calculations must be made in some currencies.

In IMF financial relations with its members, the SDR is used as a means of payment for contributions to the fund, repayment of loans, as well as for the payment of interest on loans. IMF can fulfill its obligations to the creditor country instead of SDR currencies, as well as replenish the countries' reserves with this currency. Member countries can use their SDR reserves without political or economic obligations. It was found that members of the IMF can, in case of financial need, buy other currencies on the SDR. In this case, they must apply to the IMF, which determines from which countries participating in the SDR system it is possible to make a purchase, and organizes the exchange process.

The exchange rules, called designing, were set by the IMF and registered in its Charter. It is considered unacceptable to use SDR in the course of designing only for the purpose of changing the structure of the country's reserves, i.e. without the intended use of the acquired currencies. SDRs cannot be directly used to intervene in the foreign exchange markets, but must first be exchanged for some currency in such cases. However, since 1987 transactions within the design did not take place.

Countries participating in the SDR system are required to buy this currency in the amounts established by the IMF. At the same time, the IMF takes into account the financial situation of countries and seeks to initially attract to the purchase of SDR those of them that have sufficiently strong reserve and payment positions, and distributes obligations to purchase SDR among them evenly.

For a certain time, the rule of reconstitution of the minimum established amount of SDR was in effect, according to which, in the case of spending SDR, countries were obliged to restore this amount after a certain time by new purchases of SDR. However, since 1981 it was cancelled.

SDR created during the placement of new releases. There are two types of placement: general and one-time placement.

In the case of a general placement, newly issued SDR are placed among all participating countries in proportion to their share (quota) in the authorized fund of the IMF. Such an operation is carried out no more than once every 5 years by decision of a qualified majority of the Board of Governors (at least 85% of the votes). The largest recent placement took place on January 1, 1981, bringing the total to $21.4 billion. SDR.

Special one-time placement can be carried out among a limited number of IMF members, for example, in the case of joining the IMF new members. In September 1997, the Board of Governors of the IMF put forward a proposal for additional placement, given that more than 20% of IMF members have never participated in a placement before. However, for the proposal to enter into force, it is required that at least 3/5 of the members of the IMF vote for this decision. with a total vote of 85%. This situation has not yet materialized. However, if the decision is made, then the number SDR will almost double.

In the total volume of international reserve funds SDR account for less than 2% (excluding gold), due to the limited nature of the use of this unit. In this way, SDR is mainly used not as an international reserve facility, but as official unit in the IMF relationship with member countries.

The possibilities of using SDR gradually expanded. In particular, they include: fulfillment of financial obligations under international treaties; use in swap transactions; granting loans; pledge transactions and donations. As already noted, some countries tie their currencies to the SDR. The circle of other owners who are granted the right to carry out all permitted operations with SDRs is expanding. Currently, this includes about 20 institutions, among which, for example, The World Bank, Bank for International Settlements, Swiss National Bank and others.

Setting the SDR interest rate and assessing its rate. Initially, the SDR was defined in the Charter as 0.888671 g of pure gold, which corresponded to 1 USD, but with the abolition of the gold parity, the need to determine the gold content of the SDR disappeared. Since the SDR is not traded on the foreign exchange markets, it does not have a market price like national currencies. Therefore, to determine the price of the SDR, the basket method of the four most important world currencies (USD, EUR, GBP, JPY) is used. Each currency is assigned its own relative weight, which is determined by the following indicators:

    The country's share in world exports of goods and services.

    The use of the currency as a reserve fund by various countries.

The list and weights of currencies are reviewed every 5 years based on these indicators.

Every working day of the IMF re-evaluates the SDR rate for the currency basket, taking into account the market rates of the respective currencies against the USD. In table. 1. an example of course evaluation SDR. Course Formula SDR as follows:

(3)

d i – relative weight of currency i;

SR i (USD) is the direct rate of USD against currency i, i.e. the value of this currency in US dollars.

Similarly, the course SDR can be defined in any other currency of the basket.

The use of the basket method allows, to a certain extent, to smooth out the exchange rate fluctuations to which the rates of individual currencies are subject, and, consequently, to reduce the exchange rate risk. For this reason SDR is actively used for the denomination of financial assets not only by the IMF itself, but also by other international organizations and firms. SDR are also used in multilateral interstate agreements as a unit of account.

The fund accrues interest on the SDRs allocated to the participants of the system, and, conversely, pays interest on the SDRs provided to it. The interest rate since 1981 corresponds to the weighted average of short-term interest rates in countries whose currencies are included in the SDR basket. The interest rate is reviewed weekly.

The modern role of gold in the world monetary system. With the second amendment of the IMF Charter (1978) the role of gold has fundamentally changed. It began to matter only as one of the assets, but still quite significant, since the IMF, due to the former gold payments, has enough large reserves(more than 100 million ounces). All institutions of the participating countries can carry out transactions with gold at free market prices. IMF has two possibilities for the use of gold, which implies the decision of the majority of members in 85% of the votes. First, IMF gold can be sold at book value (1 ounce = 35 SDR) to countries that were members of the IMF by the end of 1975 (restitution of gold reserves). Secondly, the fund can sell gold to participating countries or on the market at a market price. The additional revenue received in this case in excess of the book value is credited to special account (Special Disbursement account- SDA). Regular loans can be made available from this account to improve members' balance of payments. IMF, assistance to developing countries, including in the form of interest subsidies.

Between 1976 and 1980, the IMF sold 1/3 of its former gold reserves (about 50 million ounces). A significant part of the market realization of gold reserves IMF(28%) was sent as gratuitous aid a large number developing countries in proportion to their quota in the IMF. The rest of the proceeds were transferred to Trust Fund (Trust fund) , created in 1976 as an IMF-managed special asset to carry out a program of gold sales to developing countries even before the approval of the second amendment of the IMF's Charter. However, funds for the benefit of this fund also came from the IMF's income on invested capital, from donations, in the form of funds from the sale of gold, which were not claimed by a number of developed countries. 55 of the poorest countries received assistance from the Trust Fund. After the last loans were made, the Trust Fund ceased to exist in 1981. Interest and the principal amount of the debt were received from that moment on in the account of the SDA.

The further role of gold in the world monetary system will depend on how countries manage their still significant gold reserves (over 900 million ounces or 27 thousand tons). In the European Monetary System, part of the reserves in European Foundation Monetary Cooperation and subsequently the European Monetary Institute was contributed in the form of gold. With the creation of the European Central Bank, the reserves of the latter are formed at the expense of the foreign exchange reserves of the countries participating in the euro area, but at the same time, the central banks of these countries retain the right to maintain and increase their gold reserves.

The exchange rate is the price of the monetary unit of a particular country, which is expressed in the amount of monetary units of any other country, in transactions of purchase and sale between these countries. That is, the exchange rate is exchange rate one currency to another, or, in other words, the unit price of one currency in units of another.

The exchange rate is determined by a number of factors. Some of them are listed below, on this page of our website.

1. The general level of prices in the countries participating in the exchange.
2. Expected inflation rates in the countries participating in the exchange.
3. The level of interest rates in the countries participating in the exchange.
4. The degree of trade relations that the governments of the countries participating in the exchange have for any political as well as economic considerations.

Countries participating in an exchange are two countries between which an exchange of some kind takes place. Particularly currency exchange.

There are several types of exchange rates. Some of them will be considered in more detail below, on this page.

Direct quotes. In most countries, as you know, exchange rates are expressed in the national currency of these countries. For example, in the Russian Federation, one US dollar will cost a certain number of rubles, for example, 30 rubles. A direct quote is a quote that shows how many units of one currency are contained in 1$.

Indirect quotes- these are quotes that show how many US dollars are contained in one unit of the national currency of a particular country. In particular, this type of exchange rate is used in Great Britain, whose national currency rate is higher than $.

Cross rates- this is such a ratio between the exchange rates of two countries, which follows from the exchange rate against any other country.

Spot rate- this is when the price of one unit of the currency of one country, expressed in the currency of any other country, is set at the time of any transaction with the participation of these countries. A prerequisite of such an exchange is that between the counterparty banks, the currency exchange is made on the second business day after the transaction has been concluded.

Classification of types of exchange rate.

Below, on this page of our information project on the Forex currency market, we will consider some criteria, as well as some types of exchange rates.

The types of exchange rates are divided according to the following criteria.

1. According to the method of fixation
2. By calculation method
3. By type of transactions
4. According to the method of establishment
5. In relation to parity
6. Accounting for inflation
7. By way of sale

In relation to the above criteria, there are the following types exchange rates.

1. Floating
2. Fixed
3. Mixed
4. Parity
5. Actual
6. Futures deals
7. Spot transactions
8. Swap transactions
9. Official
10. Unofficial
11. Overpriced
12. Understated
13. Parity
14. Purchase rate
15. Sell rate
16. Average course
17. Real
18. Nominal
19. Cash rate
20. Cashless sale rate
21. Wholesale exchange rate
22. Banknote

The main types of exchange rates have been listed above.

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