Monetary System of Russia
Monetary system of Russiais governed by the laws "On the Central Bank of the Russian Federation" 2002year, July 10, and "On Banks and Banking Activities" of 2006, July 27. All legal aspects of the monetary system, its functions, tasks, powers of the Bank of Russia are determined precisely by these laws.
The RF Constitution, Financial and Monetaryregulation, issuance of money, the activities of federal banks are in the domain of the Russian Federation. The rules of financial law determine the status of the country's monetary system. Civil law regulates ownership of money and the order of payment by them. Administrative law defines responsibility for violations in the process of circulation of money. Criminal law provides for punishment for crimes against the monetary system (more often - counterfeiting, etc.).
Monetary system of market economy is characterized bydecentralization of the turnover of money between banks,dividing the issue into non-cash and cash between the links of the banking system, the abolition of the gold content of money, the transition to credit money, the lack of distinction between cashless and cash turnover, state monetary and credit regulation, centralized management of the monetary system through economic methods, , independence from the state of the central bank, the market setting of the scale of prices and exchange rates. This is also the Russian system of money.
Monetary system of Russiaincludes such elements: a monetary unit, the procedure for issuing cash, regulation of monetary circulation.
Monetary unit is a ruble, consisting ofkopecks (only 100). Legislative introduction of other monetary units on the territory of the country is prohibited. In Russia, the ratio of the ruble to any precious metals has not been introduced. The exchange rate of the ruble against the currency is set by the Central Bank.
Legitimate means of payment are banknotesand coins. They are backed by the assets of the Central Bank, which include both the country's gold reserves, valuable state-level securities, and reserves of credit institutions on the accounts of the Bank of Russia.
Emit cash, coordinate themOnly the Bank of Russia is entitled to apply and withdraw from circulation. It is he who is fully responsible for the state of money circulation and the economic situation in the country as a whole.
The country's money supply consists of banknotes and coins.Samples of all banknotes and coins are approved by the Central Bank. The issue of new coins or banknotes is accompanied by reports in the media. All means of payment are mandatory for receiving payments on the territory of the whole country, as well as for transfers, deposits and for transfer to accounts.
The modern monetary system of Russiathe lowest in the worldsaturation of the money in economic circulation. The level of monetization of the country is 20% (in developed countries 50-100%). The country's money supply is characterized by a high level of cash in it (more than a third of the entire mass of money), which leads to aggravation of insolvency of certain categories of the population and enterprises.
The country's money supply is growing because of the largethe influx of foreign exchange, associated with rising oil prices. Russia's exports exceed imports, which leads to an increase in the positive balance of the balance sheet and an increase in the amount of currency. Exchanged export earnings compel the Bank of Russia to issue rubles, which increases the money supply.
The monetary system of Russia is regulated by the Central Bankon the main areas of monetary policy. Today there is a need to reform the monetary system, which is caused by inflation and violation of the main functions of the national currency as a means of circulation and payment due to the fact that along with the ruble, the dollar, euro and various pseudo-payment funds (certificates, tax liabilities, etc.) are drawn.
Money circulation in the Russian Federation is carried out in cashform and non-cash. In this process, the movement of money serves the turnover of goods, non-commodity settlements and payments. In the case of cash circulation, the means of payment are real money (banknotes), which are transferred by the subjects of relations to each other for goods, services and other cases provided for by law. In non-cash circulation, money amounts are withdrawn from the accounts of entities in banks and transferred to the accounts of other entities.