Exchange control in the Russian Federation is a huge complex of legal measures implemented by the authorized bodies of this state in order to achieve objectives such as:
- regulation of the ruble exchange rate and maintaining the foreign exchange balance;
- protection of property rights, both residents and non-residents of the state for currency values;
- the established order and the rules of buying and selling of currency values on the domestic market;
- ordering for International Settlements;
- establish an adequate regime of interaction between the state with the global currency markets;
- ensure stable and efficient operation of the foreign exchange regulation.
Exchange control in the Russian Federation called upon by the Central Bank (CB) and the Government of the State.These bodies in carrying out its duties guided by the norms of the law "On Currency Regulation and Currency Control" dated 10.12.2003 N 173-FZ.
Central Bank of Russia
guided by the current legislation of the Central Bank carries out foreign exchange regulation in the Russian Federation as follows:
- publishes regulations that determine the rules of procedure and the implementation of any foreign exchange transactions, the rules for issuing the relevant licenses, forms of accounting and reporting.These regulations are required to comply in the territory of all its residents and nonresidents;
- control all entities of currency relations.
Despite the fact that the Central Bank provides currency regulation and control, it is also an active market operator.Independently carrying out foreign exchange transactions, the Central Bank makes a profit.
Russian Government
guided by the Constitution, federal laws and the multiple decrees of the President of Government provides foreign exchange regulation in the Russian Federation as follows:
- publishes regulations that determine the order of the transactions with any precious stones and metals, the rules for issuing the relevantlicenses and stages of state.Fund of precious metals and stones.In addition, the Government acts regulate the procedure of spending of foreign currency to finance them, and define the rules for residents of deferred payment for exports or imports for a period exceeding ninety days;
- operates at the level of a single state policy in the field of precious metals and stones.
Some of the powers of the Government of the Russian Federation have an indirect impact on the foreign exchange relationship.For example, in order to protect the domestic market Government may impose temporary quantitative restrictions on exports or imports.
Other bodies providing foreign exchange regulation
Central Bank and the Government of the Russian Federation - is the main currency regulation bodies, but not the only ones.In addition to these regulatory functions in the sphere of currency relations exercise:
- Federal Assembly, which establishes the procedure for the formation of state.foreign exchange reserves and publishes federal laws covering all issues sphere of currency regulation;
- President who defines the rules for the export and import of precious metals, as well as decide on the granting of benefits to residents in the compulsory sale of the proceeds from the export of currency;
- Ministry of Finance, which provides a single monetary policy of the Russian Federation and with the participation of the Central Bank regulates the market of precious metals and stones;
- State Customs Committee that with the assistance of the Central Bank establishes the procedure for the export and import of currency values all residents and non-residents of the state.
Each of these agencies provide currency regulation strictly within the limits of its powers, to the relevant legislation.They all use different methods of currency regulation - direct (foreign exchange restrictions) or indirect (foreign exchange intervention, the exchange rate regime, a devaluation or revaluation).Their joint work is intended to address a significant problem for the state - the creation of an effective mechanism for the treatment of currency values in order to develop the Russian economy.
