Banking. Monetary system: concept and elements (most important)

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Banking. Monetary system: concept and elements (most important)

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Topic 75. Monetary system: concept and elements

Monetary system - this is a form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation (Money Credit Banks lecture notes, Finance and credit)... The type of monetary system depends on the form in which money functions: as a commodity - a universal equivalent, or as signs of value. In this regard, the following types of monetary systems are distinguished:

1. Metal handling systems, in which the monetary commodity directly circulates and performs all the functions of money, and credit money (bill, accepted bill, check, credit card) is exchanged for metal.

2. Credit and paper money circulation systems - gold has been forced out of circulation. Depending on the exchange of signs of value for gold, there are gold coin, gold bullion and gold exchange (exchange for the currency of the country that exchanges its banknotes for gold coins or bullion) standards. The modern monetary system includes elements:

1) Monetary unit - a legally established currency, which serves to measure and express the prices of all goods

2) Official price scale lost economic sense with the cessation of the exchange of credit money for gold.

3) Types of money, which are legal tender, are mainly bank notes, as well as paper money and coins.

4) Emission system - in developed capitalist countries means the issuance of bank notes by central banks, and treasury notes and coins by treasuries in accordance with emission legislation.

5) State or credit apparatus - in various countries, state monetary and credit regulation of the economy is carried out. The monetary system of the Russian Federation functions in accordance with the Federal Law on the Central Bank of the Russian Federation of April 12.04.1995, XNUMX, which determined its legal foundations. The official currency of the Russian Federation is ruble. The ratio between the ruble and precious metals is not established by law. The official exchange rate of the ruble against foreign currencies is set by the Central Bank and published in the press. The Central Bank has the exclusive right to issue cash, organize their circulation and withdrawal on the territory of the Russian Federation. He is responsible for the state of monetary circulation in order to maintain normal economic activity in the country. The types of money that have legal tender value are banknotes and metal coins, which are backed by all the assets of the Central Bank, including gold reserves, government securities, and reserves of credit institutions held in accounts with the Central Bank.

Authors: Shevchuk D.A., Shevchuk V.A.

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