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فهرست مقالات

theoretical and operational study to allocate foreign currency through exchange control system

نویسنده:

(18 صفحه - از 73 تا 90)

کلیدواژه ها : exchange control system – allocate foreign currency- effective exchange rate – balance of payment deficit – Rial devaluation

کلید واژه های ماشینی : Allocating Foreign Currency Exchange ،One ،On ،Central Bank ،This ،IMF Working Paper ،Allocation Foreign Currency ،This Central Bank ،Currency Exchange Control ،It ،Foreign Currency ،Exchange Rate ،Transition Market Economy ،All ،However ،Rial ،For Iran ،These ،The Iran ،For ،Market Economy ،Procedures ،IMF ،Allocating Foreign ،Another ،Allocation Foreign ،Paper ،Exchange Control ،Exchange ،Moreover

One of the most important policies concerning the adjustment of foreign trade is to allocate foreign currency by establishing an exchange control system. The mechanism of this would be so that the Central Bank operates or supervises all transactions concerning foreign exchange. However, the controlling system, like all other international systems of payment, operates with some adjustments and is therefore not settled in a net manner. It must be noted that although the controlling systems aim to fix the exchange rate, in reality these sanctioned laws are accompanied by different adjustments along with crawling pegged exchange rates and devaluation in the rate of exchange. The existing contradictions amongst the aims of the domestic and foreign economy, enforces us to find a suitable solution. One of the options is to allocate foreign currency by establishing an exchange control system. This system can be a suitable tool for confronting the damageable effects of foreign factors and conditions on the economy of a country. One of the main aims of these controls is to remedy the deficit of balance of payments and to allocate as best as possible the sources of foreign currency to the different economic sectors. For the past few years in Iran, the control and allocation of foreign currency has been mainly concerned with the import quotas and the issue of import permits together with the allocation of foreign currency. These controls started in 1930 and continued throughout the years. The history of Iran''''s experience in this regard, and what followed shows the unsuccessful outcome of these procedures. We must bear in mind that the allocation of foreign currency through establishing an exchange control system should not only be concerned with dealing with the balance of payment deficit, absorbing the revenue from the non-petroleum exports or other economic problems. This should help a correct and timely use of other coordinating economical policies, especially the ones concerning expenditure-changing and expenditure-switching while achieving a synchronized foreign and domestic balance.

خلاصه ماشینی:

"We must bear in mind that the allocation of foreign currency through establishing an exchange control system should not only be concerned with dealing with the balance of payment deficit, absorbing the revenue from the non-petroleum exports or other economic problems. Whenever the forces of supply and demand relating to the foreign currency market, act freely, there is a possibility of vast fluctuation in the currency rate which may lead to unstable conditions, hence a disturbance in the best mode of the allocation of foreign currency resources, causing negative effects in the domestic productions and more importantly foreign trade. This is the reason for the government resorting to “allocation of foreign currency by establishing an exchange control system”, in order to prevent these fluctuations and the negative effects they may have on domestic economy, infant industries and balance of payments. Considering the aims in mind while resorting to the control system, the most important seems to be to establish equilibrium in the level of balance of payments and to absorb the foreign currency income resulting from the export of non-petroleum products. In summery, it must be concluded that the allocation of foreign currency through exchange control system, should not be the only means of dealing with the deficit in the level of balance of payments, and absorbing the foreign currency revenues from non-petroleum exports and other economic problems."

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