June 24, 2016 at 13:06The history of monetary relations in Russia: a brief excursion with pictures
What is the story for? First of all, to learn - from mistakes, successes, problems. You need to be able to draw conclusions and extrapolate them to the current situation. This is especially true for the economy. In general, the history of the Russian economy is an amazing treasury of experience, if only because of the dynamism and frequency of the change of political systems. It’s a joke to say that in a hundred years the country has survived almost three eras. Different systems, different money, different laws and a lot of valuable information for researchers, politicians, financiers. In this post we have collected the main historical periods of a small part of this story - currency relations. This has nothing to do with microtrading, high frequency trading or investing. It is just a part of our past that continues to affect the present. Time to remember everything.
The first period of monetary relations is pre-revolutionary. It covers a huge period of time from the 9th century to 1917. Moreover, almost until the 17th century, foreign currency was not mentioned and the exchange was not regulated in any way, although it is possible to meet, for example, laws providing for penalties for counterfeiting the national currency (kuna, ruble). Only the Novotrade Charter of 1667 introduced an obligation under which foreign merchants were required to present foreign currency (gold and yefimki) at customs and exchange it for Russian money at the prescribed rate: "for gold for the ruble, for yefimki for dimes." In case of violation of the rules, foreign currency was confiscated in favor of the state. Despite the fact that, until 1917, foreign exchange regulations did not appear, there were precedents for decrees related to the ban on the export of currency. However, the prohibitions were easily dispensed with in practice, and a little later, in 1729, the scheme popular with the "emigrants" was officially enshrined in the Charter of the bill. The scheme is simple and clear: currency values could be taken out of the country by paying money at the fair, receiving in return a bill, which was entrusted to the money changer counterparty abroad, to give out the amount of money in currency to the person on whom the bill was written.
By the way, in 1792, the United States established the gold content of the domestic currency, which allowed it to be correlated with the value of the currencies of foreign countries of the world. The dollar exchange rate of tsarist Russia was in a narrow corridor in the region of 1.3 rubles for 1 USD. The course has been stable for almost a century and has remained virtually unchanged.
At the dawn of its existence, the Soviet government began to tighten nuts in the field of foreign exchange relations, in 1921 a decree of the Council of People's Commissars “On Transactions with Foreign Currency and Precious Metals” was issued, which directly established the monopoly of the RSFSR State Bank on the purchase and sale of foreign currency and precious metals in coins and bullion . The violation was recognized as speculation and punishable by p.138 of the RSFSR Criminal Code with imprisonment for a term of six months. But during the NEP there was a liberalization of the exchange rate, which made a tangible contribution to the revitalization of the economy of the young country. The export and transfer of funds abroad was restricted, transactions with currency, checks, bills were allowed. Any person could come to the stock exchange and make any transaction with currency values through a stock broker without obtaining any permits for a currency transaction. By the way, by 1923, it was necessary to give 2.3 million rubles for 1 dollar. The denomination of the Russian ruble was carried out, in 1925 the course went up to 2 rubles with copecks.
Poster of 1924
However, by 1925 there were measures punishable by imprisonment of anyone who violated restrictions. On January 7, 1937, the Soviet state received the very legendary monopoly on currency transactions and other operations, which some of us learned from films and books, while someone else found this period at a conscious age. In July 1937, the Soviet government officially began to calculate the rate of the Soviet ruble against the US dollar.
The basis of the USSR monetary system was the currency monopoly of the state, which had exclusive rights to own and dispose of foreign currency. The currency monopoly was an integral part of the country's foreign economic policy. In short, in the field of currency and international economic activity, everything that was not permitted by law was prohibited, but little was allowed. The existence of a currency monopoly in the USSR partially insulated the country from the influence of many external negative factors and made it possible to survive the collapse of two world currency systems — the Genoese and Bretton Woods — without much upheaval. However, changes in the world order were reflected in the monetary policy of the USSR State Bank in the form of periodic devaluations of the ruble and changes in the procedure for calculating the exchange rate.
After the war, US policy put pressure on the economy of the USSR, dependence on the dollar required intensive industrial development, which was achieved with great difficulty in the postwar years - it was necessary to rebuild your country. Western countries imposed cheap exports on the Soviet Union; this was unprofitable and significantly affected the general economic situation in the country. Alternatives were needed.
The USSR managed to completely get rid of dependence on USD only in the 50s. In the very beginning of the 50s, shortly before his death, Stalin hatched a promising idea in his opinion to create a block of states that would completely abandon the dollar.
M. Cheremnykh, Crocodile No. 35 of 1952.
Under the circumstances, the idea was sound, but died with the leader. Since the end of the 50s, international trade of the USSR again began to be carried out in dollar terms, which again hit the economy.
1952 Sergei Mikhalkov's fable “The Ruble and the Dollar”
As part of the Khrushchev monetary reform of 1961, another denomination was held. Rubles were exchanged for new at a ratio of 10 to 1. In the same way the price level was changed. Such transformations also affected the price of the dollar - it depreciated sharply and began to cost 90 kopecks per 1 dollar. This was mainly due to an increase in the gold content of the ruble from 0.221 grams to 0.987 grams. It is believed that the exchange rate was artificial and did not reflect the real value of the Soviet currency.
Lenin's "footcloths" gave way to Khrushchev's "candy wrappers".
However, further events contributed to the strengthening of the ruble. In 1963, an interstate settlement unit (transfer ruble) was created between the countries of the Council for Mutual Economic Assistance (CMEA), and in 1973 the “gold standard” in the USA was canceled. As a result, in 1974 for 1 dollar they gave only 75 kopecks, and similar trends in the official market continued until the end of the Soviet era.
All private currency transactions took place on the black market - for ordinary Soviet citizens in a socialist state, access to foreign currency was closed. In fact, there was a complete ban for residents and non-residents to conduct foreign exchange transactions (there were exceptions, and they concerned persons who worked abroad or received fees, inheritance and had the right to open certain types of accounts with Vneshtorgbank, but again they could control their currency very limitedly) . On the territory of the USSR, circulation of currency as a means of payment for citizens was allowed only in currency shops "Birch", the assortment of which included scarce groups of goods that were not available for free sale to most citizens. They had the right to purchase goods by foreigners and members of consulates, diplomatic missions,
The Beryozka chain of stores was not only currency, but also check. The checks were pseudo-rubles issued to Soviet citizens officially working abroad in exchange for foreign currency upon entering the USSR. They could not be paid in ordinary stores, but they were the only means of payment in the check "Birch". However, in these stores there were no goods that were needed in everyday life, so often checks settled "until better times."
The period since August 1986 to August 1991 It was a turning point and difficult in the history of the Soviet state, which, of course, could not but affect the economy. In the sphere of regulation of currency relations, in connection with the begun decentralization of foreign economic activity, the country's leadership demonstrated its readiness to abolish the state currency monopoly. 20 ministries and departments, as well as more than 70 large companies received the right to directly carry out export-import operations, and by the end of 1986 there were more than two hundred such organizations.
Since April 1, 1989 All enterprises got the right to enter foreign markets, but they could only trade products of their own production.
In the late USSR, foreign capital began to come, the first joint ventures appeared with the countries of the socialist camp, the developing and western capitalist countries. Enterprises received the right to use part of the foreign exchange earnings, a little later, operations with foreign currency began to be carried out practically without restrictions, but with licensing.
The reform also affected individuals. Vnesheconombank opened two types of foreign currency accounts for citizens: “B” - for crediting alimony, inheritance, pensions with a limit on the amount that can be withdrawn at one time for export abroad; “B” - for salary, fees without restrictions. In 1988-1989. miserable interest began to be paid on current accounts of citizens, subject to the introduction of the established minimum amount. Currency from these accounts could be used to purchase scarce goods or exchange for rubles. Cash currency legally imported from abroad could be freely stored and exported during the year. Nowhere has the legal prohibition of physical persons holding foreign currency not at Vnesheconombank, but in practice its monopoly on operations with the currency of Soviet citizens has been preserved.
On November 1, 1989, the USSR State Bank began to set a special ruble exchange rate, which banks should apply when selling freely convertible currencies to citizens traveling abroad on personal business, and when paying rubles from Soviet citizens' foreign currency accounts, as well as to state, cooperative and other enterprises for purposes related to travel of their business employees abroad. For example, if the official rate was 63 kopecks for $ 1, the special one was 6 rubles 26 kopecks. This was the first step towards market exchange rate formation.
The transition to market exchange rate formation was carried out by introducing on the territory of the USSR from 02.11.1990 the commercial exchange rate of the ruble, at which most of the foreign exchange operations were carried out. As of November 2, 1990, the commercial ruble exchange rate was 1.66 rubles. for the US dollar, while the official - 55 kopecks. for the US dollar. The formation of a free foreign currency cash market also took place during this period: from July 24, 1991, the USSR State Bank began to establish the tourist ruble exchange rate, which was determined on the basis of the ratio of the purchase and sale of foreign currency cash by commercial banks from Soviet and foreign citizens. Being the least regulated segment of the domestic foreign exchange market, the cash foreign exchange market formed a tourist rate at 32 rubles. for the US dollar on 07.24.1991, i.e. almost 60 times higher than the official rate.
In the very beginning of the 90s, the foreign exchange market began to take shape in the USSR - from April 1991. The USSR State Bank Currency Exchange started operating, on which the largest banks conducted operations on the purchase and sale of currency. At these trades, a single market ruble exchange rate for non-cash transactions of banks was formed - the exchange rate, which by the end of the year became the main reference point in establishing official ruble rates by the Central Bank of the Russian Federation.
It was at this stage that key events took place in the country's transition to a market economy and liberal monetary relations. By decree of the President of the RSFSR of November 15, 1991 No. 213 “On the liberalization of foreign economic activity in the territory of the RSFSR”, all enterprises and their associations registered in the territory of the RSFSR were allowed to carry out foreign economic activity regardless of their form of ownership, as well as opening foreign currency accounts to all citizens and legal entities; The ruble exchange rate against foreign currencies is formed on the basis of supply and demand at auctions, exchanges, the interbank market, when buying and selling currency by commercial banks and other legal entities and citizens.
However, all the problems were not resolved at once - a spontaneous currency market arose, which very quickly turned into a serious threat to the fragile new Russia. There were many brokerage companies operating at various commodity exchanges, ready to serve the foreign exchange operations of enterprises and organizations. But the danger was not in them, but in the fact that fraudulent schemes began to develop, exchangers stood on every corner - buying or selling currency was as simple as a pack of cigarettes or ice cream. Currency trading had to be streamlined - first of all, between banks.
January 9, 1992 Moscow Interbank Currency Exchange (MICEX) CJSC was established. The MICEX has become one of the key institutions of the Russian currency market. Based on the results of exchange trading, a single official ruble to dollar exchange rate was established, according to which banks settled with enterprises and on the basis of which exchange rates were set. Clear trading rules on the exchange ensured the transparency of the ruble exchange rate formation process, which was necessary for both the Central Bank of the Russian Federation and the banks participating in the auction and containing customer accounts.
In 1993-1994, another five specialized interbank currency exchanges were created and received licenses of the Central Bank of the Russian Federation for organizing and conducting operations on the purchase and sale of foreign currency.
In May 1992 It was decided that Russia would join the International Monetary Fund, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), confirming Russia's intention to take an active part in international economic relations.
However, the general liberalization of foreign economic activity in the absence of a well-formed and streamlined mechanism for regulating and controlling the sphere of currency relations, as well as against the background of political and economic instability, provoked a powerful outflow of capital from the country. In this regard, the legislative acts have substantially improved the provisions on currency control, which is still in our country.
The Russian economy suffered both from the macroeconomic situation and from internal factors. As a result, on August 17, 1998, a technical default was declared on the main types of government debt obligations. The transition to a model of tight currency regulation was carried out in a deep crisis in the country's economy. The financial crisis was accompanied by global, almost paralyzing, problems in the real sector of the economy, stagnation of production, a decrease in gross domestic product, general economic and political instability in the country, general non-payments and large-scale capital outflows abroad. External factors accompanying the crisis were the deepening international financial crisis and a new drop in world oil prices, which is the country's main source of export revenue.
Tough measures were needed. It was announced that it would refuse to maintain a stable ruble exchange rate against the dollar, which had previously been artificially supported (towards overstatement) by massive interventions by the Central Bank of Russia. The ruble has depreciated. This is what this historical moment looked like:
Since 2001, a tendency towards liberalization of the sphere of foreign exchange relations has again emerged in Russia. The gradual transition to the implementation of a model of moderate liberal currency regulation was due to the relative stabilization of the socio-economic situation in the country, the stable state of the domestic foreign exchange market in 2000, favorable external economic conditions (high prices for the main commodity exports of the country - oil, ferrous and non-ferrous metals) , which still had the effect of the 1998 devaluation of the ruble, which increased the competitiveness of Russian goods on the world market. Important factors that stimulated the gradual easing of existing currency restrictions were the desire of the country's leadership to speed up the process of bringing Russian legislation in line with international requirements and WTO rules, and also meet the current trend of liberalization of capital flows in the world. The main goal of liberalization was seen in a radical improvement of the investment climate in the country, increasing the attractiveness of the Russian economy to foreign investors.
The moment of transition to the implementation of the liberal model of currency regulation was determined by a specific date - January 1, 2007. And it is spelled out in Article 26 of the Federal Law “On Currency Regulation and Currency Control” of 2003, but in fact already since July 2006. The restrictions on the implementation of currency operations of capital flows were lifted, which allowed us to talk about a formal transition to full convertibility of the ruble - both for current and capital foreign exchange transactions. The economic preconditions for the early cancellation of requirements for the reservation and use of special accounts were the stable state of the Russian economy, the state budget surplus, the high level of foreign exchange reserves and the systematic excess of foreign currency supply over demand for it in the domestic foreign exchange market. However, it must be borne in mind that the indicated positive trends were formed in the economy mainly due to the favorable pricing environment for the main Russian export items, namely oil. The political component is also possible.
Today, Russia has a floating exchange rate regime. This means that the ruble exchange rate is not fixed and no goals are set for the level of the course or the rate of change. The dynamics of the ruble exchange rate is determined by the ratio of demand for foreign currency and its supply in the foreign exchange market. You can read in detail about the CBR exchange rate policy here .
The lessons of the past are perceived or rejected, sometimes repeated. What will happen next will be judged by history. One thing is obvious: we live in an open world, with an open economy and that is why monetary relations should be given significant attention.
Well, you can still exchange currency at the exchange rate without leaving your home and with fixing here .
The first period of monetary relations is pre-revolutionary. It covers a huge period of time from the 9th century to 1917. Moreover, almost until the 17th century, foreign currency was not mentioned and the exchange was not regulated in any way, although it is possible to meet, for example, laws providing for penalties for counterfeiting the national currency (kuna, ruble). Only the Novotrade Charter of 1667 introduced an obligation under which foreign merchants were required to present foreign currency (gold and yefimki) at customs and exchange it for Russian money at the prescribed rate: "for gold for the ruble, for yefimki for dimes." In case of violation of the rules, foreign currency was confiscated in favor of the state. Despite the fact that, until 1917, foreign exchange regulations did not appear, there were precedents for decrees related to the ban on the export of currency. However, the prohibitions were easily dispensed with in practice, and a little later, in 1729, the scheme popular with the "emigrants" was officially enshrined in the Charter of the bill. The scheme is simple and clear: currency values could be taken out of the country by paying money at the fair, receiving in return a bill, which was entrusted to the money changer counterparty abroad, to give out the amount of money in currency to the person on whom the bill was written.
By the way, in 1792, the United States established the gold content of the domestic currency, which allowed it to be correlated with the value of the currencies of foreign countries of the world. The dollar exchange rate of tsarist Russia was in a narrow corridor in the region of 1.3 rubles for 1 USD. The course has been stable for almost a century and has remained virtually unchanged.
A minute of useful advertising. BCS, of course, did not change that time, but we have an interesting and profitable currency exchange service
There are a lot of jokes among the people that the only thing that I would like to change in the past is to go back and buy a currency at a low price, so that now I can buy something very expensive on it. And this is the very joke in which the proportion of jokes, and the rest is pure truth.
Current political and economic conditions are such that the exchange rate can change significantly in a very short time, sometimes even a few hours. And it is to private investors (that is, ordinary citizens without the status of a professional market participant) that it literally becomes a shame that an opportunity was missed. It is especially important to “grab” the desired rate during the holidays to travel abroad with a larger amount.
BCS makes it possible to fix a profitable rate online at the moment you need, and exchange currency for 3 days at this fixed rate. The benefits speak for themselves.
You can exchange currency here .
Current political and economic conditions are such that the exchange rate can change significantly in a very short time, sometimes even a few hours. And it is to private investors (that is, ordinary citizens without the status of a professional market participant) that it literally becomes a shame that an opportunity was missed. It is especially important to “grab” the desired rate during the holidays to travel abroad with a larger amount.
BCS makes it possible to fix a profitable rate online at the moment you need, and exchange currency for 3 days at this fixed rate. The benefits speak for themselves.
- You exchange currency at the exchange rate, without marginal bank markups. To book a course, only a part of the amount is sufficient, namely 9%.
- To use the service it is not necessary to be a client of BCS Bank. You only need the Internet, a passport and a bank card of any bank. By the way, you can exchange using the BCS Currency mobile application available for iOS and Android platforms.
- 9% of the transaction amount that you pay when fixing the rate is returned. In fact, 9% are similar to the payment for booking a hotel room. These funds that you deposit at the time of fixing the rate will be returned to you upon completion of the transaction with the currency in full. You do not pay anything extra: all the money you deposit will be converted at your chosen rate.
- Currency is easy to get. You can call the courier home or office - a bank representative will come to you to open a bank account - you sign the contract, and the funds will be credited to your account. A representative of BCS Bank will deliver a plastic card to BCS Bank, to which funds will be credited in the purchased currency - dollars, euros or rubles. If you need cash, you can get it at any branch of BCS Bank.
You can exchange currency here .
At the dawn of its existence, the Soviet government began to tighten nuts in the field of foreign exchange relations, in 1921 a decree of the Council of People's Commissars “On Transactions with Foreign Currency and Precious Metals” was issued, which directly established the monopoly of the RSFSR State Bank on the purchase and sale of foreign currency and precious metals in coins and bullion . The violation was recognized as speculation and punishable by p.138 of the RSFSR Criminal Code with imprisonment for a term of six months. But during the NEP there was a liberalization of the exchange rate, which made a tangible contribution to the revitalization of the economy of the young country. The export and transfer of funds abroad was restricted, transactions with currency, checks, bills were allowed. Any person could come to the stock exchange and make any transaction with currency values through a stock broker without obtaining any permits for a currency transaction. By the way, by 1923, it was necessary to give 2.3 million rubles for 1 dollar. The denomination of the Russian ruble was carried out, in 1925 the course went up to 2 rubles with copecks.
However, by 1925 there were measures punishable by imprisonment of anyone who violated restrictions. On January 7, 1937, the Soviet state received the very legendary monopoly on currency transactions and other operations, which some of us learned from films and books, while someone else found this period at a conscious age. In July 1937, the Soviet government officially began to calculate the rate of the Soviet ruble against the US dollar.
The basis of the USSR monetary system was the currency monopoly of the state, which had exclusive rights to own and dispose of foreign currency. The currency monopoly was an integral part of the country's foreign economic policy. In short, in the field of currency and international economic activity, everything that was not permitted by law was prohibited, but little was allowed. The existence of a currency monopoly in the USSR partially insulated the country from the influence of many external negative factors and made it possible to survive the collapse of two world currency systems — the Genoese and Bretton Woods — without much upheaval. However, changes in the world order were reflected in the monetary policy of the USSR State Bank in the form of periodic devaluations of the ruble and changes in the procedure for calculating the exchange rate.
After the war, US policy put pressure on the economy of the USSR, dependence on the dollar required intensive industrial development, which was achieved with great difficulty in the postwar years - it was necessary to rebuild your country. Western countries imposed cheap exports on the Soviet Union; this was unprofitable and significantly affected the general economic situation in the country. Alternatives were needed.
The USSR managed to completely get rid of dependence on USD only in the 50s. In the very beginning of the 50s, shortly before his death, Stalin hatched a promising idea in his opinion to create a block of states that would completely abandon the dollar.
Under the circumstances, the idea was sound, but died with the leader. Since the end of the 50s, international trade of the USSR again began to be carried out in dollar terms, which again hit the economy.
As part of the Khrushchev monetary reform of 1961, another denomination was held. Rubles were exchanged for new at a ratio of 10 to 1. In the same way the price level was changed. Such transformations also affected the price of the dollar - it depreciated sharply and began to cost 90 kopecks per 1 dollar. This was mainly due to an increase in the gold content of the ruble from 0.221 grams to 0.987 grams. It is believed that the exchange rate was artificial and did not reflect the real value of the Soviet currency.
However, further events contributed to the strengthening of the ruble. In 1963, an interstate settlement unit (transfer ruble) was created between the countries of the Council for Mutual Economic Assistance (CMEA), and in 1973 the “gold standard” in the USA was canceled. As a result, in 1974 for 1 dollar they gave only 75 kopecks, and similar trends in the official market continued until the end of the Soviet era.
All private currency transactions took place on the black market - for ordinary Soviet citizens in a socialist state, access to foreign currency was closed. In fact, there was a complete ban for residents and non-residents to conduct foreign exchange transactions (there were exceptions, and they concerned persons who worked abroad or received fees, inheritance and had the right to open certain types of accounts with Vneshtorgbank, but again they could control their currency very limitedly) . On the territory of the USSR, circulation of currency as a means of payment for citizens was allowed only in currency shops "Birch", the assortment of which included scarce groups of goods that were not available for free sale to most citizens. They had the right to purchase goods by foreigners and members of consulates, diplomatic missions,
The Beryozka chain of stores was not only currency, but also check. The checks were pseudo-rubles issued to Soviet citizens officially working abroad in exchange for foreign currency upon entering the USSR. They could not be paid in ordinary stores, but they were the only means of payment in the check "Birch". However, in these stores there were no goods that were needed in everyday life, so often checks settled "until better times."
The period since August 1986 to August 1991 It was a turning point and difficult in the history of the Soviet state, which, of course, could not but affect the economy. In the sphere of regulation of currency relations, in connection with the begun decentralization of foreign economic activity, the country's leadership demonstrated its readiness to abolish the state currency monopoly. 20 ministries and departments, as well as more than 70 large companies received the right to directly carry out export-import operations, and by the end of 1986 there were more than two hundred such organizations. Since April 1, 1989 All enterprises got the right to enter foreign markets, but they could only trade products of their own production.
In the late USSR, foreign capital began to come, the first joint ventures appeared with the countries of the socialist camp, the developing and western capitalist countries. Enterprises received the right to use part of the foreign exchange earnings, a little later, operations with foreign currency began to be carried out practically without restrictions, but with licensing.
The reform also affected individuals. Vnesheconombank opened two types of foreign currency accounts for citizens: “B” - for crediting alimony, inheritance, pensions with a limit on the amount that can be withdrawn at one time for export abroad; “B” - for salary, fees without restrictions. In 1988-1989. miserable interest began to be paid on current accounts of citizens, subject to the introduction of the established minimum amount. Currency from these accounts could be used to purchase scarce goods or exchange for rubles. Cash currency legally imported from abroad could be freely stored and exported during the year. Nowhere has the legal prohibition of physical persons holding foreign currency not at Vnesheconombank, but in practice its monopoly on operations with the currency of Soviet citizens has been preserved.
On November 1, 1989, the USSR State Bank began to set a special ruble exchange rate, which banks should apply when selling freely convertible currencies to citizens traveling abroad on personal business, and when paying rubles from Soviet citizens' foreign currency accounts, as well as to state, cooperative and other enterprises for purposes related to travel of their business employees abroad. For example, if the official rate was 63 kopecks for $ 1, the special one was 6 rubles 26 kopecks. This was the first step towards market exchange rate formation.
The transition to market exchange rate formation was carried out by introducing on the territory of the USSR from 02.11.1990 the commercial exchange rate of the ruble, at which most of the foreign exchange operations were carried out. As of November 2, 1990, the commercial ruble exchange rate was 1.66 rubles. for the US dollar, while the official - 55 kopecks. for the US dollar. The formation of a free foreign currency cash market also took place during this period: from July 24, 1991, the USSR State Bank began to establish the tourist ruble exchange rate, which was determined on the basis of the ratio of the purchase and sale of foreign currency cash by commercial banks from Soviet and foreign citizens. Being the least regulated segment of the domestic foreign exchange market, the cash foreign exchange market formed a tourist rate at 32 rubles. for the US dollar on 07.24.1991, i.e. almost 60 times higher than the official rate.
In the very beginning of the 90s, the foreign exchange market began to take shape in the USSR - from April 1991. The USSR State Bank Currency Exchange started operating, on which the largest banks conducted operations on the purchase and sale of currency. At these trades, a single market ruble exchange rate for non-cash transactions of banks was formed - the exchange rate, which by the end of the year became the main reference point in establishing official ruble rates by the Central Bank of the Russian Federation.
It was at this stage that key events took place in the country's transition to a market economy and liberal monetary relations. By decree of the President of the RSFSR of November 15, 1991 No. 213 “On the liberalization of foreign economic activity in the territory of the RSFSR”, all enterprises and their associations registered in the territory of the RSFSR were allowed to carry out foreign economic activity regardless of their form of ownership, as well as opening foreign currency accounts to all citizens and legal entities; The ruble exchange rate against foreign currencies is formed on the basis of supply and demand at auctions, exchanges, the interbank market, when buying and selling currency by commercial banks and other legal entities and citizens.
However, all the problems were not resolved at once - a spontaneous currency market arose, which very quickly turned into a serious threat to the fragile new Russia. There were many brokerage companies operating at various commodity exchanges, ready to serve the foreign exchange operations of enterprises and organizations. But the danger was not in them, but in the fact that fraudulent schemes began to develop, exchangers stood on every corner - buying or selling currency was as simple as a pack of cigarettes or ice cream. Currency trading had to be streamlined - first of all, between banks.
January 9, 1992 Moscow Interbank Currency Exchange (MICEX) CJSC was established. The MICEX has become one of the key institutions of the Russian currency market. Based on the results of exchange trading, a single official ruble to dollar exchange rate was established, according to which banks settled with enterprises and on the basis of which exchange rates were set. Clear trading rules on the exchange ensured the transparency of the ruble exchange rate formation process, which was necessary for both the Central Bank of the Russian Federation and the banks participating in the auction and containing customer accounts.
In 1993-1994, another five specialized interbank currency exchanges were created and received licenses of the Central Bank of the Russian Federation for organizing and conducting operations on the purchase and sale of foreign currency.
In May 1992 It was decided that Russia would join the International Monetary Fund, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), confirming Russia's intention to take an active part in international economic relations.
However, the general liberalization of foreign economic activity in the absence of a well-formed and streamlined mechanism for regulating and controlling the sphere of currency relations, as well as against the background of political and economic instability, provoked a powerful outflow of capital from the country. In this regard, the legislative acts have substantially improved the provisions on currency control, which is still in our country.
The Russian economy suffered both from the macroeconomic situation and from internal factors. As a result, on August 17, 1998, a technical default was declared on the main types of government debt obligations. The transition to a model of tight currency regulation was carried out in a deep crisis in the country's economy. The financial crisis was accompanied by global, almost paralyzing, problems in the real sector of the economy, stagnation of production, a decrease in gross domestic product, general economic and political instability in the country, general non-payments and large-scale capital outflows abroad. External factors accompanying the crisis were the deepening international financial crisis and a new drop in world oil prices, which is the country's main source of export revenue.
Tough measures were needed. It was announced that it would refuse to maintain a stable ruble exchange rate against the dollar, which had previously been artificially supported (towards overstatement) by massive interventions by the Central Bank of Russia. The ruble has depreciated. This is what this historical moment looked like:
Since 2001, a tendency towards liberalization of the sphere of foreign exchange relations has again emerged in Russia. The gradual transition to the implementation of a model of moderate liberal currency regulation was due to the relative stabilization of the socio-economic situation in the country, the stable state of the domestic foreign exchange market in 2000, favorable external economic conditions (high prices for the main commodity exports of the country - oil, ferrous and non-ferrous metals) , which still had the effect of the 1998 devaluation of the ruble, which increased the competitiveness of Russian goods on the world market. Important factors that stimulated the gradual easing of existing currency restrictions were the desire of the country's leadership to speed up the process of bringing Russian legislation in line with international requirements and WTO rules, and also meet the current trend of liberalization of capital flows in the world. The main goal of liberalization was seen in a radical improvement of the investment climate in the country, increasing the attractiveness of the Russian economy to foreign investors.
The moment of transition to the implementation of the liberal model of currency regulation was determined by a specific date - January 1, 2007. And it is spelled out in Article 26 of the Federal Law “On Currency Regulation and Currency Control” of 2003, but in fact already since July 2006. The restrictions on the implementation of currency operations of capital flows were lifted, which allowed us to talk about a formal transition to full convertibility of the ruble - both for current and capital foreign exchange transactions. The economic preconditions for the early cancellation of requirements for the reservation and use of special accounts were the stable state of the Russian economy, the state budget surplus, the high level of foreign exchange reserves and the systematic excess of foreign currency supply over demand for it in the domestic foreign exchange market. However, it must be borne in mind that the indicated positive trends were formed in the economy mainly due to the favorable pricing environment for the main Russian export items, namely oil. The political component is also possible.
Today, Russia has a floating exchange rate regime. This means that the ruble exchange rate is not fixed and no goals are set for the level of the course or the rate of change. The dynamics of the ruble exchange rate is determined by the ratio of demand for foreign currency and its supply in the foreign exchange market. You can read in detail about the CBR exchange rate policy here .
The lessons of the past are perceived or rejected, sometimes repeated. What will happen next will be judged by history. One thing is obvious: we live in an open world, with an open economy and that is why monetary relations should be given significant attention.
Well, you can still exchange currency at the exchange rate without leaving your home and with fixing here .
Disclaimer
Joint-stock company “BCS - Investment Bank” (JSC “BCS Bank”), general license for banking operations of the Central Bank of the Russian Federation No. 101 dated 12/15/2014. The
service is provided to individuals who are residents of the Russian Federation who have reached the age of 18 years with a valid passport of a citizen RF The maximum amount of reserved non-cash currency is limited by JSC “BCS Bank” unilaterally. Settlements for a sale transaction of reserved non-cash currency are carried out through current accounts with the Bank, open to individuals under the Comprehensive Banking Services Agreement for Individuals at BKS Bank JSC, the text of which is posted on the Bank’s website on the Internet at bcs-bank.com/ tarif_debet_card(hereinafter referred to as the DCCO). The Bank shall have the right to refuse to the Client a currency exchange, to conclude a securities account and open current accounts. The Bank charges a commission for the provision of services in the amount of 9% of the amount of the reserved non-cash currency, but not more than 15,000 rubles. The commission is charged in Russian rubles. If the reserved currency is foreign currency, the commission is calculated from the amount of the reserved currency at the transaction rate.
The conditions are valid as of June 23, 2016.
service is provided to individuals who are residents of the Russian Federation who have reached the age of 18 years with a valid passport of a citizen RF The maximum amount of reserved non-cash currency is limited by JSC “BCS Bank” unilaterally. Settlements for a sale transaction of reserved non-cash currency are carried out through current accounts with the Bank, open to individuals under the Comprehensive Banking Services Agreement for Individuals at BKS Bank JSC, the text of which is posted on the Bank’s website on the Internet at bcs-bank.com/ tarif_debet_card(hereinafter referred to as the DCCO). The Bank shall have the right to refuse to the Client a currency exchange, to conclude a securities account and open current accounts. The Bank charges a commission for the provision of services in the amount of 9% of the amount of the reserved non-cash currency, but not more than 15,000 rubles. The commission is charged in Russian rubles. If the reserved currency is foreign currency, the commission is calculated from the amount of the reserved currency at the transaction rate.
The conditions are valid as of June 23, 2016.