With globalization and internationalization of the world economy, international flows of goods, capital, services and loans are growing. Foreign exchange relations are social interactions that accompany operations related to the functioning of currencies during the interstate exchange of goods, services and information.
Their subjects are:
- Residents:
- physical person (citizens of the Russian Federation);
- foreign citizens and stateless people permanently residing in the Russian Federation on a residence permit;
- legal entity established in accordance with the norms of the legislation of the country;
- branches, representative offices and other divisions of residents located outside the Russian Federation;
- consular posts, diplomatic missions of Russia abroad;
- RF, its subjects and municipalities.
- Non-residents:
- non-resident individuals;
- legal entities located outside the Russian Federation;
- diplomatic missions and consulates of foreign states accredited in Russia;
- organizations that are not legal entities located outside the Russian Federation;
- intergovernmental and interstate associations, their representative offices;
- branches, representative offices and other structural subdivisions of non-residents located in the Russian Federation.
Foreign exchange relations are the most difficult part of interstate financial realities. They are the basis of interstate interaction itself. Currency as a universal equivalent participates in the exchange of all goods and capital.
All ongoing currency relations are formed into a single system. It is a special form of communication organization in the field of currency exchange, fixed by law. In this regard, there are several types of such systems in the global economy:
- World currency system. The form of organization and circulation of national money on a global scale. In these respects, there is no single global currency standard.
- National She determines how the monetary equivalent will function within one country, by whom it will be issued and controlled.
- Regional This is a new element of the universal system, which is the link between national and world. There are rules for the functioning of the currencies of a particular region in the desire to use a common currency. (Example: CIS).
Today, the international monetary system is characterized by competition between the euro and the US dollar. The main settlements between countries are carried out in the latter, and it is they who set the rules for the convertibility of other currencies. However, the euro is quite confidently approaching to become the new equivalent of international payments.
Now the market already has a set of rules and restrictions, as well as unified forms of payment at the international level, currency trading has been legalized, etc.
The leading developed countries (especially the G8), acting as rival partners, have a great influence on financial and monetary relations on an international scale. In recent times, the activation of developing states in this area has also been noted.