ДИПЛОМ, Пятак Мария (1225544), страница 13
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Monetary policy is subdivided into structural and current. Structural currency policy is aimed at the implementation of structural changes in the global monetary system. Structural currency policy is a set of long-term activities aimed at the implementation of structural changes in the monetary system. This policy is pursued in the form of the currency reforms aimed at improving the principles of interaction of all countries, and is usually accompanied by a struggle for the consolidation of the position of individual currencies and the achievement of privileges. This structure that results in the formation of monetary policy is the current trend which includes a set of short-term measures to regulate exchange rates, foreign exchange situation and the functioning of the market of precious metals.
Current monetary policy is a set of short-term measures that are used in daily operational control of the exchange rate, foreign currency transactions and foreign exchange market operations.
The object of monetary policy is currency values – foreign currency and foreign securities. Currency of the Russian Federation is an object of legal regulation of monetary policy and when the non-residents are involved in economic relations. For instance, if the buyer of the Russian securities for Russian rubles is a foreign non-resident company, there is a relationship governed by the rules of the currency legislation laws.
The ‘foreign currency’ is understood as a cash currency (banknotes in the form of bank notes, treasury notes, coins in circulation and are legal tender on the territory of the State or group of States and have been withdrawn from circulation but can be exchanged banknotes) and non-cash (funds on accounts in monetary units of foreign states and international monetary or settlement units).
In compliance with Federal Law № 173-FZ "On Currency Regulation and Currency Control" the currency values are also foreign securities: payment documents, which are the main types of checks, bills of exchange and letters of credit. A list of payment documents by the law open as a result of the improvement of banking services, new types of payment instruments; stock value – stocks and bonds denominated in foreign currency; other debt instruments denominated in foreign currency (treasury bills, consignment notes, bills of lading, etc.) [1].
Securities just like banknotes must meet the requirements of authentication and payment. Securities denominated in foreign currency may be issued both abroad and in the Russian Federation.
The subjects of monetary policy are determined by the law "On Currency Regulation and Currency Control" bodies and agents of currency regulation and currency control.
The bodies of currency regulation in the Russian Federation are the Central Bank and the Government of the Russian Federation. Accordingly, the exchange control authorities are the Central Bank of the Russian Federation, the federal agency (federal authorities) of executive power authorized (authorized) by the Government of the Russian Federation.
Currency control agents are both the authorized banks and not authorized banks which are professional participants of the securities market as well as the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, the customs authorities, and the tax authorities.
Monetary policy is aimed at achieving the main goals of economic policy: to ensure the sustainability of economic growth, curb rising unemployment and inflation, to maintain the balance of payments equilibrium.
Along with the overall strategic objective of monetary policy, consistent with the goal of general economic policy, distinguish tactical or operational purposes:
1) Strengthening the monetary and financial situation of the country.
2) Increasing its international solvency and creditworthiness of the international monetary liquidity.
3) Increasing the investment attractiveness of the country for foreign investors and countering "capital flight" abroad.
4) Strengthening the national currency, the creation of conditions for its convertibility and stability of the exchange rate against foreign currencies [8].
As seen in Figure 1.1, the monetary policy consists of multiple elements.
Elements of monetary policy
International currency cooperation and participation in microfinancial organizations
Currency regulation and currency control
Management of official currency reserves
Regulation of an exchange rate
Figure 1.1 Elements of the monetary policy
The basic principles of currency regulation and currency control in the Russian Federation are:
1) The priority of economic measures for implementing the state policy in the sphere of currency regulation.
2) Elimination of unjustified interference by the State and its organs in the foreign exchange operations of residents and non-residents.
3) The unity of the external and internal monetary policy of the Russian Federation.
4) The unity of the system of the currency regulation and the currency control.
5) Ensuring the state to protect the rights and economic interests of residents and non-residents for currency transactions [20].
The Central Bank of the Russian Federation is responsible for the implementation of the state monetary policy.
Thus, the monetary policy of the Russian Federation is a collection of all the activities carried out by the state and the Central Bank in the field of currency and monetary relations, with the ultimate goal of the impact on the economy and the purchasing power of the national currency and includes currency control and currency regulation. Exchange control is implemented through the mechanism of foreign exchange restrictions, the observance of which is ensured by the existence of currency controls. Foreign exchange restrictions are part of the government protectionist measures. Exchange control in the Russian Federation is assigned in accordance with the law on the government of the Russian Federation, bodies and currency control agents. Currency control agents are organizations which, in accordance with the law may exercise the functions of currency control.
Effective monetary policy should help to create a favorable investment climate and a positive increment of the main macroeconomic indicators in the first place, such as GDP growth, inflation reduction, minimization of illegal capital flight abroad, and the formation of the inflow of foreign investment into the country. Outward manifestation of an effective monetary policy may be to improve the balance of payments and the stability of the national currency, the introduction of the regime of its complete reversibility.
After the collapse of Bretton Wood’s monetary system and the transition of developed countries to floating exchange rates, the main trend in modern monetary policy was the liberalization of national and international exchange regulations. It has contributed to the deepening of the process of globalization of the world economy - the growth of economic interdependence, mutual influence on price levels, interest rates, increased migration of capital, including in the form of loans and investment, the development of international standards, etc. [28].
There are two opposing trends of the monetary policies in the world now: coordination, seeking joint solutions to monetary problems and differences due to the desire of each country to benefit at the expense of others. In this regard, periodically breaking out in the world currency wars for markets, spheres of capital, sources of raw materials through the use of various forms of monetary policy.
The current stage of globalization is characterized by the refusal of most countries of the foreign exchange restrictions, opening of capital markets. Exchange control is gradually disappearing from the arsenal of the mechanisms of monetary policy and is transformed into proceeds of crime control system.
World experience shows that correctly chosen and skillfully executed strategy of the state in the monetary sphere has a stimulating effect on economic development and strengthening the international position of the country. The errors in the conduct of monetary policy entails negative consequences not only in economy, but also in the social sphere, and become a cause of competitiveness loss in many sectors of the world market.
1.2 Currency regulation and currency control. Models of currency regulation in Russia and abroad
Currency regulation is the form of state regulation of foreign economic activity, carried out in order to protect public interests of the state [12].
Foreign exchange regulation is based on the currency legislation laws that is a system of rules governing the procedure for conducting foreign exchange operations and defining the rights and obligations of legal and natural persons in respect of the ownership, use and disposal of currency values [19].
The objectives of currency regulation are as follows:
1. Maintaining a stable exchange rate of the national currency and the national balance of payments.
2. Promoting and protecting the ownership of currency values.
3. Establishing and implementing a particular order of operations with currency values in the domestic foreign exchange market, the order of currency values move outside the state or to its territory from abroad and the regime of foreign investment.
4. Regulating the International Settlements.
5. Achieving the desired (integration or insulating) mode of interaction of the country with the world currency market.
6. Establishing and operating the foreign exchange control authorities and currency control agents [5].
Main directions of currency regulation:
1. Currency transactions between residents and non-residents. In this case, the limits are set in order to prevent a significant reduction in international reserves, sharp fluctuations in the exchange rate of the Russian Federation, as well as to maintain the stability of the balance of payments of Russia.
2. Regulation of the Government of the Russian foreign exchange operations of capital movements. The Russian government has the right to establish requirements for reservation of certain amounts in the case of the settlements and transfers between residents and nonresidents for export of certain goods and others.
3. Regulation of the Central Bank foreign exchange operations of capital movements. The powers of the Bank of Russia on foreign exchange regulation in this case are exclusively the right to establish the requirement on the use of a special account, or reserve requirement.
4. Currency transactions between non-residents. In this case, the law establishes a list of currency operations, which have the right to fully exercise between non-residents.
5. The functioning of the internal currency market of the Russian Federation. The main regulatory effect relationship here is aimed at purchase and sale of foreign currency and checks (including traveler's checks) denominated in foreign currency. These transactions are made only in the Russian Federation through authorized banks.
6. Regulation of the procedure for opening accounts by residents in banks located outside the territory of the Russian Federation. The law provides that residents open without limitations accounts (deposits) in foreign currency in banks located in foreign countries that are members of the Organization for Economic Cooperation and Development or the Financial Action to combat money laundering.
7. Determination of operation order of non-residents accounts (deposits), opened on the territory of the Russian Federation. Non-residents of the Russian Federation shall have the right to open bank accounts (bank deposits) in foreign currency and Russian rubles only at authorized banks.
8. Regulation of import into the Russian Federation and export from the Russian Federation currency values, currency of the Russian Federation and domestic securities. The law states that the import of Russian foreign currency and foreign securities in the documentary form is carried out by residents and non-residents without restrictions subject to the requirements of the customs legislation of the Russian Federation. Individuals - residents and non-residents are entitled to a lump sum to export from the Russian Federation foreign currency in an amount equal to the equivalent of 10 thousand USD. At single export of Russian natural persons - residents and individuals - non-residents of foreign currency in cash in an amount equal to the equivalent of 3,000 US dollars, exported cash foreign currency is to be declared to customs authorities.
Currency control is the control over the conduct of foreign exchange transactions in order to bring them into line with the standards and requirements of the current legislation [12].
Exchange control is carried out in those countries where the national currency is not freely convertible.
The main purpose of foreign exchange controls – is the counteraction to a capital flight.
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