3 курс 2 семестр / профперевод / Russian Banks

Ex. 1 Read the text, make sure you understand everything:

Banks and Currency Control in Russia

In Russia there are two basic types of banks: state banks and com­mercial banks. The Central Bank of Russia (CBR) is the main state bank of the country. Apart from usual banking services, CBR author­izes new banks and gives permission to individuals, businesses and or­ganizations for certain financial transactions.

Some services offered by banks include accepting deposits on vari­ous accounts (savings and checking accounts, investment accounts, etc.) giving out loans and mortgages, holding items in safe deposit boxes and dealing with insurance.

As for currency control, there are certain regulations. Non-residents (both individuals and legal entities) are subject to few restrictions con­cerning the use of foreign currency. They may bring into the country foreign currency and take out only up to (but not over) the original amount brought in. There are restrictions on the amount of rubles one can take out of Russia. Foreign employers must pay their employees in rubles if the payment is made domestically. Payments in foreign cur­rency can only be made by means of wire transfers from a foreign bank directly into an employee's foreign currency bank account with a Rus­sian bank.

Residents are subject to numerous restrictions. First, all business transactions must be made in rubles. Foreign currency transactions are not permitted. Second, Russian companies can borrow foreign currency for no longer than 180 days if permission is obtained from the CBR. Third, residents have the right to buy and sell foreign currency through authorized banks on the domestic currency market.

Cash transactions between legal entities are only allowed if they re­late to salary payments, business trip expenses, and non-production ex­penses limited to 10,000 rubles. Otherwise, payments must be made through bank transfers.

All cash sales transactions between enterprises and individuals must be in rubles. In order to pay in a foreign currency, individuals can use bank transfers, debit or credit cards, or other internationally ac­cepted means of payment.

Ex.2 Comprehension check. Decide if the statements are true or false:

1. The CBR is the main commercial bank of the country.

2. Besides authorizing new banks and giving permission for certain transactions, the CBR performs usual banking services.

3. Non-residents are subject to fewer restrictions concerning foreign currency use than residents.

4. Non-residents can take out not more foreign currency than they brought in.

5. Salary payments by foreign employers to their employees in Russia can only be made in foreign currency and by means of wire transfers.

6. Residents are permitted to perform foreign currency payments through Russian banks.

7. Domestic companies can borrow foreign currency from Russian banks only if they have obtained permission from the CBR.

8. Russian resident companies can buy and sell foreign currency through banks in other countries, too.

9. Resident legal entities are allowed to pay salaries, business trip ex­penses and non-production expenses in cash.

10. Cash sales transactions between enterprises and individuals can be made both in rubles and in foreign currency.

Ex.3 Complete the sentences:

1. The main Russian state bank is the_______________, which has the right to ______________.

new banks and to give permission to ____________, _____________and ____________ for certain finan­cial transactions.

2. Banks offer different services to customers, such as _________________ on ac­counts, giving out_________ and ________, holding items in___________, dealing with insurance and others.

3. Residents and __________ are subject to certain ___________ concerning the use of ______.

4. Non-residents should make salary payments in foreign currency only by ____________ from a foreign bank to their employees' ____________ accounts with a Russian bank.

5. Residents are allowed to buy and sell foreign currency through__________ ____________ on the ___________ currency market.

6. Payments by residents, except salary, business trip _____________ and non-production expenses must be made through_____________ _________________.

7. Individuals should use_____________ ___________ bank accounts, _________or ________ cards, or other ______________ when buying something from enterprises for foreign currency.

Ex.4 Give the Russian equivalents:

currency exchange; traveller's cheque; to withdraw cash; receipt; the Central Bank of Russia; to authorize banks; savings account; checking account; to give out loans; insurance; residents; non-residents; are sub­ject to; restrictions; foreign currency bank account; to make payments; foreign currency transactions; domestic currency market; non-production expenses; means of payment

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Ex.5 Give the English equivalents to the following words and •word-combinations as they are used in the dialogue and in the text:

обменивать деньги (валюту); кредитная (дебиторская) карточка; курс обмена; комиссионные; банковское дело; государственные и коммерческие банки; получить разрешение; физические лица; фи­нансовые операции; принимать вклады; камера хранения; страхо­вание; ипотека; юридические лица; телеграфный перевод; брать заем в иностранной валюте; аккредитованные банки; командиро­вочные расходы

Ex. 6 Match the words on the left with the words on the right to makeup word-combinations as they are used in the dialogue and in the text:

1. foreign 2. cash 3. bank 4. state 5. currency 6. salary 7. numerous 8. investment 9. banking

a. services b. restrictions c. payments d. account e. currency f. banks g. transactions h. transfers i. exchange

Ex. 7 Match the terms with their definitions:

transaction (n) payment (n) deposit (v) currency (n) mortgage (n) receipt (n) authorize (v)

a. a particular type of money in use in a country; b. a written statement that some­ one has received money or goods; c. a movement of money into or out of an account; d. to give formal permission to somebody or for something; e. a sum of money exchanged for goods or services; f. to place money in a bank or safe; g. a long-term loan for purchase of real estate

Ex.8 Insert the necessary preposition:

1. ___________ ________ usual banking services the CBR authorizes new banks and gives permission___________ individuals and legal entities _________ certain finan­cial transactions.

2. Could you withdraw some cash ___________my credit card?

3. Foreign employers must pay their Russian employees __________ rubles.

4. We'd like to change 400 Finnish marks ___________ Swedish crowns.

5. You can make this payment______________ wire transfer.

6. Yesterday the rate __________ exchange __________ US dollar was lower than today.

7. Can I open a foreign currency bank account _________ your bank?

8. Residents can buy and sell foreign currency __________ authorized banks________ the domestic currency market.

9. Transactions __________ these two companies must be ________ rubles.

10. I'd like to get some money ____________ _____________ my credit card.

Ex.9 From the list below choose the necessary word or word combina­tion to fit each blank:

check, loans, business trip, withdraw, checking, obtain,

foreign, money, domestic, financial, savings, authorized

1. We'll have to ... permission from the CBR for this ... transaction.

2. To ... cash from your bank account you need your credit card and your passport.

3. ... account is a bank account which earns interest.

4. Her company sent her to Paris and paid all her ... expenses.

5. ... account is a bank account which usually doesn't earn interest and from which ... can be taken out at any time by ....

6. On the ... currency market they can buy or sell ... currency only through ... banks.

7. Does your bank make ... to individuals?

BANKS

1. В России существуют два основных типа банков: государственные и коммерческие. Главный банк нашей страны – Центральный банк России (ЦБР). Он уполномочен аккредитовывать новые банки и выдавать физическим лицам, предприятиям и организациям разрешение на проведение определенных финансовых операций. ЦБР, также как и любой другой банк, предоставляет и обычные банковские услуги: принимает вклады на сберегательный, текущий, инвестиционный и другие счета, предоставляет займы, ипотеку, услуги камеры хранения, осуществляет страхование и т.д.

2. Банки контролируют оборот наличных денег в стране. Существуют определенные правила как для резидентов, так и для нерезидентов.

Для иностранных физических и юридических лиц существует несколько ограничений, касающихся использования иностранной валюты. Они вправе ввозить в Россию определенное количество иностранной валюты и вывозить ее в том же количестве.

Юридические лица могут производить операции с наличными деньгами, если выплаты относятся к зарплате, командировочным или производственным издержкам. В остальных случаях оплата должна производиться посредством банковского перевода.