The foreign exchange market of Russia - formation and development
The development of the economy in Russia as a highly effective component is impossible without the formation of a financial market. The main part of the financial market is the currency market.
The foreign exchange market of Russia developed and formedin parallel with the development and reform of the economy. In the USSR, it was represented by a state monopoly, which was completely controlled by the Central Bank and Vnesheconombank. The State Bank, the State Planning Committee and the Ministry of Finance acted as agents for controlling currency transactions.
At the end of the 1980s, the exchange rate did not reallyreflected the purchasing power. It was during this period that foreign economic activity tried to reanimate through the introduction of a special system of multiple exchange rates. As such, the foreign exchange market was not. The entire foreign exchange market was divided into segments, each segment was set its own exchange rate of the ruble. The difference in the rates was very significant. During the development of a market economy, the first steps towards liberalizing Russian legislation in the foreign exchange market have been outlined. In order to stimulate the foreign exchange market in 1992, the President issued a decree, which regulated the currency movement and established the procedure for selling the currency.
Prerequisites for the formation of the Russian foreign exchangemarket can be closely linked with the process of formation of the banking system - two-tier (the Bank of Russia and commercial banks were regulated). The first currency exchanges appeared just then. The first such stock exchange was ZAO "MICEX". The single rate of sale-purchase of the ruble and the dollar was first established strictly on the basis of the work of the MICEX auctions.
By the end of 1992, the structure of our foreign exchange market was formed. And there was no longer a question, what is the currency market in Russia.
FZ "On Currency Regulation and Currency Control"and at the moment is the main one in this field. It determines the powers of those bodies that are called upon to exercise currency control, identifies the basic principles of currency transactions in the Russian Federation, determines the duties and rights of individuals and legal entities with respect to the disposal, use and possession of the currency. Also, the law prescribes liability for violations of legislation in the field of currency transactions. This law removes currency restrictions and eliminates barriers to the development of such an important component of the country's economy, as the Russian currency market. Unfortunately, the methodological and technical base is still weak in order to fully control the export and import. To improve the regulatory framework, the Resolution of the Council of Ministers was issued, which defines measures to strengthen control of both export and foreign exchange. The foreign exchange market has finally been officially controlled.
It should be noted that the foreign exchange market of RussiaIt does not develop on its own, but in accordance with all the requirements set by international lending organizations, for example, the International Monetary Fund. On the recommendation of this fund, Russia has eliminated the division of our foreign exchange market into non-cash and cash. This allows both residents and non-residents to carry out currency transactions in accordance with the laws. To do this, there is an instruction of the Bank of Russia, which defines the organization of the work of all exchange offices without exception on the territory of the country. In accordance with the instructions, a whole network of exchange offices was created.
The foreign exchange market of Russia should develop in accordance with its main task - the stabilization of the exchange rate of the Russian ruble. This requires an effective monetary policy.