Money_turnover

Look-ahead payments of an expected currency issue are used by the settlement-cash centers at drawing up of demands for a reinforcement of turnaround cash desk. Territorial establishments of Bank of Republic make forecasts of cash turns on area, edge, republic on sources of receipt of cash in cash desks of establishments of banks and to directions of their deliveries forthcoming quarter with breakdown on months on the basis of an estimation of prospects of social and economic development of region, the accounting data about cash turns for the previous periods, and also received from the settlement-cash centers or the credit organizations of messages on predicted turns of cash about issue result.

Territorial establishments of Bank of Republic for three days prior to the beginning of predicted quarter inform the settlement data of cash turns as a whole on region (on arrival of cash to cash desks of establishments of banks and their delivery to issue result) in National bank of Republic.

Look-ahead payments of a currency issue consider territorial establishments of bank of Republic by working out of measures on the organization of a cash-monetary turnover in region, and also at drawing up of plans of deliveries of cash in reserve funds of the settlement-cash centers.

Besides, territorial establishments of Bank of Republic and the credit organizations make and direct National bank of Republic Kazakhstan statistical reports on cash turns for a month and on five-day weeks.

Quarterly territorial establishments of bank analyze a condition of a cash turn in region. Results of the analysis are used for drawing up of forecasts of cash turns, and also for working out to realization together with establishments of commercial banks of measures on improvement of the organization of a turn of cash and issue reduction.

 

2.3 Foreign experience

Money turnover in Russia, serving кругооборот the goods, represents movement of money in cash and non-cash forms. Regulation of a money turnover under the influence of certain type of economy modifies forms of movement of money. Mutual transition of cash and non-cash its parts enriches the maintenance of a money turnover. Constant regulation is capable not only to enrich, but also to exsanguinations a money turnover, to cork its channels. The credit turn also enters a component into a money turnover. Therefore finding-out of a question of the maintenance of the credit can complicate and, simultaneously, to facilitate process of regulation of a money turnover. All these positions are true, but all is reflected to a lesser degree by realities of a modern monetary turn. It is important to find out types of monetary regulation. Among them: administrative and economic (competitive, market) regulation, protective and stimulating a money turnover.

State regulation of a money turnover acts as a part of general regulation that is wider than representations of last researches of domestic scientists. Regulation of definition as the process, which purpose  “to order, keep order is often used; to result in system”. As this concept occurs from Latin regular – “whetstone”, “ruler”, later – “norm”, “rule” so far as it is lawful to use the term ”regular”, i.e. “repeating at regular intervals», «in regular intervals and correctly occurring”. Regulation assumes ordering, maintenance and redistribution of certain influence; creation of favorable conditions for influence realization at what it is operated.

The term "regulation" is applied basically to a designation of the state economic policy. Viability of any institute of the power depends on, whether he leans simultaneously against system of rules and mechanisms (without allocating one factor). As money - the integral element of reproduction of market relations their regulation creates a basis of effective functioning of economic system. State influence causes the basic tendencies of development of the market. But the state intervention in economy means recognition and stand-alone market relations under capitalism. The international financial conference (Brussels) in 1920 has noticed that in the countries where there is central bank as no institute of the monetary power, he should be created, and to release banks, especially issue, from political pressure, i.e. they should cope on principles of the reasonable finance.

The monetary system acts as the form of the organization of a money turnover and includes as elements: monetary unit, a standard of price, the kinds of money having lawful payment force, an order of issue and the reference of money, bodies of regulation of a money turnover (first of all, the central bank). The monetary system in the course of the development has undergone evolution, proceeding from problems of maintenance of stability of monetary unit - from a bimetallism to monometallic, and then to system of unchangeable credit money. Unilateral elasticity of the issue mechanism towards growth of monetary weight in circulation conducts to infringement of main principle of monetary system - restriction of release of money by requirements of an economic turn. In the conditions of reform the monetary system constantly is exposed to change with a view of minimization of the price of transformations in monetary sphere.

Problems of a money turnover in modern conditions have considerably changed. Maintenance of a free modulation of the capital and release of money for service of requirements of economy, functioning of a money turnover within the limits of look-ahead planning and in living conditions of various patterns of ownership is carried out at high degree of decentralization and a close connection of non-cash and cash money turnovers. The legislation defines functions of the monetary authorities, first of all the central bank and the Ministry of Finance, and also commercial banks on currency issue realization, and, accordingly, change of their position, regulation of a money turnover.

In these conditions transitive economy as other type of economy acts as relapse - the process connected with state of the economy of post-communism. The system previous post-communism was steady in the sense that tore away the innovations which are beyond logician’s industrial system, based on technologies of certain type both centralization corresponding to them and management.

In the course of formation of market relations in a transitional economy contradictions accrued, dictatorship of macroeconomic installations prevailed, the associativity of actions of structural elements of reproducible mechanism was broke, and there was an accelerated transformation of deficiency of the goods in deficiency of money. Privatization and integration of the countries into economic were quickly carried out, there was an isolation process / self-isolation / of economy from requirements and a condition of a money turnover. Refusal of maintenance of normalization of monetary streams which deduces considerable volume of a monetary-payment turn from sphere of influence of the monetary authorities was actually observed and will paralyze the active beginnings of regulation of a money turnover.

In the conditions of transitive economy position of the monetary authorities and regulation of a money turnover proceeding from them varies. The centre of gravity of acceptance of economic decisions has moved with state on level of private persons and the enterprises. Deficiency of the goods and services was replaced by deficiency of money; the offer economy has turned to economy спроса8. By allocation of features of national economy and a money turnover it is possible to define problems of its regulation, including degree of responsibility of the monetary authorities for their destinies.

The first group of problems of regulation of a money turnover is connected with advantages of market economy. External factors dominate at statement and the decision of this group of problems.

Controllability and modes of a rate of national currency allow defining ability of the monetary authorities to smooth its fluctuation. Strengthening of a nominal rate of national monetary unit gives a signal to participants of the market about revision of the investment portfolios, and to participants of a money turnover - about necessity of application of measures for its optimization. The monetary authorities often support strengthening of a real rate of national currency as indicator positive influence on economy. Liberalization of currency regulation (and the foreign trade activity) in the conditions of modern market relations is available. Necessity of obligatory sale of currency in the internal currency market shows disbelief in existence of the normal currency market. The monetary authorities, thus, establish the disbelief fact that stability of national currency is defined by competitiveness of its goods and a condition of the balance of payments, believing that the best way of protection of stability is currency interventions which do not constrain capital outflow (that is necessary for reduction in balance of the balance of payments of the country). Currency restrictions on capital operations are carried out by two functions - restriction of internationalization of national business and inflow foreign is short, the urgent capital that is a part of an adverse investment climate.

The great value gets accumulation of gold and exchange currency reserves by the monetary authorities as an indicator of maintenance of monetary issue with doubtful effect (are possible threat of non receipt of credits from the international financial organizations and gradual devaluation in need of use of currency reserves for maintenance of a rate of national currency). In these conditions regulation of a money turnover depending on a condition of the balance of payments of the country (growth of currency reserves can serve as the factor of stagnation of national economy) amplifies. The central bank often provokes currency crises at propensity to devaluation. Some countries enter a mode of "currency management» depending on the relative size of economy, degree of its openness, uniformity of economic structures, an export diversification, mobility of manpower and the international capitals, ability to resist to macroeconomic shocks.

The monetary authorities build the policy proceeding from postulates of classical market economy:

- Growth of monetary weight is equivalent to growth of demand for the goods and services (in that part which arrives on the markets and at a lack of money for current payments, etc.);

- Growth of demand for money is equivalent to a rise in prices (at decrease in influence of factors of manufacture and increase in costs).

- Revival of the market of the state papers is often connected with necessity to serve an external public debt at the expense of the internal. It deforms prospects of normal development of the financial market and a money turnover of the country.

- In process of development of the interbank market basic value gets revealing of similarity and distinctions exchange and interbank monetary markets from the point of view of regulation influence on liquidity of bank system.

The second group of problems of regulation of a money turnover is focused on formation of market economy and possible infringements during its creation. In these conditions, at regulation of a money turnover, it is important to define communications (dependence) of the major monetary indicators and their maintenance: monetary weight and inflation; speeds of reaction of economy on signals of the monetary authorities; uses inflationary targeting; growth of monetary weight at the expense of restraint of growth of monetary base and the monetary animator.

Disputable statements and ambiguous behavior of the monetary authorities cause various estimations of researchers. In the forecasts the monetary authorities start with existence of direct dependence between quantity of money and inflation (whether correctly to speak about excessive weight in a turn at service of its considerable part by substitutes, clearings and preservation of the considerable delayed debts).

At a currency issue by foreign currency purchase there is an inflation factor, the economy is not ready to apprehend surplus of money. Sterilization of excessive monetary weight the central bank by transfer of bank liquidity into deposits of the central bank, increase of export duties into oil spends, increases in payments from the budget on an internal debt, escalating of money resources on government accounts.

Measures of the monetary authorities on restriction of the credit and increase of interest rates, reduction of demand by money also are inadequate enough to a current situation: rates on operations of the central bank are established, but there is no regulation of the rate of percent in economy. The central bank acts on an open securities market in a role of the seller, instead of the buyer (sale of bonds raises their profitableness and the percent rate, reduces bank liquidity and credits, increases a public debt and burdens the federal budget, - economic growth as a result brakes).

The third group of problems of regulation of the money turnover is connected with the national economy characteristic. Level of a monetization of economy and limits of its increase demands attention of the monetary authorities to a share of cash in monetary weight and to process dollarization economy to which many emerging market economies (orientation to a diversification of a currency component of money and payment turnovers are subject). In Russia, at decrease in a share of barter in monetary payments from 47 % to 19 % and more low, level of a monetization of economy remains low-16 % (2001), as well as factor of the monetary animator - (1-1,5).

The statement about a total absence of conditions for sharp increase in rate of inflation (growth of export and import substitution is premature; restriction of solvent demand and economic growth confirm necessity of constant attention of the monetary authorities to questions of unpredictable growth of inflation and optimization of functioning of the money turnover).

In these conditions discussion of a monetary and credit policy taking into account uncertainty of development of economy is necessary, aspirations to fix the progress which has outlined it at simultaneous uncertainty of possibility of its maintenance faster.

The condition of liquidity of national bank system (taking into account its growth and possible measures of sterilization) demands accurate definition of sources of expansion of monetary base, an effective utilization of tools monetary - the credit policy. At immaturity of the financial markets the fact of absence of market tools of management is barred by the monetary offer that extremely adversely affects efficiency of regulation of the money turnover. In respect of its strengthening there is priority a finding-out of stability of bank system by increase of appeal of national currency as stores of value (it provides, in particular, acceptance of laws on insurance of contributions of the population).

For settlement of the money turnover the problem of financial ruptures is important at definition of sources of repayment of a public debt - at the expense of additional incomes or attraction of means of export-import activity. The problem of risks for actions of the central bank is caused by possibility of occurrence of the conflict of interests with the Ministry of Finance regarding debts repayment; and also with the bodies regulating the share market. Formation of various structures and approaches to realization of idea of maintenance of the home producer often leads to distortion and strengthening of risks at regulation of the money turnover. In the Russian conditions there are many examples of conflicts and distortions in the course of regulation during the last years, for example - excitation of business against Bank of Russia the Ministry of an antimonopoly policy of competition restriction in the market of financial services (at delivery of licenses for certain kinds of activity), and also selective license withdrawal from banks - bankrupts.

The problem of financial ruptures and high risks underlines necessity of observance of institute of independence of the central bank, and also the coordination and collateral subordination of interests of all structures participating in process of regulation of the money turnover.

 

 

 

 

 

 

THE ANALYSIS OF A CURRENT STATE OF THE MONEY TURNOVER ORGANIZATION AND MONEY CIRCULATION IN REPUBLIC KAZAKHSTAN

2.1 Cash reference

Cash monetary circulation. This movement of a cash, i.e. banknotes from one owner to another. The cash reference the most labor-consuming and least protected process of redistribution of the blessings. We will imagine factories which pay off for mullions-strong credits to banks and to suppliers (delays in payment), sending them cars of denominations. In cash-monetary circulation restrictions (on convenience and a practicality) for managing subjects are put. At the same time, cash-monetary circulation to a lesser degree gives in to the control from outside the states; therefore in certain cases it is more desirable for managing subjects.

Cash monetary circulation is carried out by means of bank notes in the form of banknotes and coins.

Coins share on following kinds:

• investment coins - the coins made of precious metals, investments being object and accumulation;

• collection coins - anniversary, memorable and other coins special caulking, made in the limited circulation both from precious, and from not the precious metals, collecting being object and accumulation;

• circulating coins - the coins made from not of precious metals and intended for cash monetary circulation.

Coins make some percent from the general cash monetary weight in the majority of the countries, and their volume gradually decreases. Paper money is a version of the defective money, being is only familiar to cost and not possessing in own cost. Paper money as paper signs on cost, are issued by the state for a covering of budgetary deficiency, are allocated by a compulsory course and unchangeable on gold. Issue of paper money is carried out by the state in the name of the state exchequer or the Ministry of Finance. As the sizes of issue are defined not by requirements of goods turnover for money, and the sizes of budgetary deficiency at their release above requirement of goods turnover for money, occur their depreciation (decrease in their purchasing capacity). It lead to a rise in prices for the goods and decrease in a rate of national currency (lead to inflationary processes).

Banknotes are the bank notes which are let out by NB RK. For citizens in an ordinary life treasury notes and banknotes are almost indiscernible and represent the state paper money, but at the same time it is necessary to notice that banknotes concern credit money is, first of all bank obligations (in this case NB RK).

The classical banknote possessed high degree of stability owing to its gold maintenance (gold reserves of NB RK). Central Bank RK obligations consisted in its duty at any moment to exchange a banknote for gold thanks to what the mechanism of withdrawal of unduly let out banknotes from the reference automatically operated.

 

However, in process of an aggravation of the crisis phenomena in economic (in particular during world wars), and also limitations of manufacture of precious metals, the states even more often let out banknotes for crediting (for example, on security state loans).

Since “great depression” 30th years gold maintenance of banknotes has been cancelled practically in all countries, and since 1971 the exchange of dollar for gold for the foreign states has been excellent. Now any of the countries has no gold maintenance of banknotes.

These processes have led to that the modern banknote unlike the classical can be unstable. Issue of banknotes can exceed requirements of goods turnover for money and banknotes, have ceased to be change on gold.

Thereby, a banknote, remaining a kind of credit money, has come nearer on character of the reference to treasury notes to paper money.

Now it is possible to allocate three kinds of issue of banknotes:

1) bank crediting of an economy;

2) bank crediting of the state;

3) a gain of currency reserves in the countries with the active payment balance.

It is necessary to notice that cash possesses a number of advantages. This is universal enough means of payment. They can be easily turned in non-cash (but not on the contrary). Cash money circulation is less transparent (there is no fixing of payments on accounts) etc. At the same time, cash is the historically passing form which is giving way to non-cash money resources.

 

2.2 Non-cash reference

The non-cash reference is change of the rests of money resources on bank accounts which results from execution by bank of orders of the owner of the account in the form of checks, plastic cards, payment commissions, electronic instruments of payment and other settlement documents.

The non-cash reference is carried out by means of checks, bills, credit cards and other credit tools.

The non-cash money turnover covers payments between:

• the legal bodies of various patterns of ownership having accounts in banks;

• legal bodies banks apropos reception and deposit and credit return, and also payment of percent;

• legal and physical persons on payment of wages, percent on contributions and deposits, incomes under securities;

• legal, physical persons and the state on payment taxes, gathering, and also to reception of budgetary funds.

In Republic Kazakhstan the procedure of clearing payments is defined by Civil Code of RK which regulates essence and a procedure of the basic forms of clearing payments.

According to CC of RK, following forms of clearing payments are applied:

• payments by payment commissions;

• payments by checks;

• payments by payment requirements-commissions;

• payments by letters of credit.

Payments by payment commissions the form of clearing payments at which the payer represents the special settlement document containing the unconditional commission about transfer of the certain sum from the settlement account on the settlement account of the addressee of means to establishment of bank serving it. Such payments are made:

• for the received goods;

• for the rendered services;

• at realization of planned payments, by uniform deliveries the goods;

• on not commodity operations (taxes, payments in outwardly – budgetary funds etc.).

It is necessary to notice that fact that payments by payment commissions provide the maximum rapprochement of the moments of reception by buyers of the goods and payment fulfillment, accelerate the turnover of circulating assets.

Regulated by nation-wide laws of the organization of money circulation in the country represents monetary system. In each state there is a national monetary system.

The monetary system of Republic Kazakhstan is organized according to the Decree of the President of the Republic, valid the law «About National bank of Republic Kazakhstan» from March, 30th, 1995 the Decree establishes legal bases and forms of the organization of the money circulation, including the official monetary unit, an order of stamping of coins and issue of bank notes, the organization and money circulation regulation.

The monetary system includes following elements.