The main elements and principles of the functioning of the modern monetary system. Principles of functioning of the monetary system The principles of functioning of the monetary system include
The principles of the organization of the monetary system are the fundamental element of the monetary system. They mean the rules according to which the state organizes this monetary system.
There are the following principles of the organization of the monetary system:
1. The principle of centralized management of the monetary system is characteristic of the administrative-distributive model of the economy. It is implemented through government directives, which are binding on all state-owned banks and their branches. Management of monetary systems in a market model of the economy is characterized by the fact that it is not administrative methods of management that come to the fore here (although they do exist), but economic ones, when the state through the apparatus of central banks sets conditions on the markets that force banks, financial institutions and other legal entities to make decisions necessary for the state. The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the country's economy as a whole.
2. The principle of predictive planning money turnover... It means that both centralized and decentralized plans for the circulation of money and its component parts are prepared not as directive plans that are binding on specific bodies responsible for their implementation, but as forecasts, i.e. landmarks to strive for. Cash turnover plans are prepared as a set of general assessments based on scientific ideas about the state and prospects national economy or its individual sectors in the future. Making a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans are not of a directive nature, and social administrative bodies are not created for their implementation. An exception is a financial plan such as the state budget, which, in any type of monetary system, remains a directive plan, for the implementation of which the government and, as a rule, the country's finance ministry are responsible.
3. The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as to prevent inflation on the one hand; on the other hand, to expand money turnover if the needs of the economy for Money ah, and narrow them down if those needs diminish. Under certain conditions (a decline in production, budget deficit, insufficient provision of funds for turnover, etc.), the stability of the money turnover can be violated, and a payment crisis arises. Overcoming such a crisis is possible with the help of a set of measures, including the development of production, reducing the budget deficit, ensuring the turnover of the necessary amount of money, etc.
4. The principle of the credit character of the issue of money - the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of banks conducting credit operations. Banknotes should not come into circulation from other sources, including the treasuries of countries.
5. The principle of security of banknotes issued into circulation. In the conditions of a market economy model, banknotes are secured by commodity-material values in the assets of banks, gold and other precious metals, freely convertible currency, securities and other debt obligations. At the same time, the gold content of the monetary unit has not been recorded in the Russian Federation since 1992.
6. The principle of independence of the Central Bank from the government and its subordination to the country's parliament. It is connected with the fact that maintaining the stability of monetary circulation and combating inflation are a priority task of the Central Bank. If this principle did not exist, there would always be a threat that the government would begin to “scoop out” the funds of the Central Bank to solve the tasks facing it, and thus the stability of monetary circulation would be disrupted. The principle of independence of the Central Bank from the government and its subordination to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by the parliament, the legislative body, administratively not subordinate to the executive branch, i.e. government or any other body, public council, etc. Only in this case the Central Bank is able to perform the function of maintaining a stable exchange rate of the national currency, corresponding to trends in the development of the country's economy. If independence is not ensured in practice, the government is able to carry out uncontrolled emission of banknotes, money circulation is exposed to the threat of crisis and destruction. At the same time, the Central Bank may pursue policies that run counter to the current objectives of the state, therefore the central bank must systematically report to the country's parliament, which is designed to help bridge the differences between the central bank and the government.
7. The principle of providing the government with funds only in the form of lending. Usually in the legislation of countries with market economies there is a provision stating that the central bank should not finance the government, but provide funds to it only by way of lending against certain collateral (real estate, commodity-material belonging to the state, government securities, other securities, owned by the state (federation or subjects of the federation)). Application this principle prevents the use of money to cover the deficit of federal local budgets and thus not give an incentive to the development of the inflationary process. In addition, the use of this principle forces the government to seek other sources of revenue for the budget to cover federal and local expenditures.
8. The principle of the integrated use of instruments of monetary regulation. Its essence lies in the fact that the Central Bank should not be limited to any one instrument of monetary regulation to maintain the stability of monetary circulation, but should use a set of these instruments, otherwise the monetary effect cannot be achieved.
9. The principle of supervision and control over money circulation is an integral function of the public administration system. The principle of supervision and control over money circulation - the state through the banking financial system, tax authorities should provide constant control over the entire cash flow as a whole, and over individual cash flows in the economy. In addition, the object of control is the observance by the subjects of monetary relations of the basic principles of organizing both cash and non-cash turnovers.
10. The principle of functioning exclusively of the national currency on the territory of the country. The country's legislation provides for payments for goods and services within the country to be made exclusively in national currency. This does not mean, of course, that the population cannot freely exchange the national currency on the territory of the country for the currencies of other countries, but it is allowed to use such currency received during the exchange for payments abroad, as well as placing in deposits in banks. The principle of functioning exclusively of the national currency on the territory of the country permeates everything legislative acts related to money circulation within the state.
1. Concept, functions and elements of the monetary system.
2. Evolution of monetary systems.
3. Money issue as an element of the monetary system. Types of money issue. Animation mechanism.
4. Monetary system of Russia.
5. Monetary reform: preconditions, essence, goals and methods of implementation.
1. Concept, functions and elements of the monetary system
The monetary system is a historically established and legislatively enshrined way of organizing the country's monetary circulation. The organization of monetary relations requires certain objective and subjective prerequisites. Objective prerequisites include the achievement of a sufficiently high level of development of the TAR, subjective prerequisites include the need to legally define legal tender and regulate their circulation.
Functionally the monetary system is understood as an ordered set of monetary relations, forms, methods and principles of organizing monetary circulation in a country or a single economic space. Institutionally- the monetary system - a set of institutions that create and regulate the economic and legal foundations of the emission of money, the ways of their circulation, accumulation, distribution and redistribution.
The modern monetary system is not reducible to the cash system; it includes two subsystems: a non-cash settlement subsystem and a cash settlement subsystem.
Monetary system functions
are:
- issue - determination of the forms and types of legal tender, methods of providing them, the procedure for issuing;
- regulatory - regulation of the money supply in circulation, its structure, compliance with the needs of the economy;
- control - monitoring compliance with the regulatory framework for the organization of monetary circulation, monetary discipline.
Like any system, the monetary system consists of a number of elements that are in a certain structured unity.
There are the following blocks
such elements:
- basic (fundamental);
- managerial (functional);
- infrastructural.
Base unit
combines elements such as:
- the essence and functions of money,
- forms and types of money,
- currency unit,
- money supply and its structure,
- money turnover, its organization and structure,
- principles of the organization of the monetary system.
The essence and functions of money are realized through the monetary system. The forms and types of money circulating determine the type of the monetary system.
Currency unit
is a statutory banknote that serves to measure and express the value of prices of goods and, as a rule, is divided into multiples.
This element of the monetary system, as a rule, is formed historically, but in some cases the state may establish a new name for the monetary unit. So, in Russia in the period from 1922 to 1947. there were two names for the monetary unit: "ruble" and "chervonets". After the monetary reform of 1947 and up to the present time, a single name for the monetary unit - "ruble", has been preserved in Russia, which is enshrined in the Law "On The central bank Russian Federation".
Principles of the organization of the monetary system
include:
The principle of stability and elasticity of money circulation. This principle is that the monetary system should be organized in such a way as to prevent inflation, on the one hand, and, on the other, to expand money circulation if the economy's needs for money increases, and to narrow them if these needs decrease.
The principle of security of banknotes issued into circulation. In the conditions of a market economy model, banknotes are secured by commodity and material assets in the assets of banks, gold and other precious metals, freely convertible currency, securities and other debt obligations.
Management (functional) block
the monetary system includes:
- principles of managing the monetary system;
- emission mechanism;
- the mechanism of monetary regulation;
- the procedure for establishing exchange rate;
- cash discipline;
- the procedure for conducting cashless payments.
Monetary Management Principles
include:
The principle of centralized management of the monetary system. This principle assumes the presence of a single state center(represented by the Central Bank), which determines the foundations of the organization of monetary circulation and regulates it. Under the conditions of a market model of the economy, it is not administrative methods of management that come to the fore (although they do exist), but economic ones, when the state, through the apparatus of central banks, puts conditions on the markets that force banks, financial institutions and other legal entities to make the decisions the state needs. ...
The principle of planning cash flow. It means that ensuring the stability and elasticity of the monetary system requires preliminary planning of the volume and structure of the money supply and money circulation.
The principle of the credit character of the issue of money. The emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of banks conducting credit operations. Covering the budget deficit by issuing money from the Central Bank violates this principle and is prohibited by law.
The principle of independence of the central bank from the state. It is connected with the fact that maintaining the stability of monetary circulation and combating inflation are a priority task of the central bank. If this principle did not exist, there would always be a threat that the government will start attracting funds from the central bank to solve its tasks, and thus the stability of monetary circulation will be disrupted. At the same time, the central bank may pursue policies that run counter to the current objectives of the state, so the central bank is accountable, as a rule, to the country's parliament.
The principle of supervision and control over money circulation. The state through the banking, financial system, tax authorities must ensure constant control over both the entire money turnover in general and over individual cash flows in the economy. In addition, the object of control is the observance by the subjects of monetary relations of the basic principles of organizing both cash and non-cash turnovers.
Emission mechanism
- This is an element of the monetary system that determines the procedure for issuing cash and non-cash money into circulation and their withdrawal. In the Russian Federation, the issue and withdrawal of cash is carried out by the subdivisions of the Central Bank of the Russian Federation - RCC. Non-cash money is released into economic circulation in the process of lending to the economy.
Monetary regulation mechanism
is a set of methods and instruments of monetary regulation, rights and obligations of monetary authorities.
The procedure for establishing the exchange rate
defines the mechanism for quoting currencies. Quotation - determination and establishment of the exchange rate of a foreign currency in relation to the national currency. The quotations are carried out by the central and largest commercial banks. Distinguish between official and free (market) quotes. V modern conditions they mainly use a quotation method based on a basket of currencies, in which the national currency is compared with a number of foreign currencies included in the "basket".
Cash discipline
- kit general rules, forms of primary cash documents, reporting forms, which should be guided by business entities in cash transactions.
The procedure for conducting cashless payments
involves the regulation of accounts for which non-cash payments are carried out, forms of payment and obligations arising from non-cash payments.
Infrastructure block
the monetary system includes:
- the regulatory framework (laws on the Central Bank, the monetary system, banks and banking, regulations of the Central Bank governing the organization of monetary circulation);
- information and analytical base (analysis of the state of the money market, the volume and structure of the money supply, the level of monetization of the economy, the speed of money turnover, changes in the purchasing power of money, etc.);
- technological base (technology of money issue, ways of protecting cash from counterfeiting, counterfeiting, methods of collection, technology of non-cash payments, etc.);
- institutional bodies (institutions that regulate money circulation.
The basic, managerial and infrastructural blocks of the monetary system function in an indissoluble unity.
2. Evolution of monetary systems
The evolution of monetary systems is due to the development of relations of social reproduction.
Depending on the forms and types of circulating money, the following are distinguished:
- metal monetary systems, where the monetary commodity directly circulates and performs all the functions of money, and paper money is exchanged for metal;
- systems for the circulation of non-exchangeable paper credit money.
Within the framework of metallic money circulation, two types of monetary systems are distinguished: bimetallism and monometallism.
Bimetallism is a monetary system in which two metals, usually gold and silver, play the role of a universal equivalent. There were three types of bimetallism:
- a parallel currency system, when the ratio between gold and silver coins was established spontaneously on the basis of their market price;
- a dual currency system, when this ratio was established by the state;
- a lame currency system in which gold and silver coins serve as legal tender, but not for on an equal footing, since the minting of silver coins was carried out in a closed manner, in contrast to the free minting of gold coins. In this case, the silver coins become the mark of gold.
Bimetallism was used for a long time in the countries of Western Europe, but its existence was not durable. The use of two metals as money was contrary to the essence of money as a single value equivalent.
During the years of the existence of the Latin Monetary Union (Italy, Switzerland, Belgium, France, 1792 - 1834), the ratio between gold and silver was 15.5: 1.
However, with the emergence of a difference between the price ratio in the world market and the official domestic price, one of the two metals became more valuable than the other. It was more profitable not to use it as a money commodity, but to sell it (as a valuable raw material). Ultimately, one of the metals, which became more valuable, went out of circulation in accordance with the Oresm-Copernicus-Gresham law "Bad (cheaper) money displace good (more expensive) money from circulation."
In 1972, the countries - members of the Latin Monetary Union stopped the free minting of silver coins. By the end of the 19th century, the role of a monetary commodity was entrenched in gold. As a result of the spontaneous action of the law of value, the internal contradictions of bimetallism, the elimination of the double measure of values and the transition to monometallism took place.
Monometallism is a monetary system in which one monetary metal is a universal equivalent, while other signs of value are present in circulation (banknotes, treasury notes, bargaining chips), exchangeable for gold. There were three varieties of gold monometallism: the gold coin standard, the gold bullion standard, and the gold exchange standard.
Under the gold coin standard, gold performs all the functions of money, both gold coins and gold signs are in circulation, gold coins with a fixed gold content are freely minted, gold coins are freely exchanged for gold signs at face value, gold moves freely, as inside the country, and in international circulation.
The gold bullion standard is characterized by the fact that banknotes are exchanged for gold bullion, but only upon presentation of a certain amount.
A feature of the gold exchange standard was that banknotes are exchanged for mottos, that is, for foreign currency exchangeable for gold. The gold exchange standard secured the currency dependence of some capitalist countries on others, which was the basis for the subsequent creation of a system of international currency treaties and currency regulation systems that ensure the relative stability of freely convertible currencies.
The most stable type of metallic circulation was the gold coin standard. In its conditions, the function of money as a treasure played the role of a spontaneous regulator of the amount of money in circulation, which ensured the stability and elasticity of the monetary system by maintaining a dynamic correspondence between the mass of commodities and the amount of money in circulation. The gold coin standard contributed to the development of international trade. Production and credit, and to the greatest extent corresponded to the requirements of capitalism in the era of free competition. However, in the course of historical development, the growth of economic turnover led to a gradual change in the ratio between gold and banknotes in favor of the latter. If in 1860 in Western countries the proportion between gold coins and signs of value was 50:50, then in 1913 it was 10:90. At the same time, since the basic principles of the gold coin standard operated under these conditions, the monetary systems remained stable. During the First World War, when fiat money was issued to finance military expenditures, the foundations of the gold standard were undermined - the free exchange of banknotes for gold was stopped, the free movement of gold between countries was limited.
After the war, due to the disorder in monetary circulation, most countries were unable to return to the gold coin standard, which was preserved only in the United States. In a number of countries (Great Britain, France), a gold bullion standard was established, and most others - a gold exchange standard, which increased their dependence on economically stronger countries.
Since the 30s. monetary systems based on the circulation of non-exchangeable credit money begin to function in the world. This is primarily due to the operation of the general economic law of the economy of social labor. The evolution of monetary systems leads to the creation of more and more economical monetary systems, where the costs of monetary circulation are constantly decreasing, therefore, the costs of social labor are also decreasing.
All monetary systems based on the circulation of credit banknotes are characterized by:
Displacement of gold, both from internal and external turnovers and its settling in gold reserves (mainly in banks); while gold still serves as a treasure;
Issue of cash and non-cash banknotes on the basis of credit operations of banks;
Development of non-cash money turnover and reduction of cash turnover;
Creation and development of mechanisms for monetary regulation of monetary circulation by the state.
3. Money issue as an element of the monetary system. Types of money issue and methods of its regulation
Money issue
represents the creation and receipt of various means of payment in the circulation of money.
The concepts of "money issue" and "money issue" are not equivalent. The release of money into circulation occurs constantly. Non-cash money is released into circulation when commercial banks lend to their customers. Cash is released into circulation when banks are in the process of making cash transactions give them to customers from their operating cash desks. However, at the same time, customers repay bank loans and deposit cash at operating cash desks banks. At the same time, the amount of money in circulation may not increase.
By emission, we mean such release of money into circulation, which leads to a general increase in the money supply in circulation.
Since the composition of the money supply and, accordingly, the means of payment is diverse, the concept of money emission is not uniform.
In a broad sense, the issue of money is the release into circulation of an additional amount of banknotes and means of payment, leading to an increase in the money supply.
The emission of money is due to the following factors:
- an increase in the mass of goods, production and circulation, the activity of economic entities, leading to an increase in the supply of goods;
- an increase in prices associated not with a change in the properties and quality of goods and services, but with speculative transactions of market participants, an increase in monopoly, inadequate tax policy states, etc .;
- a decrease in the speed of circulation of money due to an increase in the share of cash in the structure of the money supply, a shortage of commodity supply, administrative restrictions, weak organization of production and trade, general risks.
These factors determine the heterogeneity of the issue of money and, accordingly, its various types.
Deposit issue
money - an increase by the Central Bank of its credit investments by issuing loans that increase account balances, that is, on deposits of credit institutions.
Budget emission
- issue of money to cover the state budget deficit.
Banknote issue
- emission of banknotes and coins by the Central Bank.
Treasury issue
- issue of treasury bills and coins by treasuries that have the right to issue.
Regulatory emission
- the emission associated with temporary adjustments to the composition and structure of the money supply is carried out within the framework of monetary regulation.
Deposit issue
- release of money into economic circulation by creating non-cash means of payment. When making non-cash settlements, funds on customer accounts with banks reflect the records of the accounts of the turnover balances. By providing loans to clients, banks open accounts for them for the amount of loans issued, thereby forming debt claims and turning them into legal tender. Deposits are mobilized by bank clients through transfer orders in the process of non-cash settlements.
Emission can be:
- organized and unorganized (depending on the degree of reflection of the predicted dynamics of the money supply in the actions of the Central Bank);
- official and unofficial (depending on the accounting legislation);
- stabilizing or destabilizing (depending on the impact on the economy);
- cash and non-cash (depending on the form of money).
Non-cash money issue is primary, it is carried out by crediting additionally issued money to correspondent accounts in banks in the form of central bank loans or budgetary appropriations. Before cash appears in circulation, it must be reflected in the form of records in the deposit accounts of banks.
The issue of non-cash money can be external and internal. Sources of external non-cash emission (taking into account the internal foreign exchange market) are:
- acquisition of foreign currency by the central bank;
- proceeds from the use of foreign property;
- obtaining loans from international financial institutions;
- foreign investment;
- purchase and sale of foreign currency in cash by the population, stimulated by unorganized imports.
Sources of internal non-cash emission are loans provided by the banking system:
- economy,
to the state,
to a foreign state.
The credit character of the issue of money is one of the fundamental principles of the organization of the monetary system of the state.
In a market economy, the emission function is concentrated and divided between the participants in the economic turnover as the difference between the inflow and outflow of means of payment within the framework of a two-tier banking system:
- the issue of non-cash money is carried out by the banking system (completely by commercial banks and partly by the central bank;
- emission of cash - by the central bank.
In the conditions of an administrative-distributive economy (similar to the former USSR), both the one and the other issue, as a rule, was carried out by the State Bank.
The main purpose of issuing non-cash money into circulation is to meet the additional needs of the enterprise for working capital. Commercial banks meet this need by providing loans to businesses. However, banks can issue loans only within the limits of their available resources, i.e., those funds that they mobilized in the form of equity capital and funds on deposit accounts. With the help of these resources, it is possible to satisfy only the usual, and not the additional need of the economy for working capital. Meanwhile, either in connection with the growth of production, or in connection with the rise in prices for goods, an additional need of the economy and the population for money constantly arises. Therefore, there must be a mechanism for issuing non-cash money that satisfies this additional need - the mechanism of multiplication. central bank by controlling the mechanism of multiplication, it expands or narrows the emission possibilities of commercial banks.
Allocate: money and banking (deposit, credit) multipliers.
Monetary multiplication is understood as the process of issuing means of payment by participants in economic turnover with an increase in the monetary base (central bank money, reserve money) by one monetary unit. Reserve money exceeds the broad monetary base in the amount of demand deposits of participants in economic turnover, served in the central bank. The money multiplier shows how much the money supply (the amount of money in the country) will increase with an increase in the monetary base by one. It is defined as the ratio of the money supply (M2) to the monetary base.
When assessing the effect of the money multiplier, factors such as:
- conditions for the movement of funds between banks;
- the influence of the movement of funds on the expansion of credit investments of banks;
- the level of validity of the dependence of the possible volume of credit investments on the availability of deposits in banks;
- the ability of banks to reserve more funds than according to the standards of the central bank;
- withdrawal of part of bank deposits in the idea of cash;
- transformation of part of bank deposits into time deposits;
- payment for a bank loan;
- the degree of interest of banks in making a profit;
- the openness of the financial market.
Banking multiplier is the process of increasing (multiplying) money in deposit accounts of commercial banks during the period of their movement from one commercial bank to another. Banking, credit and deposit multipliers characterize the multiplier mechanism from different positions.
The bank multiplier is determined using:
- the banking multiplier ratio: the ratio of M2 at the end of the year to (M2 at the end of the year - M0 at the beginning of the year);
- the coefficient of change in the money supply: the ratio of M2 at the end of the year to M2 at the beginning of the year.
The deposit multiplier shows how much the deposits in commercial banks with an increase in the monetary base by one.
The credit multiplier shows how much the amount can increase to the maximum bank loans population with an increase in the monetary base per unit.
The mechanism of the banking multiplier is directly related to the free reserve - the aggregate of resources of commercial banks, which at a given time can be used for active banking operations.
The issuing activity of the banking system can be illustrated by the following example:
Bank |
Receipt of deposits |
Mandatory reserve |
Issuance of loans |
№1 |
|||
№2 |
80,9 |
||
Banking system |
1000 |
In practice, the bank multiplier will not reach 10, because part of the funds is always used for other, non-credit operations, the bank must have cash at the cash desk, etc.
The operation of such a mechanism is possible only within the framework of a two-tier banking system.
The bank multiplier mechanism works when centralized loans are provided, the central bank buys securities or foreign currency from commercial banks, and the rate of deductions to the centralized reserve is reduced. As a result, the free reserves of these banks, used for lending operations, increase, that is, the mechanism of banking multiplication is activated.
Emission of cash.
Issuing cash is the issuance of cash by central banks into circulation, which increases the amount of cash in circulation.
Cash is released into circulation in the course of cash transactions by commercial banks, which issue cash to customers from their operating cash desks. But the central bank has a monopoly on issuing cash.
The central bank is obliged to ensure the stability of the national currency, banknotes, linking their issue of banknotes with the production of goods and services. The main items of the Central Bank's assets that ensure the issuance of banknotes into circulation are official foreign exchange reserves, government and other securities, loans to banks provided against the security of securities.
The emission of cash is carried out in a decentralized manner - by the Central Bank and its cash settlement centers (RCC). The size of the issue is determined by the need of commercial banks for cash, which, in turn, depends on the need for them legal and individuals served by these banks, and it is constantly changing. Therefore, the provision of this need through the RCC, and not a single center, saves distribution costs.
RCCs open in various regions of the country and perform settlement and cash services commercial banks located in these regions. To issue cash, reserve funds and revolving cash desks are opened in cash settlement centers. The reserve funds store a stock of banknotes intended for their release into circulation, in the event of an increase in the demand of the economy of a given region in cash. These banknotes are not considered money in circulation, since they do not move, they are a reserve.
Cash from commercial banks constantly arrives at the circulating cash desk of the settlement and cash center, but cash is constantly issued from it. Thus, the money in the circulating bank is in constant motion; they are considered money in circulation. If the amount of cash receipts to the circulating cash desk of the settlement and cash center exceeds the amount of money issued from it, then the money is withdrawn from circulation. At the same time, they are transferred from the circulating cash desk of the RCC to its reserve fund.
The reserve funds of the RCC are administered by the territorial departments of the Central Bank of Russia. Cash settlement centers are obliged to issue cash to commercial banks free of charge within the limits of their free reserves. Therefore, if the majority of commercial banks served by the RCC will have an increase in the need for cash, and the receipt of money in their operating cash desks does not equivalently increase, then the RCC will be forced to increase the issue of cash into circulation. To do this, on the basis of permission from the Central Bank of the Russian Federation, he will transfer cash from the reserve fund to the circulating cash desk of the RCC. For this RCC, this will be an issue operation, although in the country as a whole the issue of cash may not take place.
When issuing one RCC, another RCC can at the same time additionally withdraw a similar amount of cash, so the total amount of money in circulation may not change. Only the Board of the Central Bank, which compiles the daily emission balance, has information about whether the issue has occurred or has not occurred on a given day.
The money issued by the RCC into circulation will go to the operational cash desks of commercial banks, from where it will be issued to the clients of these banks, that is, it will go either to the cash desks of enterprises or directly to the population. In this case, money is debited from customer accounts on demand. Consequently, cash is transformed from non-cash money held in deposit accounts and is an integral part of the money supply created by commercial banks as a result of the banking multiplier mechanism.
4. Monetary system of Russia
The modern monetary system in Russia, as in most other countries, is based on money that cannot be exchanged for gold. The main parameters of the monetary system of the Russian Federation are determined in the Federal Law of July 10, 2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" (with amendments and additions).
According to this Law the official monetary unit of the Russian Federation is the ruble, which is equal to 100 kopecks. The law prohibits the circulation of other monetary units or various monetary surrogates on the territory of Russia. There is no official relationship between the ruble and gold or other precious metals.
The monopoly right to issue or withdraw cash from circulation has been granted to the Bank of Russia. He also bears full responsibility for organizing their circulation in the national economy.
In this regard, the Bank of Russia has the following functions:
Forecasting and organization of production, transportation and storage of banknotes and coins, creation of reserve funds;
Establishment of rules for storage, transportation and collection of cash, the procedure for conducting cash transactions for credit institutions;
Establishing signs of the solvency of banknotes and coins, the procedure for their destruction, as well as replacing damaged ones with valid ones.
According to the current legislation in Russia, there are two types of banknotes: banknotes (bank notes) and coins. They are unconditional obligations of the Bank of Russia and are secured by all of its assets.
On September 18, 1997, the Government of the Russian Federation adopted a resolution to change the face value of Russian banknotes and coins. On January 1, 1998, the Bank of Russia put into circulation banknotes and coins of the 1997 sample:
Banknotes in denominations of 5; 10; 50; one hundred; RUB 500;
Coins with face value 1; 5; 10; 50 kopecks and 1; 2; RUB 5
On January 1, 2001, a 1,000-ruble banknote was put into circulation, in the first half of 2006 - 5,000 rubles.
Payments on the territory of the Russian Federation are made in the form of cash and non-cash payments. The Bank of Russia approves samples of payment documents used for non-cash payments.
5. Monetary reform: prerequisites, essence, goals and methods of implementation
Monetary reform is a complete or partial transformation of the monetary system, carried out with the aim of streamlining and strengthening monetary circulation.
Depending on the scale of the transformations, there are complete (radical) reforms associated with a change in the principles of the organization of the monetary system, and partial ones aimed at eliminating certain negative consequences.
Depending on the goals, reforms are distinguished aimed at:
- the formation of a new monetary system;
- partial transformation of the monetary system (the order of issue, the name of the monetary unit, etc.);
- relative stabilization of monetary circulation in order to curb inflation.
In the history of monetary circulation, there have been monetary reforms related to:
- with the transition from one monetary product to another (from silver to gold money, from bimetallism to monometallism);
- replacement of the defective and impaired coin with a full-fledged, irredeemable depreciated money for bargaining chips;
- the formation of a new monetary system as a result of the creation of new states (USSR - Russia), the unification of the monetary systems of a number of states (the eurozone);
- partial measures to stabilize the monetary system.
Monetary reforms are carried out in accordance with legislative acts aimed at strengthening the country's monetary system. In the course of monetary reforms, depreciated paper money is withdrawn from circulation, new ones are issued, the monetary unit changes, and there is a transition from one monetary system to another. In all these cases it comes on the change in the monetary unit both in cash circulation and in non-cash payments. At the same time, it is not necessary, especially in modern conditions, to change the gold content of the monetary unit, but the exchange rate of the national currency may change.
Monetary reforms are carried out by various methods, depending on the forms of circulating money, the social structure of the country, the goals and scope of the reform, and the policy of the state.
The main methods of implementing monetary reforms are as follows:
- nullification - declaring depreciated old banknotes by the state invalid and issuing new banknotes;
- denomination - a change in the nominal value of banknotes with their exchange at a certain ratio for new larger monetary units with a simultaneous recalculation of all monetary obligations in the country;
- devaluation - with a gold standard - a decrease in the metallic content of a monetary unit, with the termination of the exchange of money for gold - a decrease in the exchange rate of national banknotes to foreign currency;
- revaluation - with a gold standard - an increase in the metallic content of a monetary unit, with the termination of the exchange of money for gold - an increase in the exchange rate of national banknotes to foreign currency;
- restoration - restoration of the previous content of the monetary unit.
With metallic money circulation, monetary reforms coincided with the indicated methods and were accompanied by the restoration of exchange paper money to metal, by changing their metal content or returning to the gold or silver standard. In modern conditions, denomination, devaluation and revaluation are used as methods of monetary and exchange rate policy.
Production growth, contributing to an increase in the supply of goods and limiting the possibility of price increases, which is of paramount importance for maintaining the stability of the monetary unit;
Deficiency of the budget, which makes it possible to do without the use of monetary emission and raising a loan to cover budget expenditures, thereby limiting effective demand and its possible impact on price increases;
Availability of sufficient gold and foreign exchange reserves to maintain the stability of the national currency, and, if necessary, use such reserves for the import of goods, increase their supply on the market.
The significance of each of the listed factors in the implementation of various monetary reforms is not the same, only if these prerequisites are present, the reform can be successful. So, when carrying out the Witte reform in Russia in 1895-1897. the necessary prerequisites existed in the form of an increase in production and a practically deficit-free budget. However, since this reform provided for the transition to the free exchange of banknotes for gold, the accumulation of a sufficient gold reserve acquired particular importance.
Completion of the monetary reform does not guarantee the preservation of the stability of the new monetary unit in the future. After the monetary reform, it is necessary to systematically implement certain measures to preserve the achieved results. A well-grounded monetary policy plays a significant role in this, with the help of which the necessary regulation of the monetary sphere can be carried out.
Monetary reforms in Russia
1531-1535 Monetary reforms of Elena Glinskaya. The first centralized monetary reform in Russia was carried out by Elena Glinskaya, the widow of the Grand Duchess of Moscow, the wife of Vasily III and the mother of the young Ivan IV Vasilyevich "the Terrible". The main reason for the reform was the variety of coins used in Russia, which caused great difficulties with monetary circulation and the conclusion of commercial transactions. A bleed and a mixture of coins flourished. The goal of the reform was to ban all old Russian and foreign coins (cut and uncut), and replace them with a new coin - a penny.
1654-1663 The reform of Alexei Mikhailovich Romanov. Under Tsar Alexei Mikhailovich (1645-1676) real ruble silver coins were first issued - "efimki", minted from West German thalers - full-fledged current coins of Europe. The inscription “Ruble” was placed on the coin for the first time, on the obverse - a two-headed eagle, on the reverse - a king on a horse. However, at this time the ruble was a defective coin, it contained less silver than 100 silver kopecks. Its actual cost was 64 kopecks. Also, copper kopecks were put into circulation on the model of silver ones, in fact, at a 400-ruble coin stack. An attempt to introduce unsecured lightweight money into monetary circulation led to inflation and an increase in internal tension and eventually ended in popular unrest. In 1655, the production of "efimks" was discontinued, they were replaced by full-weight thalers with a brand (horse rider and year - 1655) , which received the name "efimki with signs", the copper coin ceased to be issued. The regular minting of silver rubles and copper kopecks began only in 1704 during the monetary reform of 1700-1718.
1700-1718 The financial reform of Peter I. The main reason for the financial reform was the need for funds for building a fleet, equipping the army, and conducting the Great Northern War of 1700-1721. Peter I decided to introduce a new monetary system that would meet the requirements of a developing economy and trade. The reform was carried out gradually over 15 years. During the reform, in 1701, gold coins were put into circulation - a ducat (3 rubles), equal in weight to a Western European ducat (3.4 grams), a double ducat (6 rubles) and a double ruble (about 4 grams). In 1704, a copper penny equal to 1/100 of a silver ruble appeared in circulation.
1730-1755 Redemption of a lightweight coin. In the first quarter of the 18th century, the Russian Empire embarked on a course of intensive modernization, led an active foreign policy, numerous reforms were carried out in the country. At the same time, expenses exceeded the amount of income from taxes and other traditional types of income. Successful monetary reform 1700-1718 gave the government a new tool for generating income - the exploitation of coin regalia. Starting in 1718, copper coins of 40 rubles each began to be produced in the country. from a pound of copper (with a copper price of about 8p). The large difference in the cost of raw and "bare" copper led to a surge in counterfeiting (counterfeit money was issued not only by individuals, mints of other countries were also engaged in this). These processes began to take on a threatening character. The normalization of money circulation took over 20 years. Beginning in 1730, the issue of lightweight coins was discontinued, instead of it, the issue of coins (money and half pieces) of 10 rubles began. from a pood. This made it possible to withdraw from circulation single-kopeck coins (which were re-minted into new money), but the main problem was a large number of five-kopeck coins (by 1730, only officially issued for 3.2 million rubles, the number of false ones cannot be estimated), the redemption of which was not possible for the treasury. affordable. Since 1744 the purchasing power of 5-kopeck coins was legally decreasing, reaching by 1755. two kopecks. After that, it was announced about the redemption of lightweight coins at 2 kopecks apiece in a short time, with a subsequent ban on their circulation. Due to the limited period of exchange, about 206 thousand rubles were presented for ransom by five kopecks. The redeemed coins were re-minted into new kopecks of the 8-ruble coin stack.
1769 The first paper money in Russia. In 1769, during the reign of Catherine II (1729-1796), the first paper banknotes were put into circulation in Russia, which existed under the name of banknotes until 1843.The reason for the need to introduce banknotes was that the basis of monetary circulation was the silver ruble, which played the role of a universal equivalent and was provided with the price of the metal contained in it. But the productivity of domestic mines (6-7 thousand kg of silver per year) was insufficient to meet the increased requirements for the volume of money in the economy. The banknotes were also used to finance the war with Turkey. As the main reason for the introduction of banknotes, the Manifesto of December 29, 1768 indicated the need to exchange a copper coin for banknotes convenient for transportation. Notes of the first issue of 1769-1786 firmly entered the Russian currency circulation. They were not required to be received by private individuals, but for this time their rate was very high - from 98 to 101 kopecks. silver for the ruble in banknotes, that is, they were equivalent to a silver coin. However, the increased issue of banknotes, which exceeded the security, led to a fall in its rate. In 1797, the government decided to confiscate part of the bank notes issued to the market; there was a ceremonial burning in the presence of Paul I of banknotes worth 6 million rubles. Constant wars demanded emergency expenses, and by 1802 the total amount of banknotes rose from 151 million to 212 million rubles, which finally reduced the exchange rate of the paper ruble, the fall of the ruble especially intensified during the Patriotic War of 1812.
1839-1843 Reforms by E.F. Kankrin and Nicholas I. In 1839-1843, during the reign of Nicholas I, the Minister of Finance, Count E.F. Silver monometallism was introduced in Russia, which existed in Russia until 1852. But by 1849, tickets and old banknotes were exchanged for new-type banknotes, which soon became worthless. Therefore, with the outbreak of the Crimean War of 1853-1857, banks stopped exchanging banknotes for gold and silver. A period of wide circulation of paper money began in Russia.
1895-1897 Monetary reform S.Yu. Witte and Nicholas II. In 1895-1897, the Minister of Finance S. Yu. Witte (1849-1915) carried out a new monetary reform, the purpose of which was to establish gold monometallism in Russia. It is based on the gold backing of the state's monetary system. As conceived by the reformers, to ensure stable convertibility of the ruble, a free exchange of credit notes was established, the issue of which was limited to gold coin at the rate of one paper ruble for one ruble in gold, and also reduced the gold content of the imperial. With the outbreak of World War I in 1914, the exchange of money for gold was discontinued.
Monetary reforms in the USSR. Reform 1922-1924 Sokolnikov and Yurovsky. The first monetary reform in the USSR was carried out in 1922-1924. Paper money, which had depreciated during the years of the civil war, was replaced by stable bank notes - chervonets and stable change banknotes. At the first denomination, one ruble of the 1922 sample was equal to 10,000 rubles in banknotes of all previous issues. As a result, the banknotes of various designs in circulation were replaced by the ones of the same design. With the second denomination of 1924, 1 ruble of the 1923 model was equated to 100 rubles of the 1922 issue, or to 1,000,000 rubles in signs until 1922. Both denominations were the first step towards stabilizing the Soviet currency, the purchasing power of which decreased as a result civil war and foreign military intervention. In 1923, the first Soviet gold chervonets were issued, which corresponded in terms of the content of pure gold to the pre-revolutionary 10 rubles. The Soviet chervonets received the nickname "sower" because the image of the sower was chosen for the obverse of the coin after the sculpture by Ivan Dmitrievich Shadr (1887-1941). The author of the sketch was the chief medalist of the Mint A.F.Vasyutinsky.
The monetary reform of 1947 was carried out with the aim of withdrawing from circulation an excess amount of money and replacing the old money with new high-grade money, which had been devalued during the Great Patriotic War. Monetary reform in the form of denomination with confiscation. 10 old rubles in cash were exchanged for one ruble of new ones. The exchange of cash was carried out within one week (“Those who didn’t have time, they were late”). The revaluation of deposits in Sberbank was carried out as follows: amounts up to 3 thousand rubles. changed one to one, for deposits from 3 thousand to 10 thousand rubles. for three old rubles they gave two new ones. If the amount of the deposit exceeded 10 thousand rubles, then one new ruble was given for two old ones. First of all, the villagers suffered from this reform, who did not trust the savings banks and kept their money in cash. The cost of goods in stores remained at the same level, but grocery cards were canceled.
The 1961 monetary reform was carried out in the form of a "clean" denomination. The Central Committee of the CPSU called this monetary reform"The most humane in history." For all deposits in Sberbank, citizens received one new ruble for 10 old rubles. Cash was exchanged without restrictions at the same rate. By early February 1961, about 90% of the cash had been exchanged for new bills. In state stores, prices were reduced by 10 times, although there was no similar decrease in collective farm markets.
1991 - Pavlovsk reform. Confiscatory monetary reform, later named "Pavlovskaya", in honor of the USSR Minister of Finance Pavlov Valentin Sergeevich. Within three days of January, citizens could exchange 50- and 100-ruble bills for new ones. It was possible to exchange only cash up to 500 rubles. In Sberbank, one could get only 500 rubles from a deposit. new. Less than two weeks before this event, Pavlov issued a statement that there would be no monetary reform. According to the authorities, this measure was supposed to freeze unearned income, funds of speculators, corrupt officials, shadow business and counterfeit money, and as a result, to shrink the money supply and stop inflation. At the same time, deposits in Sberbank were frozen, and on April 1, prices rose across the country. The frozen deposits were accrued 40%, the money could be received in cash only the next year. Hyperinflation, which amounted to 2600% in 1992 alone, devalued the savings of citizens in Sberbank.
Monetary reforms in Russia. 1993 Due to increased inflation in 1993 Russian government carries out a new confiscatory currency reform. The exchange of Soviet banknotes for Russian ones was carried out on July 26 - August 7, 1993. Citizens of Russia (according to the registration in the passport) could exchange amounts of up to 100 thousand rubles, which was stamped in the passport. Rumors about the reform circulated in advance, the authorities denied them, while the reform was carried out during the vacation period, when many were far from their place of residence. As a result, many physically did not have time to exchange their cash savings, and this money disappeared. As a result of public discontent, the terms for exchanging banknotes were significantly extended. “We wanted the best, but it turned out as always” - a phrase uttered by Viktor Chernomyrdin, Prime Minister of the Russian Federation on August 6, 1993, at a press conference, describing how the 1993 monetary reform was being prepared.
Denomination 1998 On August 4, 1997, Russian President Boris Yeltsin signed Decree No. 822, according to which on January 1, 1998, the government and the Central Bank denominated the ruble. Now 1 new ruble was equal to 1000 old rubles. The international ruble code has also changed from RUR to RUB. Shortly after the denomination, on August 17, 1998, the government defaulted on domestic liabilities, and the ruble fell sharply against other currencies. Despite the fact that these two events are more than six months apart, people unreasonably associate them with each other. During 1998, old and new money circulated in parallel, and prices were indicated in both old and new money. In total, during this period, legal tender was:
Old money
Banknotes of the Bank of Russia of the sample of 1993 (and their modifications of 1994)
Banknotes of the Bank of Russia of 1995
Bank of Russia coins of 1992
All coins of the State Bank of the USSR, sample 1961
Coins of the State Bank of the USSR 1, 2 and 3 kopecks of issues before 1961
New money
Banknotes of the Bank of Russia of 1997
Bank of Russia coins of 1997
From January 1, 1999, the old money lost its solvency, however, in accordance with the aforementioned presidential decree and the regulation of the Bank of Russia dated December 15, 1998 No. 63-P, it was exchanged in all branches of the Bank for new ones in quantities divisible by 1 new kopeck until 2002 (later this the period was extended until 2003), i.e. theoretically, it was possible to exchange a thousand Soviet kopecks for one Russian one.
Money turnover and its structure
Financial system of the state
Currency relations and currency system
Principles of functioning of the monetary system
The modern monetary system is based on the following principles of functioning:
1) the central management of the monetary system is carried out by economic methods through the apparatus of the central bank;
2) predictive planning of cash flow means the development of centralized and decentralized plans, forecast plans;
3) the stability and elasticity of money turnover excludes, on the one hand, inflation, and on the other hand, expands or narrows the money turnover in connection with the needs of the economy in cash;
4) the credit character of the issue of money - the release of new banknotes into economic circulation - is carried out only as a result of banks conducting credit operations;
5) security - issued into circulation banknotes must be actually insured by the bank's assets (inventory, gold, precious metals, foreign currency, securities and other promissory notes);
6) funds are provided to the government only in the manner of lending on a repayable and reimbursable basis;
7) comprehensive monetary regulation is carried out by the central bank using various methods;
8) supervision and control over money circulation is carried out by the state through the banking, financial and tax systems;
9) only the national monetary unit operates on the territory of the country.
Features of inflationary processes in Russia.
In 1992, the Government of the Russian Federation announced the liberalization of prices. Administrative control over prices and production was removed, rationing of resources, quotas for exports and imports, and a multiplicity of exchange rates were abolished, or rather, they remained on a limited scale. Attempts by the state (at the beginning of 1992) to pursue a strict tax and monetary policy in the absence of a strong national currency and exchange controls turned out to be senseless and failed. Measures were required to tighten control over the flow of uncontrollably issued rubles from the states of the "ruble zone", as well as customs and currency control, before control was imposed over the monetary system. Due to the weakness of the legal and administrative framework for contractual discipline, non-payments have become a mass phenomenon. The rapid development of the shadow economy and crime contributed to the paralysis of a number of enterprises and entrepreneurs, and the financial system.
As a result of price liberalization, the rate of their growth turned out to be so strong that the money supply could not keep up with it, it was not enough for calculations. To increase its volume, the Central Bank of Russia expanded the denomination of banknotes, and then took measures to organize cash settlement centers for non-cash payments. These measures were found to be insufficient. The money supply, cash and non-cash, increased 7.6 times in 1992, while prices increased 26 times. In 1993, cash and non-cash supply increased 5.1 times, while prices rose almost 10 times. In 1994, prices increased almost 4 times, while the money supply - only 2.9 times. To a certain extent, having perceived the ideas of the monetary concept, which was that the Central Bank changes the amount of money in the banking system, which makes it possible to change the interest rate, affecting investments and income. An increase in the supply of money supply lowers the interest rate, and a decrease in the supply of money increases it, undertook a series of reforms. In accordance with this concept, state regulation of the economy should be carried out extremely limited, mainly due to a stable and even emission of money. Since inflation occurs due to an excess of money in circulation, it is necessary to reduce the volume of aggregate demand of the population. The Russian version of inflation, which arose not because of the budget deficit, which, on the contrary, was a consequence of inflationary processes, but because of inflationary costs, requires not monetarist methods to overcome it, but a different approach. Attempts to curb inflation only by limiting the money supply, although they gave certain positive results, entailed a number of negative consequences: a decline in production, an increase in non-payments, a drop in living standards.
Russian inflation is inflation of costs and partly of the budget deficit, and not of an excess of money supply.
In Russia, inflation was combined with a decline in production, i.e. there was stagflation. For Russia, the most preferable option for regulating inflation is a stagflationary policy, where an income policy is applied - coordinating and linking the growth rates of wages and prices under the supervision and mediation of the state. Thus, anti-inflationary policy should use two regulators: market and state.
The emergence and growth of inflation was accompanied by processes in the field of commodity and money circulation: a rapid rise in prices (in 1992-1994 they increased almost 1000 times); sharp drop the volume of goods and services offered in real terms (more than 50%); decline in GDP (1992 - by 19%, 1993 - by 12%, 1994 - by 15%); decline in investment (1992 - 40%, 1993 - 12%, 1994 - 26%)
The depreciation of money in Russia occurred due to monopoly price increases in the absence of competition and the presence of state regulation of the inflationary process. The prices were raised by intermediaries in the wholesale and retail trade. Retail prices for goods and services were several times higher than producer prices.
The expansion of credit expansion only strengthened the existing level of inflation and required more and more emission of money. Deficit state budget increased over 1992-1994. and exceeded 60 trillion rubles in 1994. The resulting deficit was covered by centralized loans from the Central Bank and was of an inflationary nature. The debt on loans to the federal budget in 1994 alone increased from 13 to 66 trillion rubles. In order to weaken inflation, the RF Ministry of Finance in May 1994 began issuing government bonds (GKO). The process of dollarization played a significant role in spurring inflation: dollars bought by the population increase the value of the sum of prices for goods and services in Russia. There is an additional effective demand from the population, enterprises and banks. Foreign exchange goods bought for rubles are in stocks both inside the country and abroad, and its equivalent (rubles) remains in domestic money circulation, which in itself serves as a stimulus for inflation.
Thus, the main reason for inflation in Russia should be considered the release of prices, carried out in the conditions of an immature market and a lack of competition. A drop in labor productivity, a decrease in production volumes were observed in Russia already in 1993.
Of all types of inflation, the most destructive is hyperinflation, accompanied by an astronomical increase in the money supply in circulation and, as a consequence, a catastrophic rise in prices for consumer goods. The role of money in these conditions is falling sharply, parallel currencies, including foreign ones, appear. In Russia, in the first half of 1997, the inflation rate was 17-20% per month, or about 700% per year, which indicates all signs of hyperinflation.
The Russian crisis is of a systemic and structural and technological nature. It arose due to the fact that the previous system of the economy, based on commands from above, rigid centralization of material and financial resources, suppression of market mechanisms and competition, on equalization and dependency of enterprises, led the country to a dead end. The previous system led to: technological and economic stagnation, structural imbalances in the economy, scarcity, neglect of the consumer sector, overloading of basic industries with gigantic militarization. These shortcomings impeded the transition to a new technological order that was developing in the world economy.
The main reason for Russian inflation is imbalances in the process of social reproduction. The consequence of inflation is a violation of the law of monetary circulation. The main manifestation of inflation was the rise in prices and the depreciation of money. It depends on sectoral imbalances, underdevelopment of social parameters, insufficient spread of market structures, i.e. commodity-money, market relations in all spheres of the economy and individual sectors. The suppression of inflation requires the government to pursue a course towards improving the socio-economic situation and the beginning of economic growth; it is necessary to stimulate the growth of a new production and technological base, which would make it possible to carry out deep and structural transformations in the economy. But this direction of economic policy turned out to be unacceptable to the specific Russian situation, in particular, due to the non-monetary nature of Russian inflation, in other words, the jump in prices observed in the raw materials industries was the main reason for the increase in the price level in other spheres of the national economy. The introduction of value added tax in the Russian context further exacerbated inflation, it directly influenced the increase in prices, since it includes the cost at each stage of production and promotion of goods.
After the August financial crisis (1998), the devaluation of the ruble became a significant impetus for the upward trend in prices, which caused a sharp rise in the price of imported products, which were often relatively cheap compared to domestic products. The level of employment of the population is falling, which causes unforeseen government spending on unemployment benefits. The budget deficit is increasing due to non-payments, due to the lack of taxes from enterprises that have suspended their activities. In the last years of the first wave of inflation (1996 - the first half of 1998), while maintaining high rates of price growth, there have been changes in the causes of inflationary processes in Russia. During this period, a new model of covering the budget deficit began to be introduced. Instead of direct money emission, they began to issue government short-term debt obligations. As a result, among the reasons for the inflationary rise in prices, the factors associated not with the growth of the money supply in circulation, which was restrained, and sometimes a policy of reducing it, but with an increase in costs caused by an increase in interest on loans, the cost of servicing T-bills, and other reasons ... At the same time, the rate of inflation began to decline, especially from the second half of 1996, when the policy of reducing the cost of loans and servicing GKOs was pursued. In 1996, prices grew 50% slower than in 1995, and in 1997 - 10% slower than in the previous year. The decline in inflation was facilitated by policies aimed at stabilizing the exchange rate. Maintaining, for example, the rate of depreciation of the ruble against the US dollar at a level not exceeding 1% per month in the first half of 1998 made it possible to reduce the rate of growth of Russian consumer prices to 0.2% -0.5% per month and maintain them until August 1998 On the whole, from August 1998, when the crisis of non-payments of the Russian government and commercial banks broke out, to March 1999, the inflation rate calculated by the Expert magazine was 72.5%. At the same time, prices rose most significantly in August 1998 - 31.7%, in the remaining months the inflation rate was 2.2-9.7%. As a result of the refusal of the Russian government to pay external and internal debts for three months and to maintain the ruble against the US dollar within the established exchange rate band, the ruble fell sharply. As a result of a significant increase in prices for imported products, the demand for them in the domestic market dropped sharply, and imports decreased. The decrease in demand for imported products strengthened the competitive positions of Russian manufacturers of similar products and allowed them to increase domestic prices for their sale, thereby strengthening inflationary trends in the national market, as well as importers, in order to maintain their positions in the Russian market, were forced to reduce dollar prices.
So, the following reasons were behind inflation in Russia:
deep deformations and imbalances in social production;
structural distortions of the economy,
monopoly of producers of marketable products;
militarized economy;
swollen state apparatus.
Inflationary mechanisms in Russia were stimulated by state (budget) financing and concessional lending. The low level of competition in the sphere of industrial production and the preservation of monopolistic structures did not give an opportunity for the “Keynesian effect” to manifest itself. The subsequent increase in the prices of equipment, raw materials, fuel and higher wages with a reduction in production led to the fact that demand inflation escalated into another form of inflation of production costs (inflation of supply).
The supply inflation mechanism is based on factors such as:
Rising prices for intermediate goods, dictates of enterprises producing electricity and other energy resources;
Poorly developed market infrastructure, in particular, instruments for private investment, capital overflow, accumulation of savings of the population, which is especially typical for an economy in transition;
Imperfection of competition in the market, its monopolization; the presence of barriers to competition in the form of a high level of product differentiation, legal restrictions on the entry of “outside” structures into the industry (licensing);
Underdevelopment of the labor market.
In an underdeveloped market economy, devoid of market incentives, commodity-money relations begin to partially function according to the laws of a monopolized market, as was the case in Russia. In such conditions, the equilibrium price mechanism ceases to function.
The specifics of inflation in Russia are as follows:
the growth and development of inflation took place in conditions of a shortage of goods against the background of constantly emerging crises of non-payments, including banking structures that have reached large sizes;
inflation was accompanied by the presence of an unreal exchange rate, which was formed not by the market, but only by its consumer part;
investments in the national economy were not made due to the impossibility of forming the real exchange rate equally by the consumer market and the investment market (buildings, structures, land);
etc.................
The monetary system after the collapse of the USSR operates in accordance with the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
The monetary unit is the Russian ruble.
The circulation of foreign currency in the country is prohibited. Together with the US dollar almost legally circulates, the issuing bank is forced to use in its activities the concept of the broad money aggregate M2X - this is the monetary aggregate M2 plus foreign currency balances in bank accounts.
The ratio between the ruble and gold is not legally defined.
The official exchange rate of the ruble against foreign currencies is set by the issuing bank based on the results of trading on the Moscow Interbank Currency Exchange with publication in the media.
The organizer of the issue and circulation in the country is the Bank of Russia, which is responsible for the state of monetary circulation for the stable functioning of the state economy.
Varieties of money - Bank of Russia banknotes and metal coins - are covered by all the assets of the Central Bank of the Russian Federation: gold, freely convertible foreign currency, etc.
Samples of banknotes and coins are set by the issuing bank. Information on the issue of banknotes and coins, new designs and their description is published in the press.
Coins and banknotes are required to be accepted by all economic entities at their face value throughout the state and in all forms of payment, for crediting to accounts and deposits, for transfer.
The period of withdrawal from circulation of old-style banknotes during the monetary reform is set at least 1 year and not more than 5 years. In the process of exchanging old money for new ones, no limiting procedures are allowed. With monetary reform, banknotes and coins may lose the validity of legal payment.
Counterfeiting of banknotes and coins is punishable by law. Non-cash money circulates in the country in the form of funds in bank accounts and cash (banknotes and coins of the Bank of Russia).
The genesis of the development of the Russian monetary system
In Kievan Rus, due to the lack of discovered deposits of gold and silver, their own money was not minted, but mainly Arab and Byzantine coins were used. Silver and copper bars were also used as money. Since the 11th century, the "hryvnia", a one-pound bar of silver (about 400 g), has been used. The hryvnia was cut in half, and each half was called “ruble” (hence the name of the Russian currency) or “ruble hryvnia”. The ruble was divided into two parts - two half rubles. Poltina was divided into two quarters. Ingots were cast from imported metal, and a princely stamp was put on them with an indication of the weight.
During the Tatar-Mongol yoke in Russia, German and Riga marks, shillings, pfennigs, as well as the Golden Horde "denga" (ringing) coins were used. Hence the name Russian money. Imported silver and copper ingots were also used as money.
A unified monetary system was introduced in Russia by Ivan III (reigned in 1462-1505). Prior to that, each appanage prince minted his own money. Ivan III approved the Moscow money issue.
In the past, money was minted from precious metals and copper, and their value at a fixed rate corresponded to the value of the metal from which the coin was minted. However, later the so-called. “Tainted” or defective metal money, in which the content of noble metal or copper did not correspond to the enforced state rate regarding “real” money.
The process of "spoiling" money, which inevitably led to the disorder of the monetary circulation in the country, can be traced to the example of Russia.
In the middle of the 17th century Russian treasury emptied due to wars, crop failures and the Time of Troubles. The government issued copper coins in 1654 and forcibly equated them with silver of the same weight. It was a financial gamble, and a silver kopeck soon began to cost 15 copper kopecks on the market. There are double prices in the country. Moreover, the state paid salaries to servicemen in copper money, and demanded to pay taxes in silver. Living standards fell, leading to the "Copper Riot" (1662). After the suppression of the riot, copper money was withdrawn from circulation.
Peter I also issued defective money. He began with the minting of silver rubles. For the first time in the world, Peter I laid the basis for the monetary system of the decimal principle: 1 ruble = 10 hryvnias = 100 kopecks. There were also issued fifty kopecks - 50 kopecks, half-fifty kopecks - 25 kopecks, nickels - 5 kopecks, later altyn - 3 kopecks. and a five-salty one - 15 kopecks. The release of money was facilitated by the discovery and development of Russia's first silver deposits in Siberia.
Under Peter I, gold coins were also issued: Caesar rubles, used to award lower ranks, and chervontsy. Chervontsy were used in foreign trade and did not circulate in the domestic market.
The first issues of silver rubles were full-fledged - they contained 8 and 1/3 spool of silver (1 spool = 4.3 g), then the ruble contained 5 and 5/6 spool, then 4 spool. The reason is the deterioration of the country's economic situation, mainly due to wars. From here constant growth tax burden and a decrease in the real value of the money issued (weight of coins).
Russia fortunately escaped the fate of France at that time. In 1717, while in France, the Russian emperor met with John Law, the ideologist of the issue of French paper money unsecured with gold. Peter I, tempted by the cheapness of new money, invited him to St. Petersburg to organize the issuance of paper money. For some reason, John Lo did not go to Russia, and a year and a half later, high inflation and a severe financial crisis erupted in France. In Russia, the minting of gold, silver and copper coins continued. And she learned the hardships of high inflation only after a few decades.
Over time, Russia, like other countries, switched to convenient paper money (banknotes) with guarantees of their exchange for gold. In this case, the banknotes actually represented gold. In the 20th century, the world community gradually abandoned the gold standard. The last dollar was exchanged for gold - until 1971, and therefore at that time played the role of the official world currency.
Monetary systems of individual countries
Monetary system of the USA
In the USA until 1900 there was a system of bimetallism. In 1990, the gold standard act was issued - the gold dollar became the monetary unit. In 1934, in the interests of the silver industrialists, the United States began to replenish stocks of precious metals and silver (according to the law, no more than 25%).
For a long time, banknotes were issued by state commercial banks. Under the law of 1863, this right was granted to national banks subordinate to federal legislation... But the situation remained, as most of the banks complied with the requirements. Under this law, banks could issue banknotes for the amount of government loan bonds they bought.
In 1913, the Federal Reserve System (FRS) was created from 12 banks of issue located in different states. This decentralized system served as a central bank.
During the world crisis of 1929-33. in the USA there was a gold coin standard. In 1934, the United States switched to a mixed gold coin and gold bullion standard.
In 1944, at the UN conference in Bretton Woods (USA), the gold and foreign exchange standard (Bretton Woods monetary system) was fixed. The dollar was recognized as the world currency, along with gold. The gold price in dollars was set unchanged - $ 35 per troy ounce. The dollar has become the recognized world currency. In 1970, its share in the gold and foreign exchange reserves of all countries of the world was about 75%.
However, the amount of dollars by 1970 exceeded the US gold reserves by several times. In addition, there was high inflation in the United States and a recession in the economy. The countries of the world began to intensively exchange dollars for gold. Then the USA on August 15, 1971 refused to exchange dollars for gold. In response, Western countries abandoned their support for the dollar, and the world switched to floating rate currencies.
Currently, money circulation in the United States is determined by the Fed, the Treasury Department (Treasury) and commercial banks.
The Fed, represented by the Federal Reserve Banks, issues banknotes - the main means of cash circulation.
The US Treasury issues small-bill (Treasury notes) from 1 to 10 dollars, silver and nickel and copper coins. The issue of Treasury money accounted for up to 11% of the cash supply (mainly coins).
Commercial banks issue bills of exchange, checks, credit cards - non-cash money. They accounted for 70% of the money supply in 1980 and are represented by bank accounts.
Demand deposit accounts play an important role in non-cash payments.
The regulation of monetary circulation is carried out mainly by the FRS with the help of the following main instruments:
Changes in the discount rate;
Purchase and sale of government securities;
Change in required reserves.
Monetary system of Germany
Before the formation of a single state in Germany, various types of monetary systems functioned with a predominance of silver monometallism. In 1871-73. after the unification of the lands, Germany switched to unified system gold monometallism - gold coin standard - Reichsmark (gold content -0.3584 g).
During the First World War, the gold standard was abolished, and after the defeat of Germany, a gold and exchange standard (gold exchange) was introduced in it. During the global crisis of the 1930s, this standard was also canceled.
During World War II, Germany switched to issuing unsecured Treasury notes. After the war, Germany was divided by the former allies into two parts: the FRG and the GDR. In May 1949, a gold-dollar standard was established in the FRG. In 1976, after the official cancellation of the gold parity by the IMF, the deutsche mark also lost its formal gold backing.
On January 1, 2002, a single European currency was introduced in the FRG to replace the mark. Before the introduction of the euro, the German Federal Bank was in charge of regulating monetary policy and issuing money in accordance with the legislation. He planned monetary policy, money supply and inflationary policy independently of the executive branch.
Monetary system of Japan
In Japan (currency - yen) in 1897-1933. there was a gold standard (gold coin). With the preparations for the war and during the Second World War, it was canceled.
Modern cash in Japan is 1,000, 6,000, and 10,000 yen banknotes, as well as 1, 5, 10, 60, and 100 yen coins. The Bank of Japan issues cash. Cash is secured by the assets of the Bank of Japan, including the country's gold and foreign exchange reserves (the largest in the world - over $ 400 billion in 2002).
Non-cash circulation prevails in Japan. The Bank of Japan regulates the aggregate money circulation using:
Regulation of the money supply;
Discount rate;
Government securities;
Concessional lending commercial banks;
Yen exchange rate regulation;
Gold and foreign exchange reserves;
Direct government aid to commercial banks.
In the 1990s, the Japanese economy experienced a prolonged recession (negative or close to zero GDP growth rates). In order to revive business activity, the Bank of Japan pursued a policy of cheap loans (zero rate for commercial banks) and a policy of depreciating the yen to support exports. As a result, at the beginning of the 21st century, there was a slight increase in Japan's GDP.
Bibliography
1.Money.Kredit.Banki: Textbook for universities / E.F. Zhukov, N.M. Zelenkova, L.T. Litvinenko / Ed. Prof. EF Zhukova - 3rd ed., Revised and enlarged. - M.: UNITY-DANA, 2008 .-- 703 p. S.115-132
2.Money. Credit. Banks. Ed. A. S. Selishcheva - SPb .: Peter, 2007.432 p. S. 76-84
3.Spitsyn S.F. Payment system Russia - the most important object of supervision and regulation "Money and Credit 8/2008 p.43-46
4. Money, credit, banks: textbook / col.aut; under the editorship of honored workers of science of the Russian Federation, Doctor of Economics, prof. O.I. Lavrushina. - 4th ed., P. - M .: KNORUS, 2006 .-- 560 p. S.56-78.
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Introduction
2.1 Origin of money
2.2 The history of the evolution of the monetary system in Russia
3. Features and problems of the functioning of the monetary system in Russia at the present stage
3.2 Problems and prospects for the development of the Russian monetary system
Conclusion
List of used literature
Appendix
Introduction
Money is one of the greatest inventions of humanity. They constitute the most fascinating aspect of economics. Money is perhaps one of the most important elements of any economic system, helping the economy run. If the current monetary system works well and harmoniously, then it infuses vitality into all stages of the production process, into the circulation of income and expenses, contributes to the full use of available production capacities and labor resources. Conversely, if the functioning monetary system is performing poorly, intermittently, then this may become the main reason for the decline or sharp fluctuations the level of production, employment, rising prices and declining incomes of the population.
The globalization processes unfolding in the world are leading to the blurring of boundaries between national systems of monetary circulation. As a result, a single financial space, the world capital market, is formed. The Russian economy cannot stay away from the world integration processes: isolation will negatively affect the implementation of market reforms in the country. But the complete openness of the economy in the conditions of an immature monetary system, a weak national currency turns the country into a means of solving the internal problems of developed countries.
By its content, the monetary system is a structured set of certain elements that closely interact and ensure its integrity. In its form, the monetary system is implemented through the organization of monetary relations in the country or in a single economic space. The form of the monetary system takes shape historically and is fixed by the relevant legislation.
It appeared in Europe in the 16th-18th centuries. with the emergence and establishment of capitalist production, as well as the centralized state and the national market, the monetary system, as commodity-money relations developed, underwent qualitative changes.
Over the past two hundred years, Russia has been going through monetary reforms, as a result of which a new monetary system was created, the task of which was to streamline the existing monetary system in order to stabilize money circulation. The preparation and implementation of monetary reforms in Russia was influenced primarily by the specifics of the country's monetary and banking systems.
Selected topic term paper is relevant, since money, monetary systems and the money market are closely related to our daily activities, and play an important role, both in the life of society as a whole, and in the life of an individual and citizen.
The purpose of the course work: to consider and analyze the features of the evolution of the monetary system in Russia, as well as to reveal its problems and development prospects.
To achieve this goal, the following tasks were set:
Study theoretical basis monetary system;
· Consider the historical aspect of the origin of money;
· Analyze the current state of the monetary system in Russia;
· To reveal the problems of the development of the monetary system in Russia;
· Find ways to solve these problems.
1. Theoretical and methodological foundations of the functioning of the monetary system
1.1 Concept and elements of the monetary system
The monetary system is a form of organization of monetary circulation in a country or region that has developed historically and is enshrined in national legislation.
There are three key functions of the monetary system:
· Emission;
· Regulatory;
· Control.
With the help of these functions, the main goal of the monetary system is achieved: ensuring its stability and elasticity.
The main elements of the monetary system are:
· The name of the monetary unit and the scale of prices;
· Types of banknotes;
· The emission mechanism and the procedure for securing banknotes;
· The structure of the money supply in circulation;
· The procedure for setting the exchange rate and exchange for foreign ones;
· The mechanism of monetary regulation.
The name of the monetary unit and the scale of prices as an element of the monetary system evolved historically. For example, the ruble was initially synonymous with the hryvnia - the monetary and weight unit of Ancient Rus.
The types of banknotes are mainly credit bank notes, as well as paper money (treasury notes and change coins).
The emission mechanism is understood as the procedure for issuing money into circulation and withdrawal from circulation. The procedure for securing banknotes is established by the legislation of the countries. In particular, in Russia, in the laws "On the Central Bank of the Russian Federation (Bank of Russia)" and "On banks and banking activities" it is established that commodity assets can serve as collateral: gold and precious metals, freely convertible currency, etc. ...
The structure of the money supply in circulation is the ratio either between cash and non-cash money supply, or between individual banknotes in total amount banknotes or in the total banknotes.
The procedure for setting the exchange rate is a quotation of currencies, or the ratio of a unit of the currency of a given country to the currency of other countries (for example, $ 1 = 33.06 rubles as of 25.08.13).
The mechanism of monetary regulation is various instruments of monetary regulation to support the stability of monetary circulation and the national currency.
With the development of commodity-money relations, the monetary system has undergone qualitative changes.
There are in the world various systems money circulation, which have developed historically and are enshrined in legislation by each state.
The type of monetary system depends on the form in which money functions: as a commodity - a universal equivalent, or as a sign of value.
In the process of evolution, three types of monetary systems have developed: bimetallism, monometallism, and the system of paper and / or credit money (Fig. 1).
Bimetallism is a monetary system in which the role of the universal equivalent was legally assigned to two metals - gold and silver. Within the framework of this system, free minting of coins from both metals was provided. There are three types of bimetallism:
· A system of parallel currency, within which the ratio between gold and silver was established spontaneously in accordance with the market price of these metals;
· System of double currency - the ratio between metals was established by the state, and in accordance with this, coins were minted from gold and silver;
· The system of "lame" currency - a system in which both gold and silver coins served as legal tender, but not on equal terms, since silver coins were minted in a closed manner, and gold coins were minted freely, and silver coins were a sign of gold.
Rice. 1. Types, types and forms of monetary systems.
Bimetallism was widespread in Europe in the 16th-18th centuries. However, the functioning of the two metals as a universal equivalent was contrary to the very nature of money. Legislatively fixed ratios between the two currencies usually did not correspond to their market value, and the double price system led to a violation of the established price proportions, which had a negative impact on economic life.
France and a number of other countries in 1866, in order to preserve bimetallism, signed an agreement to maintain a solid ratio between silver and gold coins (15.5: 1). However, the dual currency system did not match the market value of gold and silver. In addition, at the end of the XIX century. there was a devaluation of silver due to the reduction in the cost of its production: and the market ratio of silver to gold was 20: 1 or 22: 1. As a result, undervalued gold coins (by law) began to go out of circulation as treasures. This once again highlighted the instability and contradiction of bimetallism.
In 1878, the member countries of the Latin Monetary Union stopped free minting of silver coins, and as a result, bimetallism gradually gave way to monometallism.
Monometallism is a monetary system in which one money metal, gold or silver, serves as the universal equivalent and basis of monetary circulation, and functioning coins and value signs are exchanged for gold or silver.
Gold monometallism was first established in Great Britain in fact in late XVIII century, legislatively - in 1816; and in the last third of the XIX century. most countries switched to a monometallic monetary system on a gold basis. Gold monometallism was introduced in Germany in 1871-1873, in Sweden, Norway and Denmark in 1873, in France in 1876-1878, in Austria in 1892, in Russia and Japan in 1897 in the USA - in 1900.
In the Russian Empire, gold monometallism was introduced in 1897, when real conditions appeared for replenishing the country's gold reserves.
Almost the entire 19th century. and part of the XX century. gold played a central role in international monetary and credit relations. The gold standard reached its greatest strength in the period from 1880 to 1914.
Depending on the nature of the circulation and exchange of banknotes for gold in the theory of money, three varieties of gold monometallism are distinguished:
1) gold coin standard;
2) gold bullion standard;
3) gold exchange standard.
World economic crisis 1929-1933 led to the fact that all forms of gold monometallism ceased to exist. Since the 1930s. monetary systems based on the functioning of non-exchangeable credit money are beginning to operate in the world. In 1931-33. the gold standard was abolished, and a system of irredeemable banknote circulation was established.
The motto of the monetary system is that a country with this system conducts international settlements in foreign convertible currency.
The system of closed currencies - countries in which various restrictions and prohibitions apply, both for residents and non-residents, regarding the import and export of national and foreign currency, currency exchange, sale and purchase of currency and currency values and other measures of currency regulation with the aim of contain the spending of scarce foreign currencies.
With the transition to irredeemable credit money, all monetary systems began to be characterized by the following features:
· Cancellation of official gold content, security and exchange of banknotes for gold and its settling in reserves;
· Issue of cash and non-cash money on the basis of credit operations of banks;
Predominance in monetary circulation cashless circulation;
· Strengthening of state regulation of monetary circulation, creation of a mechanism for monetary regulation.
The types of money that are legal tender at the present stage are mainly credit bank notes (banknotes) and loose change. The right to issue banknotes is reserved for central banks. The Central Bank has the exclusive right to issue cash into circulation and only partially participates in the issue of credit. Unlike other credit institutions, the central bank itself creates lending resources for itself, while other banks in the process of their credit and settlement operations mainly redistribute the resources it has created.
1.2 Principles of organization of the monetary system
The principles of the organization of the monetary system are the fundamental element of the monetary system. They mean the rules according to which the state organizes this monetary system.
There are the following principles of the organization of the monetary system:
1. The principle of centralized management of the monetary system is characteristic of the administrative-distributive model of the economy. It is implemented through government directives, which are binding on all state-owned banks and their branches. Management of monetary systems in a market model of the economy is characterized by the fact that it is not administrative methods of management that come to the fore here (although they do exist), but economic ones, when the state through the apparatus of central banks sets conditions on the markets that force banks, financial institutions and other legal entities to make decisions necessary for the state. The implementation of the principle of centralized management of the national monetary system allows, based on development needs, to set common goals and make decisions that are beneficial for the country's economy as a whole.
2. The principle of predictive planning of cash flow. It means that both centralized and decentralized plans of money circulation and its constituent parts are prepared not as directive plans that are binding on specific bodies responsible for their implementation, but as forecasts, i.e. landmarks to strive for. Money circulation plans are prepared as a set of general assessments based on scientific ideas about the state and prospects of the national economy or its individual sectors in the future. Making a reliable macroeconomic forecast is one of the most important and most difficult management tasks. Such forecast plans are not of a directive nature, and social administrative bodies are not created for their implementation. An exception is a financial plan such as the state budget, which, in any type of monetary system, remains a directive plan, for the implementation of which the government and, as a rule, the country's finance ministry are responsible.
3. The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as to prevent inflation on the one hand; on the other hand, to expand money turnover if the economy's needs for monetary funds increase, and to narrow them if these needs decrease. Under certain conditions (a decline in production, budget deficit, insufficient provision of funds for turnover, etc.), the stability of the money turnover can be violated, and a payment crisis arises. Overcoming such a crisis is possible with the help of a set of measures, including the development of production, reducing the budget deficit, ensuring the turnover of the necessary amount of money, etc.
4. The principle of the credit character of the issue of money - the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result of banks conducting credit operations. Banknotes should not come into circulation from other sources, including the treasuries of countries.
5. The principle of security of banknotes issued into circulation. In the conditions of a market economy model, banknotes are secured by commodity and material assets in the assets of banks, gold and other precious metals, freely convertible currency, securities and other debt obligations. At the same time, the gold content of the monetary unit has not been recorded in the Russian Federation since 1992.
6. The principle of independence of the Central Bank from the government and its subordination to the country's parliament. It is connected with the fact that maintaining the stability of monetary circulation and combating inflation are a priority task of the Central Bank. If this principle did not exist, there would always be a threat that the government would begin to “scoop out” the funds of the Central Bank to solve the tasks facing it, and thus the stability of monetary circulation would be disrupted. The principle of independence of the Central Bank from the government and its subordination to the country's parliament is associated with the principle of state building, which consists in the separation of powers. It is expressed in the fact that the Central Bank of the country is a structure controlled by the parliament, the legislative body, administratively not subordinate to the executive branch, i.e. government or any other body, public council, etc. Only in this case the Central Bank is able to perform the function of maintaining a stable exchange rate of the national currency, corresponding to trends in the development of the country's economy. If independence is not ensured in practice, the government is able to carry out uncontrolled emission of banknotes, money circulation is exposed to the threat of crisis and destruction. At the same time, the Central Bank may pursue policies that run counter to the current objectives of the state, therefore the central bank must systematically report to the country's parliament, which is designed to help bridge the differences between the central bank and the government.
7. The principle of providing the government with funds only in the form of lending. Usually in the legislation of countries with market economies there is a provision stating that the central bank should not finance the government, but provide funds to it only by way of lending against certain collateral (real estate, commodity-material belonging to the state, government securities, other securities, owned by the state (federation or subjects of the federation)). The application of this principle makes it possible to prevent the use of money to cover the deficit of federal local budgets and thereby not give an incentive to the development of the inflationary process. In addition, the use of this principle forces the government to seek other sources of revenue for the budget to cover federal and local expenditures.
8. The principle of the integrated use of instruments of monetary regulation. Its essence lies in the fact that the Central Bank should not be limited to any one instrument of monetary regulation to maintain the stability of monetary circulation, but should use a set of these instruments, otherwise the monetary effect cannot be achieved.
9. The principle of supervision and control over money circulation is an integral function of the public administration system. The principle of supervision and control over money turnover - the state through the banking financial system, the tax authorities must ensure constant control over both the entire money turnover as a whole and over individual cash flows in the economy. In addition, the object of control is the observance by the subjects of monetary relations of the basic principles of organizing both cash and non-cash turnovers.
10. The principle of functioning exclusively of the national currency on the territory of the country. The country's legislation provides for payments for goods and services within the country to be made exclusively in national currency. This does not mean, of course, that the population cannot freely exchange the national currency on the territory of the country for the currencies of other countries, but it is allowed to use such currency received during the exchange for payments abroad, as well as placing in deposits in banks. The principle of functioning exclusively of the national currency on the territory of the country permeates all legislative acts related to monetary circulation within the state.
2. The origin and evolution of money
2.1 Origin of money
Money have become an integral part of our life and everyday life. However, they were not always the case. Money appeared at a certain stage in the development of society. In the initial period of the existence of human society, a natural economy dominated. The manufactured products were intended for own consumption. Gradually, people specialized in the manufacture of certain types of products. The surplus began to be used for exchange for other products required by this manufacturer. Business entities began to produce products not only for their own consumption, but also for exchange for other goods or for sale. This caused the emergence of a regular exchange.
In conditions of natural exchange, when the goods were exchanged for goods directly (barter), the need for money did not exist. The deed of purchase was at the same time an act of sale. The proportions were established depending on random circumstances, for example, how much the need for the proposed product was expressed in one tribe, and also how much others valued their surplus. People return to spontaneous exchange to this day. In international trade, barter transactions are carried out to this day, where money acts only as a counting unit.
In connection with the development of market relations, it was required to establish a universal equivalent that would not create difficulties in its circulation. Therefore, the second stage in the formation of money was the allocation of certain goods that had high liquidity (the ability to sell). It was cattle, furs, precious stones, salt, grain, precious metals. If such a commodity was livestock, then it must be fed, protected from predators, driven, etc. And if such a function was performed by grain, furs, then they could be spoiled by moths, weevils, etc. Thus, thanks to "natural selection", the role of money first passed to ferrous metals (in Babylon, the equivalent was originally iron), then to non-ferrous (the money of Ancient Rome - copper), and later to noble metals. At the same time, silver and gold for a long time performed this function at the same time, which was called "bimetallism".
The next stage was the emergence of paper money. One of the reasons for the appearance of paper money was the "spoilage of coins". In the past, each appanage principality could mint coins. Having discovered that recently issued coins and coins that were already "handled" and had less weight perform their functions equally successfully, they deliberately reduced the content of noble metals in the coins ("spoilage of coins"). Gradually, to save gold and silver, coins began to be made from alloys of base metals. Initially, paper money was issued to cover the state budget deficit. They first appeared in China in the 11th century. In 1690, paper money appeared in America, in the 18th century. - in France, England. The state issued banknotes and treasury notes, which could be freely exchanged for gold (more precisely, for gold coins) from the reserves of the state treasury upon presentation. Paper money was more convenient to use than metal money.
The whole history of paper money is the history of the introduction by banks into circulation of obligations - bills of exchange and government regulation of their issue and circulation. Initially, the bill circulated between debtors and creditors, but gradually creditors began to pay them off. In this case, to confirm that the debt would be returned by a third party, the signature of a well-known and respected merchant or banker was required. With time large banks they themselves began to issue bank bills, which were called banknotes. This is a different kind of paper money.
The appearance of banknotes greatly simplified the conduct of business by entrepreneurs and undermined the monopoly of usurers in the money market. If a commodity (commercial) bill could circulate between sellers and buyers who were interconnected by commercial activities, then a bank bill (banknote) began to perform the function of a universal means of payment between any entrepreneurs. Banknotes, unlike treasury bills, were initially freely exchanged for gold. Currently, paper money is not exchanged for gold either domestically or on the world market. The division of all paper money into banknotes and treasury notes is purely formal.
With the abandonment of gold, and at the end of the 70s. and from the gold and exchange standard in the world arose the problem of paper money. It should be noted that some economists, including V. Ya Iokhin, continue to adhere to the point of view that, in spite of everything, gold continues to play the role of true money. Another part of economists, in particular A. G. Bratko, believes that in modern conditions money has lost its own value, and their value is determined by the entire mass of commodities opposing them. However, the fact is that if the mass of goods in its content has value, then this value cannot be the content of the money supply for the second time. In this case, money comes close to fulfilling the function of a counting unit.
Money is a social phenomenon. They are released by the state. It also keeps the emission under control, i.e. circulation of money. If the issue of money was not limited, i.e. Anyone could print money, then prices would jump sharply, money would depreciate, and no one would use it. In this case, we would move on to natural exchange, barter transactions - the exchange of goods for goods.
Simultaneous lending to buyers and sellers in the form of commercial or bank promissory notes led to the emergence of credit money. Credit money is inherent in a more developed, higher sphere of social economic process... Credit money is a debt that is used as a medium of exchange in the payment and settlement mechanism.
In modern conditions, most of the credit money is personified by deposits, or deposits. As part of the money supply bank deposits play a predominant role in comparison with the cash component. Currently, more than 90% of all payments and settlements are carried out with the help of credit money in developed countries. Thus, the bulk of the transactions for the purchase and sale of goods are carried out without the participation of money in the usual sense of the word.
A new stage in the development of money is the emergence credit cards when all income and expenses are recorded through the peripheral departments by a central computer. They make it possible not only to pay directly with a card in a store, to receive paper money from an ATM, if necessary, but also to make payments in other countries.
It can be concluded that money has evolved from commodity, metal, paper, credit money to electronic reading devices.
2.2. The history of the evolution of the monetary system in Russia
In Novgorod in the XIII century, along with the name "hryvnia", the name "ruble" began to be used. So they began to call the Novgorod hryvnia, which was an oblong silver ingot, 14-20 cm long, with one or several dents on the "back" and weighing about 200 g. The first known mention of the ruble dates back to the end of the 13th century. It is mentioned in a birch bark letter of Veliky Novgorod, dated 1281-1299.
The ruble became widespread in Russia. The Moscow ruble appears, the shape and weight of which copies the Novgorod one. Also widespread were Western Russian or Lithuanian rubles, which had the same shape as the Novgorod ones, but were 10-17 cm long and weighing 100-105 g.
In the 15th century, the ruble finally pushed the hryvnia out of circulation, becoming, in fact, the only (if not counting a half-dollar) real payment unit of a coinless period in Russia.
From the end of the XIV century, the minting of the Russian silver coin - money - began. Its weight was 0.93g. and corresponded to 1/200 hryvnia of silver. The minting of money is associated with the struggle of the Grand Duke Dmitry Donskoy (1362-1389) against the Tatars. In addition to Dmitry Donskoy, many appanage princes were involved in minting money with various designs.
As a bargaining chip, the ruble was able to satisfy small payments. The increase in the scale of minting of coins and their continuous deterioration shook the stability of the ruble. As a result, from the middle of the 15th century, the ruble ceased to be an ingot and in the sphere of monetary circulation remained a countable concept.
In 1534, in Russia, Elena Glinskaya, the mother of the young Ivan IV the Terrible (1530-1584), carried out a monetary reform (unification of the monetary system). The purpose, which was the ban, of all old Russian and foreign coins (cut and uncut), and their replacement with a new coin - a penny.
After the monetary reform, the ruble continued to be a counting unit, but it contained 68 g of pure silver and was equal to 100 Moscow kopecks or 200 Novgorod money or 400 half-rubles (half money or a quarter of a penny). But, despite this, the Russian monetary system until the beginning of the 18th century was perhaps the most backward in Europe.
In 1654, under Tsar Alexei Mikhailovich (1645-1676), real ruble silver coins were issued for the first time - "efimki", minted from West German thalers - full-fledged current coins of Europe. The inscription "ruble" was placed on the coin for the first time. On the obverse there is a two-headed eagle, and on the reverse - a king on a horse. However, at this time the ruble was a defective coin, it contained less silver than 100 silver kopecks. Its actual cost was 64 kopecks. In 1655, the production of "efimks" was discontinued, they were replaced by full-weight thalers with a stamp (rider on a horse and the year - 1655), which were called "efimkas with signs".
At the end of the 17th century, a monetary crisis developed in Russia. And then the great reformer of the Russian state - Peter I Alekseevich Romanov "the Great" (1672-1725), decided to introduce a new monetary system that would meet the ever-increasing commerce. The reform was carried out gradually over 15 years. During the reform, in 1701, gold coins were put into circulation - a ducat (3 rubles), equal in weight to a Western European ducat (3.4 grams), a double ducat (6 rubles) and a double ruble (about 4 grams). And in 1704, a copper penny, equal to 1/100 of a silver ruble, appeared in circulation, which was produced according to the model of the Western European thaler and weighed 28 grams. Thus, Russia became the first state in the world to introduce a decimal monetary system based on the ruble and its one-hundredth part - a kopeck. This system was so convenient and progressive that it subsequently became widespread in the lands and states adjacent to Russia. The coins introduced by Peter I did not remain unchanged in subsequent times. Some denominations disappeared and other denominations appeared, coin types changed, their quality and weight data fluctuated. Until 1764, the amount of pure silver in the ruble decreased, after which, having dropped to 18 grams, it remained unchanged until 1915.
There were also changes in the value of gold coins. For example, by 1764 the gold ruble contained 27 shares (Share = 44.43 mg) of pure gold, and at the end of the 19th century - only 17.424 shares. In 1775, the gold poltina, the ruble, the semi-imperial (5 rubles) and the imperial (10 rubles) were issued. The latter contained 2 spools with 69.36 shares of pure gold (11.61 grams). At the end of the 19th century, the gold content of the imperial was reduced. Its weight in 1775 began to correspond to 15 rubles in 1897, and the semi-imperial, respectively, to 7.5 rubles.
During the reign of Catherine II (1729-1796), in 1769, to finance the war with Turkey, paper money was first issued in Russia - bank notes. In 1771, a stamp was made for a huge copper coin - the so-called Sestroretsk ruble. It was named so because these giant coins were supposed to be minted at the Sestroretsk plant. Such a coin was unsuitable for circulation. These rubles were supposed to provide paper notes introduced by Catherine II. But the mass production of these rubles did not take place. However, the increased issue of banknotes, which exceeded the security, led to a fall in its rate. It especially intensified during the Patriotic War of 1812.
The banknotes were withdrawn from circulation in connection with the next monetary reform of 1839-1843, which established silver monometallism in Russia. Which existed in Russia until 1852.
In 1828, in connection with the discovery of platinum in the Urals, the minting of platinum coins with a denomination of 3 rubles, weighing 2 spools (Zolotnik = 4.266 grams), 41 shares of pure platinum, began. In 1829 and 1830 platinum 6 - and 12 - rubles were consistently put into circulation, corresponding in diameter to a silver fifty dollars and a ruble, weighing twice and four times heavier than 3 rubles. The issue of these unusual coins is explained by the fact that in the 19th century, platinum had not yet found technical use, and therefore was valued relatively low.
Finance Minister of the Government of Nicholas I (1796-1855), Count E.F. Kankrin introduced banknotes in 1843, replacing bank notes. But by 1849, tickets and old banknotes were exchanged for new-type banknotes, which soon became worthless. Therefore, with the outbreak of the Crimean War of 1853-1857, banks stopped exchanging banknotes for gold and silver. A period of wide circulation of paper money has begun in Russia.
In 1895-1897, the Minister of Finance S.Yu. Witte (1849-1915), a new monetary reform was carried out, the purpose of which was to establish gold monometallism in Russia. It is based on the gold backing of the state's monetary system. According to the plan of the reformers, to ensure stable convertibility of the national currency (ruble), a free exchange of credit notes was established, the issue of which was limited to a gold coin at the rate of one paper ruble for one ruble in gold, and the gold content of the imperial was also reduced. Also, new technologies for the manufacture of banknotes, unknown in the West, were developed and introduced. The most popular was the Oryol method of multicolor printing, named after its author Ivan Ivanovich Orlov (1861-1928). His method received worldwide recognition and is still used with some improvements. The tsarist credit notes with the image of Peter I and Catherine II coming out from under the printing press of the State Sign were real works of art.
The war with Japan in 1904-1905, the revolution of 1905-1907, and the first world war that broke out in 1914 led to the collapse of golden monometallism. Paper money was no longer exchanged for gold. At the beginning of the First World War, gold, silver and copper coins disappeared from circulation. In 1915, the last issue of the silver ruble was minted in a meager edition. Paper money circulation was introduced in the country.
Mass issues of monetary (paper) surrogates, which began to fully serve the markets of the empire, led to an increase in inflation. In February 1917, the Provisional Government came to power, headed by the Socialist-Revolutionary A.F. Kerensky. Due to the wrong policy of the state, the state debt Russia, the war was fought "to the bitter end", a huge amount of paper money was printed. As a result, inflation has greatly increased.
In October 1917, the "October Socialist Revolution" took place, which resulted in the Civil War of 1918-1920. The Bolshevik government that came to power was also forced in March 1919 to intensify the production of new paper money.
In March 1921, Soviet Russia began issuing silver coins of equal quality to those of tsarist Russia. But all these coins were not released into circulation until 1924 - a monetary reserve was created.
In 1923, the first Soviet gold chervonets were issued, which corresponded in terms of the content of pure gold to the pre-revolutionary 10 rubles. The official rate of the chervonets as of January 1, 1923 was 175 rubles in 1923 banknotes or 17,500 rubles in 1922 banknotes. The Soviet chervonets received the nickname "sower" because the image of the sower was chosen for the obverse of the coin after the sculpture by Ivan Dmitrievich Shadr (1887-1941). The author of the sketch was the chief medalist of the Mint A.F. Vasyutinsky, who later took part in the creation of the Order of Lenin.
Today, gold chervonets of 1923 and 1925 are the rarest Soviet coins. Most of them were used for settlements with other states. Only a small number of these coins remained in the collections of museums and private individuals. Therefore, their collection value is now very high. From 1975 to 1982, the USSR continued minting gold ducats.
Silver coins of the RSFSR of 1921-1923 were put into circulation on February 26, 1924. In the same year, the release of silver coins of the USSR began. The silver ruble was minted only in 1924. Further, only parts of it were minted - fifty kopecks before 1927 and a penny, but in 1931 silver was replaced with nickel. Further, the ruble was circulated only in paper form and was expressed in Treasury notes and chervontsy State bank THE USSR. During the post-war monetary reform of 1947, chervontsy and Treasury bills were exchanged for new money and a single calculation was introduced in rubles.
The 1961 reform introduced new coins from a copper-nickel alloy of white color (coin cupronickel) - 50 kopecks and 1 ruble. In May 1965, in commemoration of the 20th anniversary of the victory over fascism, for the first time in the USSR, a commemorative coin was issued with a denomination of 1 ruble. The coin depicts the sculpture "Soldier-Liberator" by Evgeny Viktorovich Vuchetich. In 1977-1980, in honor of the 1980 Olympics, held in Moscow, the first coins were minted from precious metals - gold, silver, platinum. In 1988, for the minting of commemorative and commemorative coins, palladium of 999 purity was used for the first time. international market and the manifestation of attention to it on the part of numismatists and investors. The practice of using palladium for minting coins became widespread in the world only in the late 80s.
In 1991, the Bank of the USSR for the last time put into circulation ruble coins, as well as Bank notes of a new design. The people called them "GKChP coins" and "wooden rubles". But the collapse of the USSR and inflation soon brought them to nothing. In 1992, the Bank of Russia issued new rubles in coins and bank notes, completely abandoning minting bargaining chip... As a result, 1 ruble became the smallest coin. But due to the increased inflation in 1993, the Russian government is carrying out a new monetary reform, as a result of which the smallest coin is already - 10 rubles. In 1995, the State Bank of Russia refused to mint the ruble in coins, expressing it only in bank notes. Moreover, the smallest bill becomes - 1000 rubles. But already in 1998, during the denomination of the ruble (changing the denomination of banknotes in order to prepare the stabilization of monetary circulation), coins again appeared in circulation. The denomination of the ruble revived not only the coin ruble, but also the long-defunct kopeck.
With the collapse of the USSR, in many former fraternal republics, and now independent states, national currencies were introduced - Lari, Manat, Hryvnia, Litas, etc. Among them is Belarus, which chose the ruble as the national currency, with which she met in the distant XIII century. Since then, he has firmly entered her life and history. In 1992, the National Bank of Belarus put into circulation the first national rubles, popularly nicknamed "bunnies" since a hare was depicted on a 1-ruble ticket. In 1993, Transnistria introduced coupons denominated in rubles into circulation on its territory. In 1994, the Bank of Tajikistan also introduced the national currency, the ruble, into circulation (until October 30, 2000). Interestingly, the size, watermarks and colors are painfully reminiscent of the 1961 "socialist hem".
Since October 30, 2000 national currency Tajikistan is the somoni. One Tajik somoni was confined to 1000 Tajik rubles, a complete replacement was carried out by April 1, 2001.
In different languages and in different states The CIS ruble continues to live as the monetary unit of these states.
evolution money national currency
3. Features and problems of the functioning of the monetary system of the Russian Federation at the present stage
3.1 The current state of the monetary system of the Russian Federation
The characteristic features of modern monetary systems of industrialized capitalist states are:
· The abolition of the gold standard at the end of the 70s. XX century;
· The main types of money - banknotes, in some countries, treasury notes;
More and more electronic money is attracted, used bank cards;
· In the total money supply, non-cash payments prevail;
· The share of cash turnover is decreasing;
· Use of credit instruments of circulation;
The Central Bank regulates monetary circulation in the country and maintains the stability of the monetary system.
The legal basis for the functioning of the monetary system in Russia is determined by the norms of the Constitution of the Russian Federation, Federal Laws "On the Central Bank of the Russian Federation (Bank of Russia)", "On currency regulation and currency control", "On banks and banking activities", other laws, regulations The President and the Government of the Russian Federation, as well as by-laws of the Central Bank of the Russian Federation. In accordance with the Constitution of the Russian Federation, the competence of the Russian Federation includes “the establishment of the legal foundations of a single market; money issue ". The Constitution also stipulates that "federal laws adopted by the State Duma on financial, currency, credit, customs regulation, money emission are subject to mandatory consideration in the Federation Council."
The official monetary unit (currency) in our country is the ruble, consisting of 100 kopecks. The introduction of other monetary units on the territory of the Russian Federation is prohibited. The relationship between the ruble and gold or other precious metals has not been established by law. The official exchange rate of the ruble against foreign currencies is determined by the Central Bank and published in the press.
The Bank of Russia has the exclusive right to issue cash, organize its circulation and withdrawal on the territory of Russia. He is responsible for the state of monetary circulation in order to maintain normal economic activity in the country.
The Board of Directors of the Bank of Russia decides on the issue of new banknotes and coins and the withdrawal of old ones, approves the denominations and samples of new banknotes. The decision on these issues is sent to the Government of the Russian Federation in the order of prior notification. Commercial banks are also involved in the issuance process. They issue non-cash money in the process of lending, and when the loan is repaid, money is withdrawn from circulation.
The types of money that have legal payment force are banknotes and metal coins, which are backed by all the assets of the Bank of Russia, including gold reserves, government securities, and reserves of credit institutions held in the accounts of the Central Bank.
Samples of banknotes and coins are approved by the Bank of Russia. The announcement of the issue of banknotes and coins of new designs, as well as their description are published in the mass media. They are required to be accepted at their face value throughout the country and in all types of payments, as well as for crediting to accounts, deposits and transfers.
The term for the withdrawal of old banknotes must be at least one and not more than five years. When exchanging, any limitation of the amounts and subjects of exchange is not allowed. Banknotes and coins may be declared invalid by law (no longer legal tender). Counterfeiting and illegal money making are punishable by law.
Cash (banknotes and coins) and non-cash money (in the form of funds in accounts with credit institutions) operate on the territory of Russia. In order to organize cash circulation in the Russian Federation, the Bank of Russia has the following responsibilities:
· Forecasting and organization of production, transportation and storage of banknotes and coins, as well as the creation of their reserve funds;
· Establishment of rules for storage, transportation and collection of cash for credit institutions;
· Determination of signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;
· Development and approval of rules for conducting cash transactions in the national economy.
Unlike the period of existence of valid gold money in paper-credit circulation, when the signs of value have lost their connection with the metal base, the Central Bank must create certain restrictions that restrain the emission of this money.
To provide cash services to credit institutions, as well as other legal entities on the territory of the Russian Federation, settlement and cash centers are being created at the territorial head offices of the Bank of Russia. These centers form a revolving cash desk for receiving and issuing cash, as well as reserve funds for bank notes and coins. Reserve funds represent stocks of unissued banknotes and coins in the vaults of the Central Bank of Russia and are important for the organization and centralized regulation of cash resources. The balance of cash in the circulating cash desk is limited, and when the established limit is exceeded, the surplus money is transferred from the circulating cash desk to the reserve funds.
Reserve funds of banknotes and coins are created by order of the Bank of Russia, which sets their value based on the size of the circulating cash desk, the volume of cash circulation, storage conditions. The objective need for reserve funds is due to:
· The need to satisfy the needs of the economy in cash;
· Renewal of the money supply in circulation in connection with the money that has fallen into disrepair;
· Maintaining the mandatory purchase composition of the money supply in the country as a whole and in the regions;
· Reducing the cost of transportation and storage of banknotes.
Cash is released into circulation on the basis of the issuance permit of the document authorizing the Central Bank of Russia to back up the circulating cash desk at the expense of the reserve funds of banknotes and coins. This document is issued by the Board of the Bank of Russia within the limits of the emission directive, i.e. the maximum size of the issue of money into circulation established by the Government of the Russian Federation.
All issues related to the organization and regulation of non-cash settlements are established by the Bank of Russia in accordance with the current legislation. It defines the rules, forms, terms and standards for the implementation of cashless payments. His responsibilities include licensing the settlement systems of credit institutions. The law provides for a general term for non-cash settlements of no more than two business days within a constituent entity of the Federation and no more than five business days within the Russian Federation. Payment orders, settlement checks, letters of credit, payment orders and other payment documents approved by the Bank of Russia are used as payment documents for non-cash settlements.
Due to the fact that the Russian monetary unit, the ruble, is not legally linked to the monetary metal (gold), there is no fixed price scale for it. The official scale of the ruble prices is set by the state.
The regulation of monetary circulation, imposed on the Bank of Russia, is carried out in accordance with the main directions of monetary policy, which is developed and approved in the manner prescribed by banking legislation. The Bank of Russia, endowed with the exclusive right to issue money, is especially responsible for maintaining equilibrium in the sphere of money circulation.
To calculate the total money supply in circulation in Russia, the following monetary aggregates are provided:
· Unit M-0 - cash;
Unit M-1 - unit M-0 plus settlement current and other accounts (settlement accounts, special accounts, accounts capital investments, letters of credit and checking accounts, accounts of local budgets, accounts of budgetary, trade union, public and other organizations, State Insurance funds, long-term credit fund) deposits in commercial banks; demand deposits with Sberbank;
Unit М-2 - unit М-1 plus term deposits at Sberbank;
· Unit М-3 - unit М-2 plus certificates of deposit and government bonds.
The Federal Law on the Central Bank of the Russian Federation (Bank of Russia) provides for the procedure for the development and conditions for the implementation of a unified state monetary policy, as well as instruments for the Central Bank to regulate the amount of money in circulation. Such tools and methods, in particular, are:
· Interest rates on operations of the Bank of Russia;
· Ratios of required reserves deposited with the Bank of Russia (reserve requirements);
Operations on open market;
· Accounting policy;
· Currency regulation;
· Setting benchmarks for money supply growth;
· Direct quantitative restrictions.
In accordance with the adopted state monetary policy In order to strengthen the ruble, the Central Bank of the Russian Federation (Bank of Russia) regulates the total volume of loans issued by it, uses an interest rate policy to influence market interest rates on credit operations, stimulating the growth or reduction of credit investments.
Of course, the Bank of Russia cannot directly influence interest rates on banks' transactions with their clients. These interest rates are determined mainly by the amount of money in circulation and the efficiency of the intermediation activities of the banking system and financial markets. Therefore, the influence of the Bank of Russia on interest rates on transactions of the banking system with non-financial agents is limited to regulating the money supply and measures to improve the state of the banking system.
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