Banking. Features of the monetary system of the Russian Federation (lecture notes)

Lecture notes, cheat sheets
Free library / Directory / Lecture notes, cheat sheets

Banking. Features of the monetary system of the Russian Federation (lecture notes)

Lecture notes, cheat sheets

Table of contents (expand)

Features of the monetary system of the Russian Federation

The Law "On the Monetary System of the Russian Federation" dated September 25, 1992 establishes the legal basis for the functioning of the Russian monetary system.

The official monetary unit (currency) is the ruble. The law on the monetary system prohibits the issuance of other monetary units and monetary surrogates, and emphasizes the responsibility of persons who cut the unity of monetary circulation. The official ratio between the ruble and gold or other precious metals is not established. The exclusive right to issue cash, organize and withdraw it from circulation on the territory of the Russian Federation belongs to the Central Bank of the Russian Federation.

The types of money that have legal tender value are bank notes (banknotes) and metal coins, samples of which are approved by the Central Bank of the Russian Federation. Banknotes and metal coins are unconditional obligations of the Central Bank and are backed by its assets. They are obligatory for acceptance at their face value throughout the Russian Federation in all types of payments, as well as for crediting to accounts, deposits, letters of credit and for transfer.

Payments on the territory of the Russian Federation are carried out in the form of cash and non-cash payments. Forms of non-cash payments are determined by the rules established by the Central Bank in accordance with the legislative acts of the Russian Federation.

The Central Bank approves samples of payment documents used for non-cash payments: payment orders, bills of exchange, checks, etc.

The law divided the powers of the government and the Central Bank in the field of making banknotes. The Central Bank is only responsible for planning the volume of their production. It is also responsible for:

▪ creation of reserve funds of banknotes and coins;

▪ determination of rules for storage, transportation and collection of cash;

▪ establishing signs of payment of banknotes and the procedure for replacing and destroying banknotes;

▪ approval of the rules of cash transactions in the household.

The Government of the Russian Federation, together with the Central Bank, develops the main directions of economic policy, including monetary and credit. The implementation of monetary regulation of the economy of the Central Bank is carried out by using tools generally accepted in a market economy: determining the size and interest rate of refinancing (discount rate), reserve requirements and conducting operations on the open market. It regulates the amount and rate of growth of the money supply.

To carry out issuance and cash regulation, cash services for commercial banks, as well as enterprises, organizations and institutions, the main territorial departments of the Central Bank, cash settlement centers have circulating cash desks for accepting and issuing cash, as well as reserve funds of banknotes and coins. In 1992, regional reserve funds of banknotes and coins were also created in individual main territorial departments of the Central Bank. The balance of cash in the working cash register is limited, since it is included in the total amount of money in circulation. If the amount of money in the working cash register exceeds the established limit, then the excess money is transferred from the working cash register to the reserve funds.

Reserve funds of banknotes and coins are stocks of tickets and coins not put into circulation in the vaults of the Central Bank. These funds are created by order of the Central Bank, which sets their value based on the size of the turnover cash desk, the volume of cash circulation, storage conditions. The formation of reserve funds makes it possible to meet the needs of the national economy in cash, promptly renew the money supply in circulation, maintain the necessary banknote composition, and reduce the cost of transporting and storing banknotes.

The issuance of cash into circulation is carried out on the basis of an issuance permit - a document giving the right to support the working capital at the expense of reserve funds. In commercial banks, such funds are not created - they have operating cash desks, the maximum balance of money in which is determined in agreement with the Central Bank or its management. Cash services for commercial banks are carried out by settlement and cash centers on the basis of contracts.

Author: Shevchuk D.A.

<< Back: Monetary systems, their main elements (Western model)

>> Forward: Interbank loans in commercial banks of the Russian Federation

We recommend interesting articles Section Lecture notes, cheat sheets:

▪ Logistics. Lecture notes

▪ National history. Lecture notes

▪ History of domestic state and law. Crib

See other articles Section Lecture notes, cheat sheets.

Read and write useful comments on this article.

<< Back

Latest news of science and technology, new electronics:

The existence of an entropy rule for quantum entanglement has been proven 09.05.2024

Quantum mechanics continues to amaze us with its mysterious phenomena and unexpected discoveries. Recently, Bartosz Regula from the RIKEN Center for Quantum Computing and Ludovico Lamy from the University of Amsterdam presented a new discovery that concerns quantum entanglement and its relation to entropy. Quantum entanglement plays an important role in modern quantum information science and technology. However, the complexity of its structure makes understanding and managing it challenging. Regulus and Lamy's discovery shows that quantum entanglement follows an entropy rule similar to that for classical systems. This discovery opens new perspectives in the field of quantum information science and technology, deepening our understanding of quantum entanglement and its connection to thermodynamics. The results of the study indicate the possibility of reversibility of entanglement transformations, which could greatly simplify their use in various quantum technologies. Opening a new rule ... >>

Mini air conditioner Sony Reon Pocket 5 09.05.2024

Summer is a time for relaxation and travel, but often the heat can turn this time into an unbearable torment. Meet a new product from Sony - the Reon Pocket 5 mini-air conditioner, which promises to make summer more comfortable for its users. Sony has introduced a unique device - the Reon Pocket 5 mini-conditioner, which provides body cooling on hot days. With it, users can enjoy coolness anytime, anywhere by simply wearing it around their neck. This mini air conditioner is equipped with automatic adjustment of operating modes, as well as temperature and humidity sensors. Thanks to innovative technologies, Reon Pocket 5 adjusts its operation depending on the user's activity and environmental conditions. Users can easily adjust the temperature using a dedicated mobile app connected via Bluetooth. Additionally, specially designed T-shirts and shorts are available for convenience, to which a mini air conditioner can be attached. The device can oh ... >>

Energy from space for Starship 08.05.2024

Producing solar energy in space is becoming more feasible with the advent of new technologies and the development of space programs. The head of the startup Virtus Solis shared his vision of using SpaceX's Starship to create orbital power plants capable of powering the Earth. Startup Virtus Solis has unveiled an ambitious project to create orbital power plants using SpaceX's Starship. This idea could significantly change the field of solar energy production, making it more accessible and cheaper. The core of the startup's plan is to reduce the cost of launching satellites into space using Starship. This technological breakthrough is expected to make solar energy production in space more competitive with traditional energy sources. Virtual Solis plans to build large photovoltaic panels in orbit, using Starship to deliver the necessary equipment. However, one of the key challenges ... >>

Random news from the Archive

Bracelet shoots antiseptic 27.12.2020

An international team of engineers created the SprayCare wristband. It will disinfect hands and objects where it is not always convenient to get an antiseptic. For example, in public transport, elevator, shop or car. This is reported by Naked Science.

On the body of the device there is a small bottle with an antiseptic and a button that sprays the product. According to the developers, they noticed how often they touch dirty surfaces during the day, and decided to create a simple device that will help them feel safe.

The bracelet is a vial of antiseptic attached to a silicone strap. The size of the device is close to the Apple Watch. Inside there is a sprayer and a pump that starts a single button. After pressing it, the device sprays antiseptic on any surface within 3 seconds at a distance of up to 1,5 m.

The antiseptic in the bottle is enough for about 40 applications, after which the person will be able to add the desired product (if it is not very thick). In addition, the bottle can be filled with insect repellent, perfume or essential oil - depending on the need. So it will remain relevant even after the pandemic. Engineers suggest using it as a self-defense tool: just change the antiseptic for pepper spray liquid.

Other interesting news:

▪ A new type of blue LEDs with increased light output

▪ Smart pillow

▪ Technology for transmitting audio messages using laser light

▪ Power lines interfere with bees

▪ Tooth spies on a person

News feed of science and technology, new electronics

Interesting materials of the Free Technical Library:

▪ site section Digital technology. Article selection

▪ Affluent society article. Popular expression

▪ article When did the first jewelry start to be worn? Detailed answer

▪ article Bitten node. Tourist tips

▪ article Automated search for correspondents. Encyclopedia of radio electronics and electrical engineering

▪ article Power supply for M890G multimeter. Encyclopedia of radio electronics and electrical engineering

Leave your comment on this article:

All languages of this page

Home page | Library | Articles | Website map | Site Reviews