The Legal Basis of the Russian Monetary System
DOI:
https://doi.org/10.61726/2376.2025.50.20.001Keywords:
Central Bank of Russia, banking system, monetary system, Russian economyAbstract
The monetary system is one of the main factors regulating the impact of the state on the economy, determining the methods and possibilities of stabilising inflation and negative trends. The modern monetary system is a collection of credit money and the institutions that issue, distribute, circulate, and coordinate it. The main institution of the monetary system is the banking system. The process of globalisation unfolding in the world is leading to the elimination of borders between national monetary circulation systems. As a result, a single financial space and a global capital market are being created. The Russian economy cannot stay away from the process of global integration. Isolation has a negative impact on domestic market reforms. The study object is social, economic and financial relations in the sphere of functioning of the monetary system. The study subject is the fundamentals of the monetary system of Russia. The purpose aims to examine the Russian monetary system. The study used methods such as analysis, synthesis, generalisation, as well as statistical, graphical and comparative methods. The author concludes that monetary systems are subsystems of the general formation of the economic system. The monetary system operates within the framework of general and special monetary legislation and is subject to the general legal norms of the company. One of the special indicators is the monetary base, which includes cash in circulation, including cash at the cash desks of commercial banks, funds in the Reserve Fund of Claims and funds on correspondent accounts of the Bank of Russia in commercial banks. The analysis of the dynamics of the money supply did not reveal significant trends. Aggregate demand is unlikely to put upward pressure on inflation. It is established that the regulation of monetary circulation, entrusted to the Bank of Russia, is performed according to the main directions of monetary policy, is formed and approved in accordance with the procedure established by the Law on Banks.
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