Monetary System of Russia

The monetary system of Russia is regulated by the laws "On the Central Bank of the Russian Federation" of 2002, July 10 and "On Banks and Banking" 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 Constitution of the Russian Federation includes financial and currency regulation, the issue of money, and the activity of federal banks in the sphere of jurisdiction 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 by Decentralization of the circulation of money between banks, the division of emission 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 regulation, centralized management of the monetary system through economic methods, Forecasting the circulation of money in the country, independence from the state of the central bank, market setting of the scale of prices and Alute. This is also the Russian system of money.

The monetary system of Russia includes such elements : a monetary unit, the order of issuance of cash, regulation of monetary circulation.

The monetary unit is the ruble, consisting of cents (100 in all). 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 established by the Central Bank.

Banknotes and coins are legitimate means of payment. They are backed by the assets of the Central Bank, which include both the country's gold reserves, valuable state-level securities, and the reserves of credit institutions on the accounts of the Bank of Russia.

Only the Bank of Russia has the right to emit cash, coordinate their circulation and withdrawal from circulation. It is he who is fully responsible for the state of monetary 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 payment means are mandatory for acceptance on payments throughout the country, as well as for transfers, deposits and for transfer to accounts.

The modern monetary system of Russia is characterized by the lowest level of saturation in the world with money in economic turnover. 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 large inflow of foreign currency 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 Bank in 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 instruments (certificates, tax obligations, etc.) are drawn.

Money circulation in the Russian Federation is carried out in cash 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 (money signs), 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 deducted from the accounts of entities in banks and credited to the accounts of other entities.