The objectives of the activities of the Central Bank of the Russian Federation and the methods for their implementation

In most countries of the world, a national bank has been established, which is responsible for the functioning of the country's financial system. In Russia such powers are vested in the Bank of Russia. The CBR is responsible for the widest range of tasks. The sustainability and pace of development of the country's economy largely depend on the success of their solution. What are the specific objectives of the Bank of Russia? What is its organizational structure, and how does it contribute to the solution of the tasks set by the institution?

General information about the CBR

The Bank of Russia is a legal entity that operates independently of any public authority. However, his activities are accountable to the State Duma, and the charter capital and other assets of the organization are the property of the state. The Bank of Russia's objectives, functions and operations are broadly similar to those of national banks in other countries of the world.

In particular, the Central Bank of Russia is the only institution that has the right to issue national currency, as well as organize its circulation in the country's economy. The Central Bank of the Russian Federation is not considered to be a subject of tax reporting, carries out expenses at the expense of recoverable incomes. The purpose of the Central Bank of Russia is not to promote the fulfillment of the obligations of the state, and vice versa. Unless, of course, another agreement is established by a separate agreement.

Let us now consider the essence of the key objectives of the activity of the main banking institution of Russia.

The main objectives of the CBR

In accordance with the provisions of Federal Law No. 86 of June 10, 2002, which regulates the activities of the Central Bank of the Russian Federation, the main objectives of the Central Bank of the Russian Federation are as follows.

First, it is the protection of the national currency of Russia - the ruble - from exchange rate fluctuations and speculative influence. Secondly, it is the modernization and development of the banking system of the state. Third, ensuring the functioning of payment mechanisms in the state economy.

Let's consider these goals of the Central Bank of Russia in detail.

Protection of national currency

In most modern countries, the exchange rate is formed mainly on the basis of a freely functioning mechanism of supply and demand in the international market. The cost of the ruble is therefore determined by the significant influence of external economic factors.

The objectives, objectives and functions of the CBR are largely aimed at identifying among these factors those that affect the national currency of the Russian Federation negatively, do not have a market nature. Even if their action is legitimate, but the activity does not meet the interests of the state, the Bank of Russia can oppose them. How? By what methods?

First of all, it is carrying out, if necessary, currency interventions-sessions of purchases or sales of available national or foreign currency in order to increase or, conversely, to reduce the level of its supply in the market. Having created, for example, an overabundance of dollars on the part of the market in which the ruble is traded, the Central Bank of the Russian Federation can help reduce its rate. In turn, the national currency of the Russian Federation rises in price.

However, now the policy and objectives of the Central Bank of Russia imply limited intervention in market mechanisms for the formation of the ruble exchange rate. Mainly, this is due to the fact that the main resource for conducting CBRF foreign exchange interventions is the state's money reserves. Due to the influence of crisis trends, the CBR management prefers not to spend them on interfering with the market mechanisms that form the course.

Development of the banking system

The objectives of the Central Bank of the Russian Federation include maintaining the functioning and development of the national banking system. The activities of the Central Bank of the Russian Federation and the methods for resolving the problems raised in this case can be presented in a wide range. Which of them can be called the key?

First, this is the regulatory regulation of banks. The Central Bank of the Russian Federation issues various legal acts regulating the procedure for rendering services to the population and organizations by credit and financial institutions operating in the state; Establishes the norms of financial and tax reporting for the relevant entities. This is necessary, first of all, in order to ensure the protection of the interests of customers of banks - depositors, holders of settlement accounts, borrowers.

Secondly, it is the policy related to calculating the optimal value of the key rate. This financial indicator determines, mainly, how expensive the private bank loan will be from the Central Bank of the Russian Federation for the purpose of subsequent use of borrowed funds in the core business. For example, related to the provision of their own loans. If the key rate set by the CBR is high, then loans issued by non-state banks also become more expensive.

Thirdly, the Central Bank, carrying out activities to support the functioning of the national banking system, organizes monitoring of key operations with the help of territorial treasury institutions. A significant part of financial transactions passes through them and is carried out according to the rules of the CBR.

Ensuring the operation of payment mechanisms

The objectives of the activities of the Central Bank of the Russian Federation also include ensuring the functioning of payment mechanisms within the state. The fact is that the most important function of modern credit and financial organizations is not only deposits, loans and settlement and cash services, but also facilitating the implementation of financial transactions involving individuals, representatives of private businesses, government agencies, international actors.

A citizen of the Russian Federation or a foreigner should be able to make settlements with other people and organizations through various instruments: personal accounts, bank cards, through the channels of non-bank credit organizations. Monitoring the functioning of the relevant channels is one of the tasks of the CBR.

The work of the Central Bank in this direction in general is carried out through the same mechanisms that are relevant for the previous direction of the Central Bank. This is connected with ensuring the work of the banking system. The Central Bank of the Russian Federation issues regulations regulating transactions carried out through various channels and monitors these transactions. The work of non-bank lending institutions that use the payment infrastructure that the state has is largely dependent, as is the activity of conventional credit and financial structures, on the size of the CBR's key rate.

The objectives of the Central Bank of the Russian Federation (the Bank of Russia) considered by us suggest that it performs certain functions. Let's study their specifics.

Functions of the CBR

The CBR performs the following main functions:

• Participates together with the Government of the Russian Federation in the development of priorities of the state policy in the sphere of finance;
• Carries out in an individual order the issue of the ruble, ensures its circulation in the economy of the Russian Federation;
• Provides funds to non-state credit organizations in the form of loans, provides refinancing of loans;
• Determines the rules in accordance with which financial transactions are carried out in the Russian economy;
• Establishes the norms for the implementation of various banking operations;
• Monitors and maintains transactions on budget accounts of the Russian Federation;
• Disposes of the state's gold and currency reserves in accordance with the established procedure;
• Registers credit and financial organizations, issues licenses to them or, on the contrary, annuls them if it detects violations of banking legislation by these institutions;
• Pursues a currency control policy;
• Determines the rules governing the implementation of the calculations of Russian citizens and organizations with international actors;
• Establishes accounting and accounting standards within its competence;
• Determines the exchange rate of the national currency on the international market and carries out its timely publication;
• Participates in the calculation of the balance of payments of the economy of the state;
• Regulates the activity of currency exchanges;
• Carries out analytical work in part of the study of economic processes at the level of the economy of the state as a whole, as well as by regions;
• Participates in ensuring the protection of the financial interests of bank depositors.

Having considered the objectives of the activities and functions of the Central Bank of Russia, we can study the features of the organizational structure of the main financial institution of the Russian Federation. Let us first investigate, based on which principles the procedure for organizing the activity of the Central Bank is determined from the point of view of the distribution of the functions of the institution by the internal subdivisions of the Central Bank of the Russian Federation.

Structure of the Central Bank: principles of management of the institution

As we already know, the objectives of the Central Bank of the Russian Federation include protecting the exchange rate of the Russian Federation, ensuring the operation of the banking system and payment mechanisms in the economy of the state. Achievement of each of them presupposes, first of all, the coordination of the activities of the Bank of Russia with the interests of other subjects of state regulation of the economy, for example, with the Government of the Russian Federation. This option forms one of the key principles of the CBR's work - interdepartmental cooperation.

The activities of the main banking institution of the Russian Federation involve solving problems not only in the federal jurisdiction, but also at the regional level. Therefore, the Bank of Russia representative offices operate in all constituent entities of the Russian Federation. Their work is carried out taking into account the principle of centralization, when all units of the institution are accountable to the main office and function in accordance with the regulations that it develops.

Above we noted that the objectives of the activities and functions of the Central Bank of Russia are closely related. Hence another principle of the institution - the functional specialization of the units. In each of the bank's internal structures, specialists with the highest competence for solving the assigned tasks are working.

Another principle of the CBR is the division of decision-making power between the central office and regional institutions. Above we said that the work of Bank of Russia structures in the regions is carried out in accordance with the regulations developed by the Central Office of the Central Bank of Russia. However, there is a certain degree of independence among the regional branches of the main banking organization of the Russian Federation, and this is the implementation of the principle in question in practice.

Structure of the Central Bank of the Russian Federation: organization of management of an institution

We will now study what key bodies are the structure of the management of the Central Bank. To such it is possible to carry:

• National Banking Council.
• The central apparatus of the organization.
• Board of Directors of the Central Bank of Russia.
• Territorial structures.
• RCC.
• Military units.

Let's study their specifics in more detail.

National Banking Council

The National Banking Council can be assigned to the main structures of the Central Bank of the Russian Federation, which ensure the functioning of the organization. It is a collegiate body of the institution. Above we noted that the purpose of the Central Bank of Russia is not to assist the state in fulfilling its obligations, but also the fact that the work of the main Russian financial organization is not accountable to the authorities.

However, using the example of the National Banking Council, it can be seen that in practice, the dependence of the Central Bank on the state can be significant. The fact is that the National Council of the Central Bank includes representatives from the Federation Council, the State Duma, the Government of the Russian Federation, as well as persons appointed by the President of the Russian Federation. The Chairman of the Central Bank of the Russian Federation also works in the structure of the Central Bank structure under consideration.

Board of Directors

The next most important body of the Central Bank is the Board of Directors. It is considered the highest executive structure of the bank and determines in which directions the activity of the Central Bank of Russia will be concentrated, the goals and guidelines of the institution. Its formation has a certain similarity with the procedure for including certain individuals in the National Banking Council.

So, in the considered structure of the Central Bank of the Russian Federation there is the Chairman of the Central Bank, as well as 12 rank-and-file members who constantly work in the bank. The composition of the Board of Directors of the Central Bank of the Russian Federation is formed with the direct participation of the State Duma and the President of the Russian Federation. Again, one can trace the fact that the dependence of the Central Bank on the state in practice is still significant, despite the fact that legally the Central Bank is an organization independent of the authorities.

The Board of Directors of the Central Bank of the Russian Federation, which determines the objectives of the activities, functions and operations of the Bank of Russia, should meet at least once a month. This structure takes decisions on the issue of the ruble, setting standards for non-state banks, forming a list of bills and other securities used to provide loans to the Central Bank, setting interest rates, limits on market transactions, current loans, for example, considering the possibility of extending them. The Board of Directors of the Central Bank carries out supervisory, as well as control functions.

Central apparatus and territorial structures

The objectives and functions of the Central Bank of the Russian Federation are initially in the competence of the central office of the institution, but subsequently, within the framework of established mechanisms, are delegated to the level of the territorial structures of the Central Bank of the Russian Federation. In addition, Central Asia is represented by various functional units, which are responsible for solving problems in this or that sphere. These structures are accountable to the Board of Directors and the head of the Central Bank of Russia in the implementation of the resolutions they adopted. In the regions, the functions of the Central Bank, in turn, are performed by the territorial divisions of the main banking organization. Their key task is the implementation of unified approaches to the implementation of the financial management policy adopted at the federal level.

RCC and military units of the Central Bank of Russia

Above we noted that the objectives of the Central Bank of the Russian Federation include the maintenance of the functioning of the banking system of the state. Among the main structural units that have the competencies necessary to achieve the corresponding goal are the cash settlement centers of the Central Bank of the Russian Federation.

These institutions are divided into the main, operating in the areas, as well as inter-district ones. They carry out work related to the implementation of interbank transactions, servicing of non-state credit organizations and budget accounts.

The next most important type of institution in the structure of the Central Bank of Russia is military units. Their task is to service financial transactions, the subjects of which are various institutions within the armed forces of the Russian Federation.

So, we examined the key functions of the Central Bank, the objectives of the CBR and the methods for their implementation. The main bank of Russia is an institution multifunctional, complex in structure, having a wide range of competencies in the financial sphere.

On the one hand, the Central Bank of the Russian Federation is legally independent of the authorities, on the other hand, it is formed with their direct participation. In addition, the Central Bank carries out its activities taking into account the interests of other state structures.