Trade finance

Trade finance signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade.

Description

While a seller (or exporter) can require the purchaser (an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the exporter's bank) providing for payment upon presentation of certain documents, such as a bill of lading. The exporter's bank may make a loan (by advancing funds) to the exporter on the basis of the export contract.

Other forms of trade finance can include Documentary Collection, Trade Credit Insurance, Factoring or forfaiting. Some forms are specifically designed to supplement traditional financing.

Finance minister

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.

A finance minister's portfolio has a large variety of names across the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".

The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries:

List of Ottoman Ministers of Finance

This is a list of the top officials in charge of the finances of the Ottoman Empire, called Defterdar (Turkish for bookkeepers; from the Persian دفتردار daftardâr, دفتر daftar + دار dâr) between the 14th and 19th centuries and Maliye Naziri (Minister of Finance) between 19th and 20th centuries. They were originally in charge of the defters (tax registers) in the Ottoman Empire, hence the name "defterdar."

History of the office

The exact date of the formal establishment of the office is unknown. According to some sources, the first defterdar was the Kadı (judge) of Mihaliç, Çelebi bin Mehmed, appointed in 1359 or 1360, during the reign of Murad I. During the reign of Bayezid I (1389–1402), the poet Zahiri is mentioned as the defterdar.

In the classical period, the finances of the Empire were organized under a single Defterdar, literally the main bookkeeper, in charge of a single imperial treasury (Hazine-i Amire). Starting in 1793, smaller treasuries independent of the imperial treasury were organized, each with a separate defterdar in charge. In 1837, a modern ministry was founded under the name of Maliye Nezareti, merging most of the independent treasuries back to the Imperial Treasury. In 1840, the merging of the remaining independent treasuries was completed.

Finance Minister of Denmark

The Finance Minister of Denmark (Danish Finansministeren) is the head of the Ministry of Finance of Denmark, and a member of the Cabinet. As head of the ministry, the minister has responsibility for the ministry's tasks of administrering the state finances via the fiscal policy, and making economic predictions and recommendations.

The current Finance Minister in the Cabinet of Lars Løkke Rasmussen II is Claus Hjort Frederiksen.

See also

References

External links