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TEXT Read the text below concentrating on its contents and terminology: It is becoming more popular for exporters to accept payment for their orders in the currency used by their overseas buyers. There are several reasons for this. Some goods are traded internationally in one particular currency, e.g. oil sales in dollars. A buyer may traditionally prefer to price a contract in a particular currency, e.g. Latin American importers usually wish to be invoiced in dollars. Buyers are aware oflhe fluctuating nature of rates of exchange for major trading currencies and may prescribe contracts priced in a currency that they expect to depreciate before final payment. By quoting in this currency, an exporter may 1ю able to gain |
Active Vocabulary:
convertible
foreign exchange market
forward exchange market
forward rate
spot rate at a premium
at a discount commission fee
— конвертируемый
— внешний валютный рынок
— форвардный валютный
рынок
— курс по срочной сделке,
форвардный курс
— курс но кассовым сделкам
— с премией; выше номинала;
выше паритета
— со скидкой, ниже номинала
— комиссионный сбор
an advantage over competitors unwilling to do likewise. If an exporter uses credit finance, the cost of borrowing may be cheaper in a foreign currency than in sterling.
However, an exporter must consider carefully the consequences of any invoicing contract in a buyer's currency. Payment of a foreign currency leaves an exporter open to an exchange risk, e.g. an exporter may not receive full domestic currency value for an order if a buyer's currency has depreciated during the contract period. Moreover, it is unwise to accept payment in a currency that is not freely convertible on the foreign exchange market. The exporter may end up with blocked accounts or with funds saleable only at a considerable discount.
Forward exchange market. An exporter can protect against any loss caused by fluctuating currencies during the sales contract period by taking out a forward exchange contract with a UK bank.
The exporter, invoicing a buyer in a foreign currency for payment at an agreed future date, sells those expected receipts to a bank in advance (i.e. forward) of the due dale of payment. The bank agrees to buy at a predetermined forward rale of exchange which varies according to the time of future delivery, e.g. one, three or six months, or even longer. No money is exchanged at the time the forward contract is made, bul under its terms the exporter is guaranteed a certain amount of domestic currency in place of Ihe foreign currency sales proceeds, whatever fluctuations in the exchange-rale may take place between invoicing and payment by the buyer.
The forward rale varies from the spot rale, i.e. Ihe rate the bank is prepared to pay for foreign currency at any moment of lime. The forward rale for selling Ihe foreign currency may be al a premium, i.e. il exchanges for more domestic currency lhan Ihe spol rale, or il may be al a discount if it exchanges for less. The difference between spol and forward rales is determined by market forces — the most impor-
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tant of which is the difference in the prevailing interest rates being paid by banks f</r fixed deposits of the two currencies concerned.
A fixed forward contract binds an exporter to delivering the required foreign currency to the bank on the date of maturity of the exchange contract. If the buyer defaults on payment or government controls are imposed on the currency payment, the exporter must still deliver the required foreign currency amount. The exporter must purchase the required amount of currency at the spot rate to close the forward contract. This could be expensive, since the rate of exchange used will be that applicable at the lime of the spot purchase. However, if the delivery of the currency is delayed beyond the maturity date then the forward exchange contract can be extended — but possibly at some extra cost, depending on the forward rate for this additional period.
An exporter may still use forward exchange even when the date of payment by a buyer is in doubt, by entering into an option contract. Under this contract the exporter delivers the required amount of currency at a fixed rate at any chosen time between two agreed dates.
Foreign currency borrowing. It is increasingly common for many exporters to raise finance in foreign currency. An exporter can eliminate exchange risk by taking a loan in the same currency as that to be paid by an overseas buyer, so that fluctuations in the exchange rate cannot affect the exporter's expected receipts from the buyer. Moreover, borrowing in a foreign currency may be cheaper than borrowing in sterling, depending on the relative interest rates prevailing.
Bills drawn in a foreign currency can usually be negotiated by a UK bank in a similar way to sterling bills. Foreign currency loans can help the exporter develop international business, whether for capital expenditure at home, overseas acquisition or for export credit, including front-end finance.
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Various types of Eurocurrency loans are available to finance export business. They include fixed-rale loans where borrowing costs are predetermined, or floating-rate loans where Ihe rale varies periodically according lo market rates. As menlioned previously ECGD can provide guarantees for foreign currency export contracls and large projects.
Currency accounts. If an exporter has a continual flow of international business it may be preferable to open accounts in the currencies of the sales proceeds, instead of converling all of them into domestic currency.
The various balances can then be used lo meel any expenses incurred in those currencies, while reducing commission fees incurred from dealings in the foreign exchange market.
I Comprehension. Answer Ihe following questions:
1. Why is it becoming more popular for exporters to accept
payment for their orders in the currency used by their
foreign buyers? List all Ihe five reasons.
2. What risk does any invoicing contract in a buyer's cur
rency involve?
3. Whal protects an exporter againsl any loss caused by fluc-
tuating currencies?
4. What is the exporter guaranteed under a forward ex
change contract?
5. What is the spot rale?
6. What is the difference between spot and forward rates
delermined by?
7. Whal is an exporter obliged lo do under a fixed forward
contract?
8. In what cases would entering into an oplion conlracl be
justified?
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9. Why is raising finance in foreign currency becoming popu-
lar for many exporters?
10. What types of Eurocurrency loans are available to fi
nance export trade?
11. When is it advisable for the exporter to open a foreign
currency account? Why?
II
Comprehension. Complete the following on the basis of the information given in the text:
1. Some goods traded internationally are traditionally.....
2. The fluctuating nature of the rates of exchange of major
trading currencies involves some .... both for ..... and
3. If the contract currency depreciates before final payment,
the buyer .......
4. If the contract currency is upvalued before final payment,
the buyer is bound to.......
5. Another reason for concluding export contracts in other
currencies than in sterling is that ......
6. To price a contract in a currency that is not freely convert-
ible on the foreign exchange markets is ._ because the
accounts may.... and the funds.......
7. The forward rate for selling the foreign currency is at a
premium if the bank......
8. The forward rate for selling the foreign currency is at a
discount if the bank......
9. Under a fixed forward contract the exporter must deliver
the required foreign currency to the bank on maturity of
the exchange contract even if the buyer should.....
10. There is no difference in negotiating by banks bills..
and those .....
11. Underlloating-rate loans borrowing costs.... according
to ......
Ill
Study the examples of forward exchange, contracts and comment on the exporters gain and loss.
EXAMPLE OF FORWARD EXCHANGE CONTRACTS WHERE THE EXPORTER IS EARNING DUTCH CURRENCY EXPECTED IN THREE MONTHS TIME
a) Dutch guilders
Guilders 10,000 to be received
| 5.00 |
Spot rale of exchange (bank's buying rale)
Premium for 3 months forward (fixed) 2c
| 0.02 |
deduct from rate
| 4.98 £2,000.00 £2,008.03 8.03 |
Forward rate to be used
Guilders 10,000 a 5.00
Guilders 10,000 a 4.98
Exporter's gain
(equal to 1.6 per cent per annum)
b) Dutch guilders
Guilders 10,000 to be received
| 5.00 0.01 |
Spot rate of exchange (bank's buying rale)
Discount for 3 months forward Ic - add to rale
| 5.01 £2,000.00 £1,996.01 £3.99 |
Forward rate to be used Guilders 10,000 a 5.00 Guilders 10,000 a 5.01 Exporter's loss (equal to 0.80 per cent per annum)
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EXAMPLES OF FORWARD EXCHANGE CONTRACT WHERE A US EXPORTER IS EARNING GERMAN CURRENCY EXPECTED IN 3 MONTHS TIME
A. Deutschemarks al a premium
10,000 Deutschemarks to be received.........................
Spot rateof exchange (i.e. bank's buying rate) to$= 2.50
Premium for 3 months forward (fixed)
bu I deduct 5pf from rale........................................... = 0.05
Forward rate to be used............................................................... 2.45
Ueutschemarksl(),00()a2.50....................................... = $4000.00
DculschemarkslO,OOOa2.45...................................... = $4081.63
Exporter's gain (equal to 8.16 per cent per annum) = $81.63
B. Deutschemarks al a discount
Deutschemarks 10,000 to be received....................
Spot rate of exchange (i.e. bank's buying rate)
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lo$...
Discoun I for 3 mon Ihs forward — add 3 pf to rate....
Forward rale to be used................................................
| = $4000.00 = $3952.57 = $47.43 |
DeulschemarkslO,OOOa2.50 Deutschemarks 10,000 a 2.53 Exporter's loss (equal Io4.74 percent per annum)
man firm which wishes lo be paid in ils own ... , in which
case you must convert..... inlo........ in order io pay a Ger
man supplier.
To prolect yourself against ...... risk you can take out a
exchange contract with an international bank for the
amount of the particular..... currency expected from a sale.
That means if you are selling goods lo a German customer
with the price...... in Deutschemarks, you agree lo sell Ihose
marks lo Ihe bank'on Ihe dale coinciding with Ihc ...... of
expecled paymenl by Ihe German buyer. In relurn you will
receive from Ihe..... a fixed amounl in your...... currency
on the exchange dale.
The rale for Ihe forward ....... contract varies depending
on the period of lime you require lo deliver Ihc Deutsche
marks. Whatever the period, Ihe....... of exchange is fixed
by Ihe ..... conlracl, under which you commit yourself to
deliver lo the bank al some agreed... dale a ccrlain amounl
of Deulschemarks in ....... for you currency.
IV
Test. Fill in the missing words:
Often buyers prefer lo be invoiced in their own.... and
by agreeing lo this you may achieve more ..... If you are
operating^ the USA and sell goods lo a German buyer, you
may be paid in ...... You musl Ihcn convert the ...... into
..... on the foreign exchange market. You may also be pur
chasing raw malerials or semi-processed goods from a Gcr-
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Приложение 1.
БАНКОВСКАЯ КОРРЕСПОНДЕНЦИЯ
INQUIRY
Gentlemen,
We would like to open a current account at your bank. We will appreciate your informing us of your conditions in regard to interest rates, service charges, handling fees, etc. Yours sincerely,
ЗАПРОС
Уважаемые господа!
Мы бы хотели открыть текущий счет в Вашем банке. Мы были бы признательны, если бы вы известили нас о Ваших процентных ставках, банковских комиссионных и тарифах на операционные услуги. Искренне Ваш ...
ORDER
Gentlemen,
We kindly request to open a current account for us in
the name of...
A check for ... is enclosed herein as an initial deposit.
We acknowledge that Mr... and Mr... have the right to
sign jointly (individually) our newly opened account
on our behalf.
Their signatures are:
Mr....:
Mr....:
Yours sincerely,
Enclosure:
1 check
ПОРУЧЕНИЕ
Уважаемые господа!
Просим открыть текущий счет для нас на имя .... В качестве первоначального депозита прилагаеся чек на сумму в ....
Мы подтверждаем, что господин... и господин... имеют право распоряжаться совместно (по отдельности) вновь открытым счетом от нашего имени (фамилия). Их подписи: Г-н .... Г-н...
Искренне Ваш ... Приложение: чек, один экз.
I
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OPENING AN ACCOUNT
1. Since we intend to do business with you, we would
be grateful if you provided us by a current account.
2. Hereby is the request to open a current account at
your bank in the name of...
3. The following persons are empowered to sign all
documents as well as to cover our liabilities.
1.................................... (name) (signature)
2.......
4. All correspondence is to be directed to...
5. Bank statements are to be mailed daily/weekly/
monthly/at the end of year.
6. Payments received from third parties are to be for
warded by mail immediately/shall be handled like
bank statements.
ОТКРЫТИЕ БАНКОВСКОГО СЧЕТА
1. Так как мы намерены вступить с Вами в деловые
отношения, мы будем благодарны, если Вы откро
ете для нас текущий счет: ....
2. Настоящим просим Вас открыть текущий счет в
Вашем банке на имя ...
3. Следующим лицам предоставляется право под
писи всех документов, равно как и быть ответ
ственными за принятые нами обязательства.
, 1............ (имя) (подпись)
2..............
4. Вся корреспонденция должна быть направлена
в/на ....
5. Выписки из банковского счета должны отсылать
ся ежедневно /раз в неделю / раз в месяц/ в кон
це года.
6. Платежи, полученные от третьей стороны, дол
жны немедленно высылаться по почте / должны
рассматриваться как банковские выписки.
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REQUEST FOR CREDIT
Gentlemen,
Please let us know about conditions for granting a
credit on our current account in the amount of...
Our merchandise in stock which has an approximate
value of... will be used as collateral.
We would greatly appreciate an early reply.
Yours sincerely,
ЗАПРОС НА ПОЛУЧЕНИЕ КРЕДИТА
Уважаемые господа!
Просим Вас сообщить нам о Ваших условиях предоставления кредита по текущему счету на сумму....
Товар на складе, приблизительная стоимость которого составляет ....будет использован в качестве покрытия (обеспечения).
Мы будем благодарны за Ваш скорейший ответ. Искренне Ваш ...
OVERDRAFT
Gentlemen,
With reference to our previous business relations, we
would be pleased to receive the conditions, on which
you would allow us to overdraw our account at your
bank up to the amount of...
We would like to inform you that we intend to make
only occasional use of such overdrafts.
Yours sincerely,
ОВЕРДРАФТ
Уважаемые господа!
Ссылаясь на наши прежние деловые отношения, мы хотим узнать, на каких условиях Вы допустите овердрафт на нашем счете до суммы .... Мы бы хотели проинформировать Вас о том, что намереваемся использовать овердрафт в редких случаях. Искренне Ваш ...
INVESTMENT OF CAPITAL
1. Gentlemen,
Could you please send us some information on how at
present to invest temporarily available funds in the
amount of ...
We are looking forward to an early reply.
Yours sincerely,
2. Gentlemen,
We intend to transfer an amount of... from our current account to a time deposit account for a period of ... days. Please let us know the rate of interest you are ready to pay us. Yours sincerely,
ВЛОЖЕНИЕ КАПИТАЛА
1. Уважаемые господа!
Не могли бы Вы проинформировать нас о том, какие имеются возможности для вложения временно свободных средств в сумме ... наиболее благоприятным образом.
Ожидаем Вашего скорого ответа. Искренне Ваш ...
2. Уважаемые господа!
Мы намереваемся перевести сумму в ... с нашего текущего счета на депозитный счет на срок ... дней. Просим сообщить процентные ставки, которые Вы можете предложить нам. Искренне Ваш ...
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APPLICATION for CREDIT
1. For further financing of our business activities we
would like to have some information about your
conditions for granting: a credit on our current ac
count; an overdraft on our current account; a long-
term loan; a discount credit in the amount of...
2. We would also like to be informed of the credit mar
gin you will be able to grant us.
3. We require this credit: for short term; only occa
sionally; only until payment is received; to pay for
raw materials.
4. You can use the following as collateral:
—transfer of our entire outstanding accounts
—transfer of outstanding accounts of our custom
ers in alphabetical order from... to...
—transfer of our claim(s) against the firm .../Mr...
—guarantee of payment of the firm.../Mr.
—collateral of the firm.../Mr....
—titles to securitites
—titles to... (real estate)
—our vehicles
—a deed mortgage on our real estate in ...
5. The export insurance covers 80% of commercial risk
and 85% of political risk.
6. Our capital on stock will be increased during the next
months in the amount of ... to..., which may ensure
additional security for you.
7. In case you would like additional collateral, we are
ready to provide it.
8. We have been your customer for the past five years.
This will enable you to check on our credit rating.
9. Enclosed, please, find our balance sheets for the past
three years.
10. We are looking forward to your considering this
matter and granting us a credit.
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ПОЛУЧЕНИЕ КРЕДИТА
1. Для дальнейшего финансирования нашей ком
мерческой деятельности мы бы хотели получить
информацию о Ваших условиях предоставления
кредита: кредита на нашем текущем счете; овер
драфта на нашем текущем счете; долгосрочного
кредита; учетного кредита на сумму в ....
2. Мы бы также хотели знать, какую маржу по кре
диту Вы сможете нам предоставить.
3. Нам необходим кредит: на короткий срок; только
время от времени; только.до получения плате
жа; на оплату сырья.
4. Мы можем представить в качестве покрытия сле
дующее:
— перевод по всем нашим неоплаченным счетам
— перевод по неоплаченным счетам наших кли
ентов по алфавиту от ... до ...
— перевод наших требований к фирме ... / г-ну ...
— платежные гарантии от фирмы ... / г-на...
— поручительство фирмы ... / г-на...
— права на ценные бумаги
— права на ... (недвижимость)
— наши транспортные средства
— ипотечное обязательство на нашу недвижи
мость в ....
5. Страховка экспорта покрывает 80% коммерчес
кого риска и 85% политического риска.
6. Наш акционерный капитал будет увеличен в те
чение следующего месяца на сумму ... до ..., что
обеспечит дополнительную страховку для Вас.
7. В случае, если Вам необходимо дополнительное
покрытие, мы готовы его предоставить.
8. Мы являемся Вашим клиентом в течение после
дних пяти лет. Это дает Вам возможность прове
рить наш кредитный рейтинг.
9. Прилагаем наши бухгалтерские отчеты за пос
ледние три года.
10. Мы рассчитываем на то, что Вы рассмотрите этот
вопрос и предоставите нам кредит.
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OPENING A LETTER OF CREDIT
Gentlemen,
Please open in favor of... an irrevocable documentary letter of credit in the amount of ... to be used in conjunction with the following documents: invoice in duplicate, insurance policy covering amount of invoice plus 10% and war risk, complete set of bill of lading consigned to order, carrying a blank endorsement and marked "freight prepaid" in the amount of... The letter of credit is to be valid until... Partial shipment is not permitted.
We thank you for your efforts on our behalf. Yours sincerely,
ОТКРЫТИЕ АККРЕДИТИВА
. Уважаемые господа!
Просим Вас открыть безотзывный товарный аккредитив в пользу фирмы ... на сумму ..., который должен быть оплачен по предъявлению следующих документов:
счет-фактура в двух экземплярах, страховой полис на сумму счета плюс 10%, покрывающий также военный риск, полный комплект коносамента, выставленного на распорядителя с бланковым индоссаментом и с пометкой "фрахт оплачен" на сумму ....
Аккредитив должен быть действителен до ... (дата). Частичная поставка не разрешается. Благодарим за Ваши услуги. Искренне Ваш...
COLLECTION OF DIVIDENDS
Gentlemen,
Enclosed please find due dividend coupons.
Kindly redeem same on our behalf and deposit the
money in our account.
Thank you for your co-operation.
Yours sincerely,
Enclosure:
dividend coupons
СБОР ДИВИДЕНДОВ
Уважаемые господа!
Прилагаем купоны причитающихся дивидендов. Просим Вас погасить их от нашего имени и перевести деньги на наш счет. Благодарим Вас за содействие. Искренне Ваш ... Приложение: дивидендные купоны
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Дата: 2019-02-02, просмотров: 231.
