1. International Monetary Law Plan: 1. The place of International Monetary Law in IFS 2. The evolution of the international currency system 3. Institutions and norms of international Currency Law 4. The mechanism of action of the IMF in the international monetary system 5. About currency operations at the level of private law.

2. The place of International Monetary Law in IFS. International financial law as a superstructure of international legal phenomenon, respectively consists of a major regulatory unit (the institutions): the international monetary law, international law of the payment, international credit law, between the national debt law etc. However, they are all closely related to each other

3. International currency relationship formed over the status of national and foreign currencies, the exchange of one currency for another, the rules of the functioning of national, regional and global currency markets. International legal norms that regulate all of these aspects form an extensive and most important institution of international monetary law

4. The international currency law "serves" his relationship with the regulation of subjects of international law - states and international (intergovernmental) organizations. Relationships in the monetary sphere which are adding to the private law-level, the internal law of the States. In the international monetary system, much use of non-legal norms, including soft law, as well as methods of transnational and upper national regulation.

5. In the framework of monetary and financial integration organizations of the State, in particular, commit themselves to: * maintain the agreed limits of the market rate of its currency agreed upon methods; * used as a basis of parity of currencies of participating countries or the authoritative national

6. * currency or a basket of currencies, or the international monetary unit; * create and maintain a special background techniques, which would assist in supporting the national rate exchange and provide loans when there are difficulties; * establish a joint interstate authority to the operator of monetary and exchange control, passing the parts (and then more and more) of authority inherent in state sovereignty.

7. The evolution of the international monetary system. The International Monetary System in its development has gone through several stages. Each stage corresponded to a mechanism of international legal regulation. The main problem, which has been internationalized countries in the first place was to find a way to correlate the currency (the currency) of one country for currency of another country, or, in other words, the method of forming the exchange rate.

8. The second problem, which has been internationalized countries in the monetary sphere, connected with the first: how to maintain balance of payments in international trade (trade balance).

9. There are the following stages of evolution of the international monetary system: Paris Monetary System (1867-1922) Genoa Monetary System (20-40s. XX century); Bretton Woods Monetary System (40-70s. XX century); Jamaica, and Kingston, the currency system (the second half of 70s. XX century).

10. Currency restrictions may apply not only to issues of convertibility, but also individuals. For example, some states have restrictions on foreign currency transactions only to the residents. Here are a few examples of the manner in which may be limiting currency convertibility on current account:

11. the requirement for the importer before the contract deposit with the Central Bank (CB) or another bank direct distribution by the Government or the Central Bank (CB) of foreign currency between the importers in the form of individual or general allowances;

12. the requirement to obtain prior authorization of the Central Bank to carry out the payment of import or open import letters of credit; requiring the mandatory sale of foreign currency securities you received from exports

13. restrictions on the payment of traveling in foreign currency (limited payments for services); restrictions on the transfer abroad of wages and dividends; restrictions on the interest payments on foreign debt, etc.

14. The mechanism of action of the IMF in the international monetary system The commitments made by States under the Charter of the IMF in exchange rates are as follows: States Parties should notify the Fund of its rules of exchange rates and their change; They also need to "cooperate with the Fund and other member states to enforce the agreed rules of foreign exchange and develop a stable system of exchange rates

15. States should be under "strict supervision" of the IMF, which is usually in the form of periodic consultations (normally - annual), in practice, affecting the economic situation as a whole.

16. About currency operations at the level of private law At the level of Private foreign exchange transactions (usually in the form IU purchase and sale of foreign currencies) are made either in the interbank market or the currency markets

17. About the foreign exchange risks. In the trade and currency transactions are almost always a risk of incurring losses due to changes in foreign currency exchange rate in relation to the national. Exposed to currency risk as debtors and creditors in the legal relationship of credit if the loan is denominated in foreign currency for them. Risks are holders of foreign currency (individuals, banks, government), official foreign exchange reserves.

18. The practice has developed various methods of protection against foreign exchange risk: safety, currency, multi-currency, "gold clause" hedging. Protective clauses included in international treaties, as well as in private law contracts, they provide the possibility of revising the original terms of the contract during its execution.