Beginning from 2005 the share of cash money in circulation decreases and on 2009 it came to 12,4 % what is very good rate. It improves the structure of monetary turnover, widens the payment cycle and thus the circulation expenses decrease.
There is a tight fit between the cash and noncash circulations: money constantly transfers from one sphere of circulation into the other, it forms a total monetary turnover where the unified money acts.
In the national economic the cashless settlements prevail performed through the banks.
1.3.3. Cashless money turnover and its forms
Cash wire movements is a value transaction without cash money participation. The share of cashless settlements in Kazakhstan on January 1, 2009 takes 88 % of monetary stock. A high level of cashless settlements in any country shows a right and proper organization of the whole money turnover.
A noncash money turnover is performed by means of cashless settlements which are made without the usage of cash money by means of money medium transfers against the invoices in the loan institutions and by means of mutual claims offsets. Such settlements have an important economic value in the turnover acceleration, cash money decrease required for circulation, cost improvement on cash money issue and transportation.
Settlement relations include the following elements:
– the settlements’ members – supplier and consignee, buyer and recipient;
– the objects of settlement transaction (operation) – commodity and material valuables, rendered services, performed works, financial requirements and liabilities and also money and currency resources;
– the authorities which execute the settlements – banking system (commercial banks and cash settlement centres and also clearing agencies);
– the settlement intermediary agents – factoring companies and firms and guarantors either.
In accordance with the banks pattern of participation the settlements are divided onto the extrabank which are made by cosignatories passing the bank, onto the intrabank – between the cosignatories which have their accounts in one bank and onto the interbank which involve the money movement between different commercial banks.
For money medium holding and settlement transaction conducting each business entity opens a settlement / current / credit / deposit or any other account in the commercial bank depending on the enterprise’s status, kind of activity and source of financing.