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The International Payments and Monetary System in the Integration of the Socialist Countries (Paperback, Softcover reprint of the original 1st ed. 1984)
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The International Payments and Monetary System in the Integration of the Socialist Countries (Paperback, Softcover reprint of the original 1st ed. 1984)
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Economic cooperation between the CMEA countries is implemented
according to the monetary and financial regulations worked out
collectively. The regulations cover the organizational structure of
international settlements; the choice of currency for settlements;
the principles of international credit transactions; the
determination ofthe exchange rate of the currency used in
international settlements to national currencies and to convertible
currencies outside the CMEA; the principles and rules
ofinternational exchange and transfers; mIes for the currency
allotments of citizens (roles of international transfers for
citizens). The regulations also contain provisions for
international settlements and credit transactions which are
concluded through an independent international bank or banks. These
regulations, the instruments and institutions together, form the
international payments and monetary system of the CMEA. * The
financial and monetary regulations of the CMEA community were
formed in several stages, depending on the prevailing. conditions
and the targets to be attained. In the years between 1949 and 1963
the general form of economic cooperation and of international
settlements was the bilateral clearing agreement. In the bilateral
agreements which the Soviet Union concluded with the other CMEA
countries the currency of settlements was the Soviet rouble. The
prices applied in foreign trade were not the internal producer
prices of the Soviet Union, but world market prices (main
international market prices) expressed in roubles, with the he]p
ofthe exchange rate ofthe Soviet rouble to the US dollar, as quoted
in the Soviet Union."
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