Forward exchange rate (форвардный валютный курс) - the price of a currency involved in forward contract

149. Spot exchange rate (валютный курс спот) –is applied to transactions consummated within the next two days.

150. A system of flexible exchange rates (система гибких валютных курсов): the exchange rate is determined by the market forces - supply and demand.

151. A system of fixed exchange rates (система фиксированных валютных курсов):central banks buy and sell currency to keep the exchange rate within a narrow band of values.

152. International reserves (международныевалютныерезервы) - a means of payment generally acceptable in settlement of balances among countries; as gold, dollars, other "key currencies".

Этапы развития мировой валютной системы:

153. The gold standard (золотой стандарт) (1879 — 1914) —under the gold standard, the currencies of most countries were convertible into gold at a fixed rate. Domestically the gold standardrequired each country to limit its money supply to some given multiple of the gold reserves held by its central bank. The price of each currency in terms of gold was known as its par value, and each currency could fluctuate by a very small amount around that par.

154. The interwar period (межвоенный период) (1919 — 1939) —some currencies were floating for much of the period, revaluation of currencies was frequent, and many countries imposed restrictions on international capital movements.

155. Gold exchange standard (золото-валютный стандарт) —the system, under which central banks fix their exchange rate to a currency with a fixed gold price, and where reserves consist of gold and of currencies whose prices are fixed in terms of gold (mainly dollars).

156. Bretton Woods system (Bretton Woods, New Hampshire, 1944) (Бреттон-Вудсская система) – 1944-1971 – US dollar was selected as the key currency, dollar was freely convertible into gold at a fixed price of US $ 35 per ounce; all exchange rates were fixed in terms of the dollar, and each IMF member pledged itself to maintain a fixed exchange rate for its currency in terms of gold, which meant also a fixed rate in terms of each other currency in the system.

157. International Monetary Fund (IMF) (Международный валютный фонд – МВФ) – was aimed at setting rules for maintaining the fixed exchange rates and making loans to countries with temporary balance of payment problems.

158. Current system (современная система) (from 1976) –is a “hybrid” of four exchange-rate regimes: single floats, joint floats, currencies pegged to the major currencies, and currencies peggedto a basket of major currencies.

159. Equilibrium exchange rate (равновесный валютный курс) -an exchange rate that balances the country’s external accounts over the long run, under acceptable domestic conditions, that can be supported by the government.

160. Sterilized foreign currency intervention (чистая валютная интервенция) -the central bank offsets the decline in money supply by buying government bonds on the open market. In effect the central bank sells foreign currencies in exchange for domestic bonds.

161. Special Drawing Rights (SDR, 1970) (Специальные права заимствования – СДР) – a form of international reserve currency, issued by the IMF, that governments agree to accept in payment of international debts; is a basket of currencies or is a weighted average of the US dollar (42%), Japanese yen (15%), Deutche mark (19%), British pound sterling (12%), French franc (12%).

162. European Currency Unit (ECU) (Европейская валютная единица - ЭКЮ) was a basket or a weighted average of EC currencies in which the weights are derived from each country’s share in intra-European trade and in EC output.

163. European Monetary System (EMS) (Европейская валютная система – ЕВС) – was an agreement between members of the EC (March, 1979) on monetary co-ordination, that linked the currencies of the EC members into a reasonably fixed exchange-rate system; the system of the joint floats.

164. Euro (евро) -current single currency in the European Union.

165. The European Monetary Cooperation Fund (EMCF) (Европейский фонд валютного сотрудничества – ЕФВС) -members deposit 20 per cent of their gold and gross dollar reserves with the EMCF on a three month basis and in return have access to a wide variety of credit facilities to finance payments imbalances in the EC and to support the currency grid.

166. Eurodollar market (рынок евродолларов) -European banks and European branches of American banks accepted deposits and financial transactions in American dollars. The Eurodollar market consists mainly of short-term funds with maturities of less than half a year.

167. Eurobonds market (рынок еврооблигаций) -long-term market including bond offered in Europe but denominated in dollars.