Currency debt

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A currency debt is a money debt that is denominated in a foreign currency .

General

The word valuta was previously used as a synonym for foreign currency, but is only used today in banking for the value date . Instead of the words “currency credit, currency debt, currency bill”, the words “currency credit, currency debt and bills in foreign currency” have been used since 1963 .

Currency debt is a specific legal term that expressly appears as a currency relationship in Section 788 of the BGB and is referred to as a foreign currency debt in Section 244 of the BGB. The legislator had in the fulfillment of obligations envisaged that a debtor at home in another currency than EUR shall pay expressed money debt. It is a specific repayment rule that only applies to debt obligations in foreign currency. In order to arise in Germany, the currency debt previously required approval in accordance with Section 3 of the Currency Act in certain cases ; it has been discontinued since January 1999.

Real currency debt

A real currency debt (or effective currency debt ) exists if payments can only be made in the foreign currency. Section 244 of the German Civil Code (BGB), which allows payment in euros if payment in the foreign currency has not been expressly agreed, is therefore not applicable to the real currency debt. Formulations such as “effective” or “payable in” suggest a real currency debt.

Fake currency debt

A fake currency debt exists when the money debt is denominated in a foreign currency without the creditor paying any attention to the payment in this currency. The content of the debt is therefore not the payment in the particular currency. In this case, Section 244 of the German Civil Code (BGB) stipulates that a debt payable in Germany can also be paid in euros.

Socialist economics

The currency debt, or value date, is the designation for a foreign currency or a means of payment in this foreign currency. It is a synonym for value, for example currency in goods or in money. In the amount of the currency debt, exports had to be realized in addition to the planned requirements in the following year. In the GDR , the Commercial Coordination Department was responsible for generating foreign currency primarily in western currencies.

See also

Individual evidence

  1. ^ Journal for the entire credit system, Volume 16, 1963, p. 1128
  2. Working group for the design of the economic system of socialism, On the design of the economic system of socialism in the GDR in the years 1971 to 1975 , 1970, p. 87