Pakanych A., Kirakosyan A.

Oles Honchar Dnipropetrovsk National University


International monetary system – a form of international currency (cash) relations, historically fixed intergovernmental agreement. This combination of methods, tools and intergovernmental bodies which mutual billing and payment turnover within the world economy.

International monetary system emerged based monetary system that existed in some countries. First international monetary system began to emerge in the XIX century, and legally was released at the International Conference 1867, held in Paris. The Conference recognized the gold only form of world money and for the first time outlined the direction of unification of national financial systems. This system is known in history as a system of "gold standard".

International Relations – a set of economic relations in the international sphere arising from the mutual exchange of the results of the national economies of different countries, that is a combination of monetary and financial payment and credit relations between national economies.

Currency values ​​in Ukraine: Ukraine currency, monetary instruments and other securities, foreign currency, payment instruments and other securities in foreign currency.

Important elements of the mechanism under-developed market system is the tax, credit, deposit, pricing, customs and tariff policy, including exchange rate. In Ukraine, these processes are still imperfect and require a general improvement.

One of the key elements of external mechanism of monetary policy is a set of measures of the state and the central bank in the relations of exchange (currency restrictions, currency regulations, import deposits) that affect the balance of payments, exchange rate and competitiveness of national production.

In addition to these general objectives, the Ukrainian government should decide in international relations, a number of specific issues that arise in connection with a particular historical situation today:

- ensuring stability of the grivna against major world currencies;

- attracting foreign currency into the country and use it as a means of stabilizing the national economy;

- creating public Monetary Fund and the currency market.

Unfortunately, in Ukraine currency problems are solved very slowly, and face great difficulties. Weak export potential does not provide sufficient foreign exchange earnings to the country and the lack of a normal economic situation forcing exporters to conceal currency abroad because they have no guarantees of free disposal of their foreign exchange funds and the necessary incentives for their investments in the national economy. Made only the first steps toward organizing the purchase of foreign currency by the National Bank and commercial banks, currency trading by the state and its structures, functioning of the Ukrainian currency exchange. Thus, the current ineffective monetary and credit covered policy is a factor that destabilizes the economy, and is one of the powerful sources of inflation.

Now for foreign currency transactions using foreign exchange rates denominated in the currency of Ukraine. They are the National Bank in trading on the interbank currency market of Ukraine.

So, today in Ukraine there are a number of problematic tasks related to the operation of the monetary system, which require fast and efficient solution prospects for its future development. Proper ordering monetary system is critical for normal functioning of the foreign exchange market as well as domestic and international.