Money_turnover

Content

 

INTRODUCTION

 

1. The economic maintenance of a cash-monetary turnover and its organization 

1.1 Concept and structure of a money turnover

1.2 Organization of a cash-monetary turnover

1.3 Foreign experience 

 

2. The analysis of a current state of the money turnover organization and money circulation in Republic Kazakhstan    

2.1 Cash circulation and non-cash circulation

2.2 Electronic instruments of payment

2.3 Normative-legal maintenance

 

CONCLUSION   

 

THE LIST OF USED LITERATURE    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTRODUCTION

 

 

In the conditions of economy reforming of Republic Kazakhstan, radical reorganization of its credit-bank system and monetary and credit policy perfection the requirement for consideration of various questions devoted to a money turnover and money circulation in Republic Kazakhstan is felt. The special importance of such problematic and an urgency of the chosen theme is caused by increase of a role of Banks in Republics Kazakhstan in realization of monetary and credit regulation of economy, occurrence and development of new credit system links - commercial banks and not bank financial institutions.

In the countries of the Western Europe and the USA this process already has wide development for a long time, non-cash money circulation prevails there. So, in the USA only 25-27 % of all payments of the population are carried out by cash, other payments - by means of checks, credit cards, etc.

The life prompts that it is impossible to separate money circulation with a money turnover. Rigid differentiation of a money turnover on cash and non-cash scientists name insolvent idea.

In the present term paper the basic categories of a money turnover and money circulation are analyzed. Work consists of three sections, the conclusion, and the list of the literature of Republic Kazakhstan including standard legal certificates.

The purpose: to describe, consider a money turnover and money circulation in Republic Kazakhstan, problems and ways of their decision

Work problems are:

• to consider concept and structure of a money turnover and money circulation;

• to study the organization of a cash-monetary turnover

• to analyze a current state of the organization of a money turnover and money references in Republic Kazakhstan.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE ECONOMIC MAINTENANCE OF A CASH-MONEY TURNOVER AND ITS ORGANIZATION

 

 

2.1 Concept and structure of a money turnover.

Before perestroyka times there was an accurate differentiation of concepts “a money turnover” and “money circulation”. Money circulation was understood only as movement of cash. The money turnover as reflected more capacious concept both cash and non-cash turns. Thus the sphere of movement of cash reflects distribution of money incomes of the population, and non-cash - distribution of means of production.

Currency note had different maintenance. The cash ruble was provided with set of consumer goods and services, non-cash – set of the means of production intended for distribution.

Such system could exist only in the conditions of the according to plan-centralized economy where it is in advance known, how many will be money at the enterprise and the population, how many the goods and under what prices them will sell. With disintegration of the USSR, holiday of the prices, privatization etc. it practically becomes impossible. Sides between money circulation and a money turnover were in essence erased. Movement of cash in the course of the reference of the goods, rendering of services and at realization of payments, and also at moving of money resources between the enterprises and financially-credit institutions is called as money circulation.

Objective basis of money circulation is commodity manufacture and the reference of the goods. Change of forms of cost, i.e. transformation of the goods into money, and the further use of money for acquisition of the new goods create possibility of their constant movement, i.e. the reference.

However money circulation is not simple repetition of the commodity reference. These two processes proceed a little separately. So, the goods after their realization, as a rule, leave sphere of the reference and are consumed. Money, опосредствующее the common of goods, does not leave sphere of the reference and again enters it.

Being in circulation, money alternately carries out that currency function, instruments of payment. So, money from goods sale can be used for debt repayment. In turn the money which has arrived on account of a debt can be used for acquisition of the goods.

The volume of a cumulative money turnover always considerably exceeds the sum of the prices of the goods. This results from the fact that functioning of money is not limited only to frameworks of purchase and sale of the goods. Money is used for salary payment, pensions, grants, realization of payments in the budget, reception and repayment of bank loans etc.

The important element of the regulation of money circulation is narrowing of the sphere of cash application.

Restrictions of use of cash in payments between legal bodies four thousand multiple in the size of the minimum settlement indicator, introduction of the payment cards used for payments in retail trade.

They are so interconnected, bound that differentiation becomes absolutely unnecessary. Money in the reference constantly passes from cash in non-cash and on the contrary. The gain of the enterprise of the retail trade, handed over in bank, turns to non-cash money resources on its settlement account from which it can list the sums to the suppliers. Suppliers can use the non-cash money which has arrived on the settlement account for salary payment to the workers etc.

Transition of cash in the non-cash means, that the population or uses the money incomes on purchase of the goods, fee, or conducts savings of money.

Cash begins the movement from cash desks of banks by salary payment, pensions, grants etc. and comes back in banks in the form of a gain from the trading, transport, entertainment enterprises, population contributions etc.

Thus, all money turnover shares on cash and non-cash, and also on:

• the monetary turn reflecting process of manufacture and realization of production, i.e. connected with payments of commodity character;

• the money turnover connected with payments of not commodity character (the salary, insurance payments, taxes etc.).

• Historically money circulation has passed some stages and

It was made by means of metal, paper and credit money.

Money circulation is a movement of money in internal economic turn of the country, in system of foreign economic relations, in the cash and non-cash form serving realization of the goods and services, and also not commodity payments in an economy. An objective basis of money circulation is commodity manufacture where the commodity world is divided into two kinds of the goods: actually the goods and goods-money. By means of money in cash and non-cash forms process of the reference of the goods, and also movement of loan and fictitious capitals is carried out.

From money circulation process exarticulation of concept of a money turnover, thus, is possible.

The money turnover is display of essence of money in their movement. The money turnover covers distribution and exchange processes. Its volume and structure is influenced by manufacture and consumption stages. The long production demanding the raised volume of industrial stocks increases the money turnover connected with their acquisition. Release of labor-consuming products the sizes of a money turnover on payment the heap and accordingly the money incomes of the population directed on consumption rather increases.

Component of a money turnover is the payment turn in which money functions as an instrument of payment and are used for repayment of obligations. The payment turn is carried out both in non-cash, and in cash forms.

Thus, replacing the cost form, debts also are in constant movement between three basic subjects: physical persons, legal bodies and state structures. And movement of money at performance of the functions by all of them in cash and non-cash forms also represents money circulation.

Money circulation is difficult enough design uniting both the basic intrinsic characteristics of money, and mechanisms, ways of use of money for assistance to economic and social development of the country.

The role of money circulation and its correct organization are shown in following moments:

• debugment economic circulation and payment and account system;

• ability to provide equation of a supply and demand on the commodity market not to suppose deficiency of the goods;

• character and degree of influence of money weight on a rise in prices and inflation;

• a chronic lack of money resources at subjects of the market for timely payment of wages and financing of circulating assets.

Money circulation is subdivided on two spheres: cash and non-cash. Cash-monetary circulation is a movement of cash in reference sphere. It is served by banknotes, a change and paper money (treasury notes).

Commodity-money references demand certain quantity of money necessary for performance of currency function by them. The quantity of money depends on following factors:

• quantity sold on a commodity market;

• level of the commodity prices;

• credit presence, balanced out and non-cash payments;

• speed of the reference of money.

On the basis of laws of the commodity reference K. Marx had been formulated the money circulation law:

 

where, M - quantity of the money necessary for the reference;

PQ - the sum of the prices of the realized goods and services;

K - the sum of the prices of the goods sold account

a - the come payments;

b - balanced out obligations;

V - speed of a turn of the money unit with the same name.

Thus, the quantity of money necessary for the reference, changes in direct ratio to the sum of the prices of the realized goods sold account, and also the size of the come payments, without including balanced out obligation, and in inverse proportion to speed of the reference of money.

The deviation from the general law of money circulation is caused by functioning not high-grade money, and cost signs. As a result the release of paper money exceeding limits of requirements, defined by the money circulation law, inevitably involves increase of the general level of the commodity prices.

It is necessary to note, what not the prices of the goods are defined by quantity of an active money, and on the contrary the quantity of an active money depends on the prices of the goods. The prices of the goods, being term of money of commodity costs, develop to the reference, in the reference the quantity of money necessary for realization of the given sum of the commodity prices arrives. The prices of the goods are on the average defined by cost of the goods and cost of money. From this it follows that the quantity of active money is in inverse relationship from cost of money.

The considered law of money circulation concerns any kind of money. At the same time there are special laws of the reference of metal, paper and credit money.

Feature of the metal reference consists that the quantity of an active money is always supported at necessary level, that is in references cannot be neither surplus, nor a lack of money. In the conditions of the fiduciary reference, as a rule, is issued money more than it is required gold for the reference. Superfluous release of paper money involves their depreciation.

 

2.2 Organization of a cash-monetary turnover.

The cash-monetary turnover representing set of payments for the certain period of time reflects movement of cash, both as a currency, and as an instrument of payment.

The sphere of use of cash basically is connected with incomes and population expenses:

• Payments of the population with the enterprises of retail trade and public catering;

• The payment the enterprises and the organizations, payment of other money incomes;

• Entering of money by the population into contributions and reception under contributions;

• Payment of pensions, grants and grants, insurance compensations on to insurance contracts;

• Delivery by the credit organizations of the consumer credit;

• Payment of securities and payment on them of incomes;

• Payments of the population for housing and utilities, at subscription to periodicals;

• Payment by the population of taxes in the budget, etc.

The cash-monetary turnover between the enterprises is insignificant, as the basic part of payments is made by a non-cash way.

The various procedures of payments with participation of citizens depending on communication of these payments by enterprise activity is established. With the citizens who are not engaged in enterprise activity, payments it is authorized, to carry out as cash to money in without restriction of the sums, and in the non-cash form. However payments with the citizens connected with enterprise activity, should be made, as a rule, in a non-cash order.

Now legal bodies have the right to pay off among themselves cash if the sums on one payment do not exceed 5 652 000 tenge. Payments between legal bodies over the specified sum should be carried out in a non-cash order.

The important role money circulation stabilization in our country were played, confirmed by National Bank of Republic Kazakhstan by an order of the organization of cash money circulation which is obligatory for performance by territorial establishments of National Bank of Republic Kazakhstan, banks of the second level (further - banks), the credit organizations and their branches, and also the organizations, the enterprises and establishments in Republic Kazakhstan territory.

According to these rules of the organization, the enterprise, establishment irrespective of the organizational-legal form (further the enterprises) store free money resources in banks on corresponding accounts, on contractual conditions. The cash money resources arriving in cash desks of the enterprises are subject to delivery in establishments of banks for the subsequent transfer into accounts of these enterprises. The monetary cash surrenders them directly in cash desks of banks. Cash can surrender the enterprises on contractual conditions through collector services of establishments in banks or the specialized collector services having on realization of corresponding operations on collection of money resources and other values.

Order in terms of delivery of cash are established by serving banks to each enterprise for the preliminary coordination with it proceeding from necessity of acceleration of money reuse and their timely receipt in banks. The cash accepted from physical persons on account of taxes, insurance in other gathering, surrenders administrations and collectors of these payments by transfer final to beneficiary.

The enterprises can have in the cash desks cash in established limits.

In the presence of several accounts in various establishments of banks the enterprise at own discretion addresses in one of them counting upon an establishment of a limit of the rests of cash in cash desk. After an establishment of a limit of cash balance in one of establishments of bank the enterprise directs notices on it to other establishments of banks in which at it corresponding accounts are opened. At check of the given enterprise of establishment of banks are guided by this limit of the rest of cash in cash desk.

On the enterprise which has not presented payment on an establishment of a limit of the rest of cash in cash desk in one of serving Establishments of banks, not handed over monetary cash - super limit is considered a cash balance limit zero, and.

The cash balance limit is established proceeding from volumes of a cash-monetary turnover of the enterprise taking into account features of a mode of its activity, an order and terms of delivery of cash money resources in establishments of banks, maintenance of safety and reduction of counter transportations of values. This limit can be reconsidered within a year in established order under the well-founded request of the enterprise (in case of change of volumes of cash turns, conditions of delivery of a gain etc.), and also according to the contract concluded with establishments of banks.

The enterprises should hand over in bank all monetary cash over the established limits of the rest of cash in cash desk. They can store in cash desk cash over the established limits only for salary payment, payments of social character and the grant no more than three working days. The enterprises can spend a monetary gain arriving in cash desk for the purposes provided by federal laws and other legal certificates, operating on territory of Kazakhstan and the statutory acts of Bank of Kazakhstan accepted in their execution.

The great value has the coordination with the enterprises of terms of delivery from cash desk of bank of money resources on wages, payment of social character н grants. For uniform use of cash resources and streamlining of deliveries of cash money resources in bank establishments annually (on the basis of data of the enterprises on the sizes and terms of forthcoming payments) the calendar of deliveries of cash for wages, payments of social character and the grant (on days) is made.

Territorial establishments of Bank of Kazakhstan on the basis of banks of materials received from establishments annually make the same calendar of deliveries of cash, but already in republic, to edge, areas (on months) and in time send it in Bank of Kazakhstan for the arch as a whole on Republic Kazakhstan.

The supplied information is used also at forecasting of prescheduled payments on wages and at an estimation of cash turns on arrival, the expense, emotional to result for a month as a whole on territorial establishment of Kazakhstan.

Deliveries of cash to the enterprises are made, as a rule, at the expense of current receipts of monetary cash in cash desks of the credit organizations. For maintenance of timely delivery with the credit organizations of cash from accounts of the enterprises, and also from accounts to contributions of citizens territorial establishments of Bank of Kazakhstan or under their commission the settlement-cash centers establish for each credit organization, and its branches the sum of is minimum admissible rest of cash of operational cash desk on the end of day. With a view of the maximum attraction of cash in the cash desks at the expense of timely and full gathering of a monetary gain from the enterprises of establishment of banks is not more rare than an once in two years check observance of Kazakhstan of an order of conducting cash operations defined by Bank and works with a cash assets.

Territorial establishments of bank of Kazakhstan supervise work of establishments and banks on the organization of a cash-monetary turnover, with observance by the enterprises of an order of conducting cash operations and works with monetary cash according to the position specified above.

Since 2001 in our country transition is carried out from credit cash planning of money circulation to drawing up of forecasts cash turns. Their basic purpose are definition of requirements for cash as a whole on Republic Kazakhstan, on regions and establishments of banks and according to it working out of actions for money circulation stabilization. Forecasts of cash turns reflect volume and sources of receipts of all cash in cash desks of banks, the sizes and a target direction of their deliveries to the enterprises, the organizations, establishments and separate persons, and also issue result, that is the sum of release or withdrawal from the reference.

The primary goal of banks of all levels in work on forecasting of cash turns consists in achievement of the greatest reliability and a reality of made payments and change definition on personal monetary weights in a turn. The important stage is also working out of actions for increase in receipt of cash, to their economical use for the purpose of issue restriction.

For finding-out of volume and sources of receipt of cash in cash desks of establishments of banks, revealing of their deliveries, and also definition of issue result in areas, edges, republics and as a whole on Republic Kazakhstan the forecast of cash turns for quarter is made.

The credit organizations for definition of requirement for the cash necessary for maintenance of account operations of the clients, make look-ahead payments of expected receipts of cash in cash desks and their deliveries on the basis of dynamic numbers and «the Report on cash turns of establishments of Bank of Kazakhstan and the credit organizations» or on the basis of the cash demands received from the served enterprises. These payments are made by the credit organizations quarterly with distribution on months and go to the settlement-cash centre where the correspondent account of the given organization, for fourteen days prior to the beginning of predicted quarter is opened.

The settlement-cash centers quarterly with distribution on months make forecasts of cash turns, but to arrival, the expense and issue result as a whole on the served credit organizations on the basis of the analysis of turns of the cash passing through their cash desks, in look-ahead payments received from the credit organizations. For seven days prior to the beginning of a quarter the given forecasts are informed territorial establishment of Bank of Republic.

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.