monetary system of the Russian Federation is organized and interconnected set of relations pertaining to the operation on the territory of Russia and the country's external relations, foreign currencies and other currency values.Its organizer, represented by its institutions, is a state that helps to regulate the circulation of foreign currencies and the rules of behavior involved in foreign exchange turnover.
entered in 1992, the IMF, Russia, therefore, has an obligation to integrate into the world economy, so the monetary system of the Russian Federation now formed based on the structural principles inherent in the global monetary system.
official currency of the Russian Federation - the ruble, the legal tender, must be accepted at their face value on the territory of Russia.
status of the Russian national currency began to change significantly from the time when in 1996 the government and the Bank of Russia made commitments to remove restrictions on its convertibility on current operations and to ensure that the internal conversion and the subsequent liberalization of procedures to attract foreign capital
Recognition Russianruble in payments in foreign trade activity of currency values, currency control allows us to extend to the area of payment and settlement relations of residents and nonresidents, as a means of payment serves the national currency.
official ruble to a basket of currencies or foreign currency not pegged.The national Russian currency - floating, which means it is dependent on the relationships that are formed on the currency markets in the country (primarily on the MICEX) between supply and demand.The right to install the official exchange rate to the ruble has only the Central Bank on the basis of trading on the MICEX.Other currencies are determined based on the cross rates.At present, therefore, the monetary system of the Russian Federation is based on a floating exchange rate, as required by a modern monetary system.
Elements of monetary system
- Russian national currency, which, since the middle of 1993, the ruble.
- Foreign currency: the share of euro accounts for about 25%, while the US dollar - about 75%.
- exchange rate, which since 2007 - floating.
- Convertibility showing how a transition to the national foreign currency.Since July 2006, the ruble - full convertibility of the currency.
- Currency market - a platform of exchange interaction.He is currently still undergoing the process of becoming.The Russian foreign exchange market is the de facto internal.By the nature of it stock.With regard to the interbank trade sector, until it finally after the crisis has not recovered.
- existing system of international payments inherited from the Soviet Union.This model is a single-currency settlements, built on convertibility.The calculations are carried out mainly in foreign currencies.
- External debt and assets.Although the payments have not always been regular, but the bulk of the external debt has already been paid.Russia, however, should developing countries.Since the bulk of the bad debts, the government now has a policy of write-offs.
- balance of payments, which is the outcome of economic indicators.It gives a full picture of the movement of foreign currency, its calculation is carried out by the method of the IMF.To date, it recorded a surplus and current, and financial transactions.
- control unit, which includes government institutions (for the Russian Federation - only federal), federal laws on currency regulation and currency policy for the implementation of currency legislation.It includes: the exchange rate policy and convertibility, debt management and foreign exchange reserves.
monetary system of the Russian Federation continues to improve, more deeply integrated into the global system.
