Currency regulation in the past decade has changed dramatically due to the abolition of the state currency monopoly.State currency monopoly is the main aspect of monetary policy throughout the Soviet Union.It means that the country is the sole proprietor of foreign currency, which was based at the center and distributed according to the exchange plan.Only the state could carry out operations with currency values and manage gold and foreign exchange resources of the country.
abolition of the state monopoly on foreign trade, liberalization of foreign trade activity has led to the fact that the country has increased the number of legal entities and individuals who have been regularly confronted with the currency legislation.Therefore, the creation of the internal currency market of the Russian currency and gave the right settlement sustainable.Legal currency regulation is carried out on two levels: individual and normative.Legal regulation of currency is the development and approval of the rule of law, taking into account the social exchange relationship.With regard to individual legal settlement, it is nothing but applying the rule of law to each individual case, which entails a change, termination and the emergence of new currency relations.
Russian law "On foreign exchange settlement and foreign currency control" and defines the basis for the organization of foreign exchange regulation in the country, while the individual issues related to currency regulation determined by other legislative acts.Legal norms, which are responsible for carrying out the order of foreign exchange transactions, are divided into two main functions: controlling and regulating.At the same time regulating function of the law defines the rights and responsibilities of persons who engage in currency transactions.
By this we mean:
- operations that define the transition of ownership of currency values;
- shipment, import and export of the Russian currency values;
- international money transfers.
main purpose of foreign exchange controls - providing currency legislation when carrying out foreign exchange operations.
most common today are the foreign trade relations, with the currency regulation of foreign trade activity provides:
- protection of economic sovereignty;
- stimulating the growth of the national economy;
- economic security;
- to ensure the effective integration of the Russian economy into the world economy.
Currency regulation of foreign economic activity is one of the most important objects of currency regulation.This currency payments are made through resident foreign currency accounts in special banks.Depending on their destination currency accounts can be of three types.On the transit account credited currency gain resident for export, a special transit account credited with foreign currency funds at import and the current account receives the funds for general purposes.Each of these accounts has its own currency regime, that is, there are certain rules that allow for the exchange regulations of the Central Bank.At the same time foreign currency accounts of non-residents can be both foreign and domestic banks, this fact does not change anything.Payments to non-residents may be made through their ruble accounts, guided modes of convertible and nonconvertible types of accounts.
Currency regulation of Russia - is a powerful mechanism to bring the economy to a new level and, as a consequence, improve the welfare of Russian citizens.
