Characteristics of the legal regulation of the Central Bank of the Russian Federation

Abstract

A key element of the financial system of any developed state today is the Central Bank, which acts as the official conductor of monetary policy. In turn, monetary policy forms the basis of all state regulation of the economy along with budgetary policy. Therefore, the effective operation of the central bank is one of the conditions for the effective functioning of the market economy. The Bank of Russia is a legal entity and has a seal with the image of the State Emblem of the Russian Federation and its name. The Bank of Russia has passed a special historical path. He has survived many cataclysms and reorganisations. Nevertheless, it has been at the head of the Russian banking system for more than 160 years. The study object was the Central Bank of Russia and its management structure. The study subject was the norms regulating the relations developing in financial activity, as well as the theoretical developments of scientists on this issue. The study purpose was to examine the essence, functions, goals and objectives of the Central Bank of the Russian Federation. The methodological basis was the dialectical method, as a general scientific method of cognition, and separate private scientific methods such as logical, formal-legal, comparative-legal, and historical-legal. In the course of the study, regulatory legal acts and a number of research works by specialists in this field were used. The author concludes that the Central Bank is a key link in the entire banking system of Russia. It performs a monopoly issue of money; it is the bank of banks, the banker of the Government, the main settlement center of the country and the body regulating the economy by monetary methods. They are the functions of the Bank of Russia. Its status, tasks, functions, powers, and principles of organisation of activities are defined by the law On the Central Bank of the Russian Federation (Bank of Russia) dated July 10, 2002.