Economic development in Russia as a high-performance component is impossible without the formation of the financial market.The bulk of the financial market of the currency market.
Currency market of Russia was formed and developed in parallel with the development and reform of the economy.In the USSR, he was introduced to a state monopoly, which controls fully implement the central bank and Vnesheconombank.The agents for the control of foreign exchange transactions were State Bank, the State Planning Commission and Ministry of Finance.
At the end of the 80s the exchange rate has not really reflect purchasing power.It was during this period of foreign economic activity is trying to revive through the introduction of a special system of a plurality of currency exchange rates.As such, the foreign exchange market was not.All the foreign exchange market was divided into segments, each segment sets its own exchange rate.The difference in rates has been very significant.During the development of the market economy emerged the first small steps of liberalization of the Russian legislation on the foreign exchange market.In order to stimulate the exchange of the domestic market in 1992, the President issued a decree in which it was ordered by the movement of currency and establishes the procedure for selling the currency.
prerequisite for the development of the Russian foreign exchange market may be closely associated with the process of formation of the banking system - a two-level (regulated by the Bank of Russia and commercial banks).The first currency exchanges were then.The first such exchange was ZAO "MICEX".Uniform selling rate of the ruble-buying and the dollar was first established strictly on the results of trades on the MICEX.
the end of 1992 has formed the structure of our foreign exchange market.And there is no question what the currency market in Russia.
FZ "On Currency Regulation and Currency Control", and at the moment is the main in this area.It defines the powers of the authorities, which are intended to implement foreign exchange controls, represents the basic principles of currency transactions in the Russian Federation, defines the responsibilities and rights of individuals and entities on the disposition, use and possession of the currency.It is also spelled out in the law of responsibility for violation of legislation in the field of foreign exchange transactions.The law removes exchange controls and eliminates barriers to the development of such an important component of the economy of the country as the foreign exchange market of Russia.Unfortunately, methodological and technical base is still weak, to fully carry out the control of exports and imports.To improve the regulatory framework issued a decree of the Council of Ministers, which sets out measures to strengthen controls both export and foreign exchange.The foreign exchange market has become finally officially monitored.
It should be noted that the Russian currency market does not develop by itself, and in accordance with all the requirements imposed by international lending organizations such as the International Monetary Fund.On the recommendation of the fund split Russia eliminated our currency market to cashless and cash.This allows both residents and non-residents to carry out foreign exchange transactions in accordance with the laws.For this there is the instruction of the Bank of Russia, which defines the organization of work of all the exchange offices without exception in the country.In accordance with the instruction has created a network of exchange points.
Currency market of Russia should develop in accordance with its main objective - the stabilization of the exchange rate of the Russian ruble.This requires effective monetary policy.
