The Russian currency market - formation and development

The development of the economy in Russia as a highly effective component is impossible without the formation of a financial market. The main part of the financial market is the currency market.

The foreign exchange market of Russia developed and was formed in parallel with the development and reform of the economy. In the USSR, it was represented by a state monopoly, which was fully controlled by the Central Bank and Vnesheconombank. The State Bank, the State Planning Committee and the Ministry of Finance acted as agents for controlling currency transactions.

In the late 1980s, the exchange rate did not really reflect the purchasing power. It was during this period that foreign economic activity tried to reanimate through the introduction of a special system of multiple exchange rates. As such, the foreign exchange market was not. The entire foreign exchange market was divided into segments, each segment was set its own exchange rate of the ruble. The difference in the rates was very significant. In the course of developing a market economy, the first steps towards liberalizing Russian legislation in the foreign exchange market have been outlined. In order to stimulate the foreign exchange market in 1992, the President issued a decree, which regulated the currency movement and established the procedure for selling foreign currency.

The prerequisites for the formation of the Russian foreign exchange market can be closely related to the process of formation of the banking system - a two-level (the activities of the Bank of Russia and commercial banks were regulated). The first currency exchanges appeared just then. The first such stock exchange was ZAO MICEX. The single rate of sale-purchase of the ruble and the dollar was first established strictly on the basis of the work of the MICEX auctions.

By the end of 1992, the structure of our foreign exchange market was formed. And there was no longer a question, what is the currency market in Russia.

FZ "On Currency Regulation and Currency Control" and is currently the main one in this field. It determines the powers of those bodies that are called upon to exercise currency control, identifies the basic principles of currency transactions in the Russian Federation, determines the duties and rights of individuals and legal entities in matters of disposition, use and possession of the currency. The law also provides for liability for violations of legislation in the field of currency transactions. This law removes currency restrictions and eliminates barriers to the development of such an important component of the country's economy as the Russian currency market. Unfortunately, the methodological and technical base is still weak in order to fully control the export and import. To improve the regulatory framework, the Resolution of the Council of Ministers was issued, which defines measures to strengthen the control of both export and foreign exchange. The foreign exchange market has finally been officially controlled.

It should be noted that the Russian currency market does not develop on its own, but in accordance with all the requirements set by international lending institutions, for example, the International Monetary Fund. On the recommendation of this fund, Russia has eliminated the division of our foreign exchange market into non-cash and cash. This allows both residents and non-residents to carry out currency transactions in accordance with the laws. To do this, there is an instruction of the Bank of Russia, which defines the organization of the work of all exchange offices without exception on the territory of the country. In accordance with the instruction, a whole network of exchange offices was created.

The foreign exchange market of Russia should develop in accordance with its main task - stabilization of the exchange rate of the Russian ruble. This requires an effective monetary policy.