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Monetary System of the Russian Federation

Monetary system of the country Is the form of the organization of monetary circulation that has formed throughout the course of historical development, peculiar to a certain state and fixed officially in its legislation.

Over time, the country's monetary systemsreplace each other, because in different historical periods, money functions in different forms. As a rule, the system of metallic circulation to the monetary system of credit and paper money is successively replaced, in which gold is completely supplanted from circulation.

Monetary system of the state implies the existence of a certain monetary unit, various types of money, price scale, credit or government apparatus and the issuing system.

A monetary unit is a state-established banknote, in terms of which all prices for any goods are expressed.

Monetary system RF at the present stage is characterized by a numberstable features, such as the following. First of all, this is the absence of gold provision for paper and credit money (you can not exchange banknotes for gold). Today, there is a steady trend of transition to credit money, not exchangeable for gold and re-emerging into paper bills. Money in Russia is issued not only for the purpose of maintaining and lending to the economy, but also to cover government spending. The cashless form begins to predominate in cash turnover. Regulation of money in circulation is made by state bodies.

The monetary system of the Russian Federation is regulated by the law of 1992year "On the monetary system of the Russian Federation". According to this document, the official monetary unit of the country is the ruble, the fractional part of which is a penny (one-hundredth part of the ruble). The issue of any other money outside Russia is strictly prohibited.

Only the Central Bank has the right to issue money and withdraw money from circulation. He also has the exclusive right to set the ruble rate against the currencies of different countries.

There are only two banknotes in Russia: banknotes andrubles. Forgery of money marks is prosecuted by law. The country officially allowed the functioning of cash (coins, banknotes) and non-cash (accounts in banks, on cards) money.

The monetary system of the Russian Federation exists and functionsaccording to the federal law of 1995 "On the Central Bank of the Russian Federation", the federal law of 1996 "On Banks and Banking Activities", as well as subsequent amendments and additions to these laws. These legislative acts determine the basis of the money system in Russia, the functions, tasks, powers of the Central Bank in the sphere of organization of circulation of money in the country.

The Central Bank approves samples of official banknotesand coins that are legally payable. The monetary system of the Russian Federation provides that monetary units issued by the Central Bank are mandatory for admission, crediting to accounts, letters of credit, deposits, etc. in the whole of the Russian Federation at face value.

Announced invalid banknotes can notbe before their exchange for new banknotes. Typically, this period varies from 1 year to 5 years. New notes are issued within the limits that are periodically withdrawn from the money turnover.

To date, the structure of the money supplyRussia is represented by units M0, M1, M2. In addition, the M2X unit is used, which is the so-called "broad money" (the sum of M2 with all types of deposits in foreign currency).

Today the structure of the money supply of the Russian Federationis characterized, in spite of obvious trends in the increase in non-cash turnover, a fairly high share of cash, the need to compulsorily account for the currencies circulating in the country, as well as the availability of money surrogates. Separate components of the monetary system of the Russian Federation are quite separate from each other and their convertibility into each other is difficult, which leads to additional costs.


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