The monetary system of the Russian Federation and its elements

The monetary system of the Russian Federation isan organized and interrelated set of relations relating to the functioning of foreign currencies and other currency values on the territory of Russia and in the foreign relations of the country. Its organizer, in the person of its institutions, is the state, which allows to regulate the circulation of foreign currencies and the rules of behavior of those participating in foreign exchange.

Entering in 1992 in the IMF, Russia, thus,assumed the obligation to integrate into the world economy, so the currency system of the Russian Federation is formed today on the basis of the structural principles inherent in the world monetary system.

The official currency of the Russian Federation is the ruble, a legitimate means of payment, obligatory for acceptance at its face value in the territory of Russia.

The status of the Russian national currency has becometo change significantly from the moment when in 1996 the Government and the Bank of Russia took upon themselves the obligation to remove restrictions on its convertibility in current transactions and to ensure internal conversion and the subsequent liberalization of procedures for attracting foreign capital

Recognition of the Russian ruble inimplementation of foreign economic activity with currency value, allows to extend currency control to the area of payment and settlement relations between residents and non-residents, when the national currency acts as a means of payment.

The official exchange rate of the ruble to any currencybasket or foreign currency is not tied. The exchange rate of the Russian national currency is floating, that is, it depends on the ratios that are formed on the currency exchanges in the country (primarily on the MICEX) between supply and demand. Only the Central Bank has the right to establish official dollar exchange rates against the ruble based on the results of trading on the MICEX. The rates of other currencies are determined on the basis of cross-rates. At present, thus, the currency system of the Russian Federation is built on the basis of a floating rate, as required by the modern currency system.

Elements of the monetary system

The Russian national currency, which, beginning in mid-1993, is the ruble.
Foreign currency: the euro accounts for about 25%, while the US dollar - about 75%.
The exchange rate, which since 2007 - is floating.
Convertibility, showing how possible the transition of the national to foreign currency. Starting from July 2006, the ruble is a full convertible currency.
The foreign exchange market is a platform for interactioncurrencies. Currently, he is still in the process of becoming. The Russian foreign exchange market is de facto internal. By nature, it is a stock exchange. As for the sector of interbank trade, until it finally recovered after the crisis.
The existing system of international payments is inherited from the USSR. This is a single currency model of settlements, built on the convertibility of currencies. Settlements are made primarily in foreign currencies.
External debt and assets. Although the payments were not always regular, the bulk of external debts were already paid. Russia needs the developing countries. Since most of the debts are hopeless, the state is now pursuing a policy of writing off them.
The balance of payments, which is the finaleconomic indicator. It gives a complete picture of the movement of hard currency, its calculation is carried out according to the methodology of the IMF. To date, there has been a positive balance for both current and financial transactions.
The management unit, which includes institutesmanagement (for the Russian Federation - only federal), federal laws on currency legislation, currency policy on the implementation of currency legislation. It includes: exchange rate policy and convertibility, debt management and foreign exchange reserves.

The monetary system of the Russian Federation continues to improve, integrating ever deeper into the world system.