Currency Transactions

Currency Transactions

 

transactions regulated by national legislation or international agreements and involving currency valuables (seeCURRENCY).

Foreign-exchange and financial relations originating in the course of economic, scientific and technological, or political and cultural cooperation among states assume the form of currency transactions. Currency transactions are often a means by which obligations are met by parties engaging in trade, payment, credit, and other international relations. For example, currency transactions are involved in making payments for the import and export of goods and foreign tourism. Depending on the purpose and character of the currency transaction, the principals may be states, national and international banks, and foreign trade and certain other organizations, as well as private citizens. In international payments, the forms of currency transactions include letters of credit, collection operations, and exchange authorization. Transactions between banks include conversion operations (the purchase of one currency and the sale of another) and deposit operations (transactions related to the placement of temporarily free funds). Relations between individuals and banks involve transfer or conversion authorizations and the buying and selling of foreign currency. The procedure and methods for carrying out currency transactions are determined by the foreign-exchange legislation of each country, in conformity with the principles of the state foreign-exchange monopoly.

References in periodicals archive ?
The purpose of this contract is to effectively handle the administration of loans and foreign currency transactions.
TransferWise, a UK-based transfer provider, has helped organise an online petition - so far signed by more than 17,000 consumers - calling for British regulators to force banks to tell consumers how much they make on everyday foreign currency transactions.
The gross international reserves were impacted by foreign currency transactions of the National Bank carried out at the domestic market, incomes obtained from management of international assets, fluctuation in currency exchange rates, changes in prices for precious metals.
It has various features, including advanced liquidity and queue management features, gridlock resolution mechanism, hybrid settlement facility, accepting future value dated transactions and the option to process multi currency transactions.
A currency transaction report is filed by financial institutions to FinCEN to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day.
Regarding the application of Wa'd (promise) in forward currency transactions, the SAC says Islamic financial institutions are allowed to enter into forward foreign currency transaction for hedging purposes based on unilateral Wa'd (promise) that carries binding effect on the promisor.
Despite poor exchange rates, there was a 33 per cent increase in euro currency transactions in January 2009 compared with a year ago, Sainsbury's revealed.
This clarifies the requirements for public-sector entities to convert foreign currency transactions and balances into their reporting currency and reflects the latest amendments to the corresponding IFRS.
5% to LAS sales, while favorable currency transactions added 3.
988 provides special character and timing rules for foreign currency transactions.
banking requirements that require currency transactions over $10,000 be reported to the Treasury Department.
The French National Assembly adopted, in November 2001, a law instituting a tax on international currency transactions, to go into effect as soon as similar measures are adopted throughout the European Union.