Foreign economic activity. Principles of currency regulation (most important)

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Foreign economic activity. Principles of currency regulation (most important)

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44. Principles of currency regulation

In Russia, there are a significant number of restrictions on foreign exchange transactions aimed at preventing capital flight and mobilizing foreign exchange resources. Operations of residents in foreign currency are controlled by the Bank of Russia and the Government of the Russian Federation - currency control bodies.

The basic principles of currency regulation are enshrined in Federal Law No. 10-FZ of December 2003, 173 "On Currency Regulation and Currency Control". This law establishes the legal framework and principles of currency regulation and currency control in the Russian Federation, the powers of currency regulation bodies, and also defines the rights and obligations of residents and non-residents in relation to the possession, use and disposal of foreign exchange valuables, the rights and obligations of non-residents in relation to the possession, use and disposal of the currency of the Russian Federation and domestic securities, the rights and obligations of currency control bodies and currency control agents.

The main principles of currency regulation and currency control in the Russian Federation are:

▪ priority of economic measures in the implementation of state policy in the field of currency regulation;

▪ exclusion of unjustified interference by the state and its bodies in foreign exchange transactions of residents and non-residents;

▪ unity of the foreign and domestic monetary policy of the Russian Federation;

▪ unity of the system of currency regulation and currency control;

▪ the state ensures protection of the rights and economic interests of residents and non-residents when carrying out currency transactions;

▪ full convertibility of the ruble for current transactions;

▪ preventing capital flight, mobilizing foreign exchange resources;

▪ control over transactions of non-residents in rubles;

▪ control over the circulation of cash foreign currency and currency valuables.

Residents in the Russian Federation individuals are considered to be permanently residing in Russia, legal entities - created in accordance with Russian legislation and having a permanent location on its territory, as well as various official representative offices and branches of these persons abroad.

К non-residents in the Russian Federation include legal entities and individuals with a location or residence outside of Russia and created on the principles of the legislation of foreign states. Foreign representatives and representative offices located in Russia are also considered non-residents.

Objectives of currency regulation:

▪ increasing the importance of the national currency and reducing inflationary pressure of the exchange rate;

▪ Stimulating the influx of foreign currency and monitoring the return of foreign currency earnings to exporters;

▪ stimulating the activity of subjects of foreign economic activity.

Objective opportunities to achieve these goals are price stabilization and the real exchange rate of the ruble. The real exchange rate of the ruble is provided by the mass of goods corresponding to the mass of money circulation, at the level of balanced supply and demand and within the limits of its purchasing power parity.

For price stabilization, it is necessary to introduce the institution of fixed prices, primarily for energy carriers, and switch state budget expenditures to production growth.

The practice of foreign exchange regulation of foreign economic activity is reduced to measures of a narrowly bureaucratic significance - the regulation of exporters' settlements with the state budget, the withdrawal of cash foreign currency from the domestic market, and the restriction of the actions of authorized banks in the sale and purchase of freely convertible currency (further - SLE) in the domestic foreign exchange market, the establishment of a currency corridor. Regulations for opening accounts for non-residents, introduction of import-export rules and forwarding of hard currency, as well as currency control.

Author: Bobkova O.V.

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