International monetary relations - a comprehensive system of economic relations that occurs between countries in the process of acquiring various goods and providing services. The entire payment and settlement system that arises between suppliers, consumers, importers and exporters on a country scale, is under the direct influence of monetary relations.
International monetary relations have passed in their development a long centuries-old path. It was in ancient Greece and Rome that commodity exchange and the bill system appeared for the first time, which later spread throughout Western Europe.
The international monetary and financial relations were further developed in the banking system. This happened when feudalism was replaced by the capitalist system. The creation of a global world market, caused by a complex system of the interconnection of production forces and relations, the deepening and separation of labor processes, as well as their complete mechanization and robotization, the formation of a global system of economic relations, the process of globalization and internationalization of all economic relations - this set of factors has a huge impact on international monetary relations.
If a country has a need to purchase certain products that it does not produce itself, it becomes necessary to seek assistance from the country that is the manufacturer of the product. At the same time, a reasonable question arises - how to pay for this product if the buyer’s currency is not quoted on the seller’s market, and the buyer does not have the supplier’s currency? It was such a need for the exchange of their own means of payment that led to the formation of the foreign exchange market. This mechanism was the basis for the emergence of such a category as international monetary relations.
Such an economic mechanism as the monetary system includes many important elements, the main of which is the exchange rate. This component is necessary for conducting foreign exchange operations in the course of trading activities, with the circulation of capital and loans. It is also worth noting that the exchange rate is an invariable component in the process of comparing world and national markets, as well as the use of various economic indicators that are reflected in national or foreign currency. In addition, it is this element that characterizes international credit relations and is used to revalue the accounts of various companies and banking organizations. This process takes place with the participation of generally accepted interethnic means of payment.
International loans are directly involved in each stage of capital turnover:
1. The first step is the transformation of the aggregate capital of funds into its production counterpart. This happens through the acquisition of equipment produced outside the country, a variety of raw materials, energy and, of course, fuel;
2. the second stage is sometimes the release of loans for work in progress;
3. The final stage is the sale of manufactured goods on the world market.
There are many organizations that regulate international monetary relations. The most important of them is the IMF. Its name stands for International Monetary Fund. On the territory of states there are a huge number of other organizations, one way or another connected with the activities of countries on the world market.