De Noye Emis Sia. Emission of monetary signs. What do you need money emissions

Emissions - Edition in circulation money and securities.

Money issue is governed by legislation and is carried out by the state, which distributes this function between the Central Bank and the Treasury. The Central Bank issues credit money - banking tickets (banknotes). The Treasury produces treasury tickets and exchangeless coins.

The issue in circulation of monetary signs in all forms leads to an increase in the money supply in circulation. Main forms of emissions:

1) Emissions credit money - banknotes;
2) depository - check emission;
3) Emissions of securities.

According to the Constitution of the Russian Federation, monetary emissions, i.e. The issue of money in appeal, in the Russian Federation is carried out exclusively by the Central Bank Russian Federation. The monetary unit in the Russian Federation is the ruble. The introduction and emissions of other money in the Russian Federation is not allowed. The Constitution of the Russian Federation, imposing the function of the issue of money in circulation to the bank of Russia, does not limit the powers of the Bank of Russia any form of emission. The Bank of Russia carries out emissions of money in cash and non-cash forms.

The Bank of Russia is carried out in the procedure established by the legislation of the Russian Federation, the procedure for circulation and withdrawal from the circulation of monetary signs in the territory of the Russian Federation. Non-cash emission of money is carried out in the process of deposit and loan operations. The Bank of Russia regulates cash and cashless emissions by means of monetary policy. The use of emission of money directly to finance the deficit of the state budget of the Russian Federation is prohibited.

In order to limit the possibilities of commercial banks on the implementation of deposit emissions in the Constitution of the Russian Federation, the exclusive right to carry out monetary emissions in all of its forms is provided to the Bank of Russia. However, in the federal law, the monopoly function of the Bank of Russia for the implementation of monetary emissions is limited only by the issuance of cash. Similarly limited and not provided for by the current legislation, the function of the Bank of Russia on the organization of their non-cash circulation. Non-cash, like cash, monetary appeal is subject to regulation in federal legislation. But this area cash circulation Not regulated by bank or other legislation. The procedure for the emission of non-cash money and the organization of their appeal to any authority of the Russian Federation or the Bank of Russia is not legally defined.

Abroad, the emission of money is conducted by the central (emission) banks and treasury (the first produced credit money - banknotes, second-scale tickets and exchange coins). Deposit and check emission that serves as the basis of non-cash payments is made by the commercial and central bank. Emissage of securities (shares and bonds) are carried out joint-stock companies, as well as the state.

The central (emission) bank in most countries belongs to the state. But even if the state does not formally own its capital (USA, Italy, Switzerland) or owns partially (Belgium - 50%, Japan - 55%), the Central Bank performs functions state Body. The Central Bank has a monopoly right to issue (emissions) of banknotes - the main component of the cash mass. He stores official gold and foreign exchange reserves, conducts state policy, regulating the monetary scope and currency relations. The Central Bank participates in public debt management and _ carries out cash-settlement service State budget.

The main passive operation of the Central Bank and one of the forms of emission is the emission of banknotes, receiving deposits of commercial banks and treasury, operations to form their own capital.

Table 4-Overview of the Central Bank (million rubles)

Pure foreign assets
Requirements for non-residents
Monetary Gold and SDR
Foreign currency
Deposits
Securities except shares
Loans

Obligations to non-residents
Deposits
Securities except shares
Loans

Requirements for credit organizations
Pure Organs Requirements government controlled
Requirements for federal government bodies
Securities
Other requirements
Requirements for state administration authorities of constituent entities of the Russian Federation and local authorities
Securities
Other requirements
Obligations to federal government bodies
Deposits
Other obligations
Obligations to the bodies of state administration of the constituent entities of the Russian Federation and local governments
Deposits
Other obligations
Requirements for other sectors
Other financial organizations


Population
Monetary base
Cash currency in circulation
Obligations in front credit organizations
Deposits
Securities except shares
Other commitments to credit institutions
Deposits included in a wide amount of money
Translation deposits
Other financial organizations
Non-financial state organizations
Other non-financial organizations
Population
Other deposits
Other financial organizations
Non-financial state organizations
Other non-financial organizations
Population
Shares and other forms of participation in capital
Other articles (net)
Other liabilities
Other assets

Fiduciary emission - emissions of banknotes, monetary signs, unsecured reserves precious metals (First of all, gold) of the emission bank. Historically, the emission of banknotes was allowed only in the presence of a gold reserve, however, gradually refused the rules. Nowado, the fiduciary emission is dominant.

The main source of resources of the Central Bank in most countries is the emission of banknotes. At the present stage, the issue of banknotes is not secured by gold. Gold Provision of Banknotes is canceled, although in some countries it continues to act.

The source of resources of central banks serve as deposits of treasury and commercial banks. Commercial banks can place part of their cash reserves in central banks for interest-free accounts, including mandatory.

Another form of emission is a deposit and check emission. Produced commercial banks And serves as the basis of non-cash settlements. By volume, the deposit and check emission significantly exceeds the emission of funds. .

Also, one of the forms of emission is the issue of securities.

The emission procedure of emission securities, unless otherwise provided by the legislation of the Russian Federation, includes the following steps:

- the issuance of the decision on the release of emission securities;
- registration of the issue of emission securities;
- for the documentary form of release - the manufacture of certificates of securities;
- placement of emission securities;
- registration of the report on the results of the issuance of emission papers;

North-West Public Service Academy

Course work

on the topic: Emission of cash.

Perched student c. 5446.

Kaoraskaya G.A.

Checked

Pytlin V.V.

Introduction 3.

1 basics of monetary emissions 4

2 Emissions and Emissions 5

2.1 Cash emissions 6

2.2EMISSION Non-cash money 7

2.3 Multiplier 8.

3 Money Emissions on Inflation 10

4Eregulation of the monetary system 12

Conclusion 13.

Used sources 14.

Introduction

1 basics of monetary emissions

Monetary emission - the creation and admission to money turnover Different payments. The need for economic turnover and states in money stimulates the growth of money supply and determines the issuance of money.

Under the actual monetary emission means the issue of an additional amount of monetary signs and payment funds, leading to the growth of money supply.

The task of the issue is to pay off government spending or increase money for the needs of the economy.

The emission is called cash when cash (banknotes and coins) are introduced into circulation; And non-cash - when cashless money is issued.

The issue of non-cash money is primary and is carried out through enrollment of additionally issued money for correspondent accounts in credit institutions (banks) as loans Central Bank or budget allocations.

Emissia of cash is carried out by the Central Bank of the Russian Federation and its settlement and cash centers (RCC). They open in various regions of the country and perform settlement cash service Around these regions of commercial banks. For cash and cash centers, reserve funds and circulatory cash regulations are opening . The reserve funds stores the stock of monetary signs intended for issuing them into appeal, in the event of an increase in the needs of the economy of this region in cash. In the current cash register of the cash center, cash is constantly received from commercial banks, but cash is constantly issued from it. Thus, the money of the current cash register is in constant motion; They are considered money in circulation.

Cash is transformed from non-cash money on deposit accounts, and are an integral part of the money supply created by commercial banks, as a result of a bank multiplier mechanism.

The bank multiplier is the process of increasing (animation) of money on deposit accounts of commercial banks during their movement from one commercial bank to another.

Mechanism management bank multiplierTherefore, the issuance of non-cash money is carried out exclusively by the Central Bank, while the issue is made by the system of commercial banks. The central bank, managing the bank multiplier mechanism, expands or narrows the emission capabilities of commercial banks, thereby performing one of the main functions - the function of monetary regulation.

Modern monetary emission has a credit nature, since the main issue of emission is the issuance of issuing credits by the Central Bank, which occurs in the increase in cash balances in bank accounts and the corresponding increase in money supply. The main channel of the removal of money from turnover is respectively the deviation of emission loans.

In foreign countries, the emission is called deposit-check , because when issuing emission loans, deposits (residues) are formed on customer accounts for issuing checks serving the payment turnover. In our country, various authors call this type of emission differently: and non-cash, and deposit, and credit. Therefore, it is impossible to give an unequivocal answer to the question of what type of monetary emission has a predominant value at this time. But we can say with confidence that the credit nature of the monetary emission today is one of the fundamental principles of the organization monetary system states.

2 emission institutions and types of emissions

Emission institutions and types of emissions.

Budget credit

Ministry of Finance Banks

Treasury Department

to astana Treasury Banknotes Loans

defidential purchase of assets

Cash

Unsecured

Provided

Non-cash

Documentary

Em session institutions in the Russian Federation:

Ministry of Finance (Treasury)

Commercial banks

Species of emissions:

Budget and credit

Cash and cashless

Secured and unsecured

The issue of money is a release of money that leads to a general increase in the money supply in circulation.

Monetary emission is the creation and receipt of various means of payment into the monetary turnover. Monetary emission in a narrow sense - the creation of national currencies by the banking system.

Cash emissions. Cash issuance is the basis for monitoring the expansion of the entire money supply, including funds in the accounts of commercial banks. The release of cash occurs daily on the territory of a particular state within the amounts of deposits. The emission of cash is carried out over the amounts seized from the appeal, and in this sense become a factor in monetary regulation by the Central Bank. The emission of banknotes of the Central Bank is an indicator of its independence.

Non-cash emissions.The essence of non-cash emissions is to create the Central Bank at the expense of its loans of additional payment funds on correspondent accounts of banks, which, in turn, increase their deposits on current client accounts used to conduct non-cash payments. The phenomenon of creating non-cash money - a fundamental property banking system Expand the deposit in the process of lending through a multiple increase in any additional resources incoming to this system, exactly how to reduce deposits while reducing these resources.

Budget emission- appears as a release of money to cover the deficit of the state budget, public spending by purchasing the Central Bank of State Securities at their primary accommodation or accommodation in the secondary market.

Credit emission- This is an increase in the country's money bank by creating new check bills for those customers who received loans from him. In fact, the bank assumes the risk and gives the client the right to pay money to the money, which are still "unopened by the country", that is, there are no real goods behind them, whose cost they should pay for themselves, values \u200b\u200bin the form of noble metals or goods.

Documentary emission - This is the release of cash of the Central Bank of the country in order to increase the money supply in circulation to ensure the economy by legal means of payment. Documentary emission of money, the organization of its appeal and withdrawal from the appeal on the territory of the Russian Federation is carried out exclusively the Central Bank of the Russian Federation.

Defidential money emission - primary, is carried out through enrollment of additional money issued to correspondent accounts in credit institutions (banks) in the form of CB loans or budget allocations. A non-documentary emission is made by the banking system.

Secured emission of money, that is, the issue of money provided by gold.

2.1 Cash emissions

Cash emissions

Cash issuance is their issue in appeal, in which the total mass of cash is increasing. The monopoly of the issue of cash in each country belongs to the Central State Banking Authority: in Russia - the Central Bank of the Russian Federation, in the United States - the Federal Reserve System.

Based on the cash turns of commercial banks and the compiled analytical reporting of the Central Bank, the size of the alleged emission predicts. At the same time, it is very important not only to determine the optimal size of the alleged emission, but also to establish in which regions it should be carried out. The need for cash money legal and individualsserviced by commercial banks is constantly changing.

Treat from the center daily, especially in remote regions monetary cash unrealistic. At the same time, cash emissions are always decentralized. Therefore, the following technology for the delivery of cash in the regions from the center is carried out.

The issuance of cash produces the Central Bank of the Russian Federation and its regional RCC, containing reserve funds and current cash regulations.

The RCC reserve funds stores the stock of monetary signs designed to issue them into circulation in case of increasing the needs of the farm in cash. These monetary signs They are not considered money on handling, they do not make movements, do not accumulate in the form of treasures, do not serve as a means of payment, so they are reserve. In the current cash register, cash from commercial banks is constantly coming out of it. Money in the revolving office is in constant movement; They are considered money in circulation.

If the amount of cash receipts in the account of commercial banks exceeds the established limit for this RCC, the money is withdrawn from circulation and go to the reserve fund. With the need of a commercial bank in cash, the return process takes place. From the account of a commercial bank in the limit of its free reserve of the RCC issues the required amount of cash. RCC is obliged to discuss commercial Bank is free.

How does cash emission occur? Suppose that most commercial banks serviced by the RCC increases the need for cash money, and the receipt of money in their operating cash boxes does not increase equivalently. In this case, the RCC will be forced to increase the issue of cash in circulation. For this, the RCC requests the permission of the Central Bank of the Russian Federation, and when it transfers cash from the reserve fund into the RCC Cash Registry.

For this RCC, it will be an emission operation. At the same time, it should be borne in mind that in the exercise of money, one RCC other RCC can remove cash from its current cash register within the framework of the established limit. Therefore, in terms of the actions of one RCC, it is impossible to judge emissions throughout the country, which in this case covers most of the regions. The Board of the Central Bank of the Russian Federation is a daily balance based on information on the RCC network: where the issue of cash was passed, where their withdrawal.

2.2Miss a non-cash money

Money emission is one of the main elements of the functioning of the monetary system. The release of cash, as well as non-cash, money is constantly going on, but at the same time their number is maintained in the turn, since the process of cash in cash in banks is also maintained. The emission of money is not the manufacture of new banking tickets, but only such a production of them into circulation, in which the increase in the money supply occurs.

It can occur in the form of cash and in the first case it is called emission of money into circulation. The monopoly right to this belongs to the Central Emisy Bank of the country (in Russia - the Central Bank).

No other banks and organizations by law can not be endowed with the right to increase money. In this case, it is possible for accurate control and management of the formation of a monetary aggregate M0 - banknotes, which are simultaneously in circulation beyond the framework of the banking system.

Emission of money is associated with the work of all banks. In our country, a two-level banking system is functioning, this means that the emission mechanism works on the basis of a bank multiplier. That is, the animation (magnification) of money on deposit accounts occurs when they are moved from one to another commercial bank. A multiple money can not be one commercial bank, the entire banking system participates in this process. The credit multiplier is the engine of the entire process, since it is carried out only when lending to the economy; Deposit - reflects the increasing amount of money on bank deposits.

The mechanism is associated with a free reserve - these are all resources of commercial banks that can be used at a certain point for active banking operations. After all, commercial banks have the right to maintain such operations only within the resources that have on accounts. Money on deposits may increase to fivefold. The multiplication mechanism is controlled by the Central Bank, adjusting the monetary turnover in the country.

The emission of money implies the issue of the appeal of all forms of monetary signs. At the turn are produced not only paper monetary signs. Banknotes manufactured by the Central Bank are and reflected in the Treasury emit treasury tickets, as well as in addition to this species there is also a deposit and check emission of money, in which deposits are increasing in the accounts of clients who are increasing in customers banks, which leads to an increase in the number of checks involved in service Cashless payment turnover.

When issuing monetary signs, a regular increase in the amount of money supply in circulation occurs, which is one of the causes of inflation. When applying gold money, their number in the turn was regulated by the needs of this appeal, when gold stalled in the form of treasures in the treasury or was repeatedly entered into circulation. Today with paper-money and credit species Appeals is not capable of self-regulating. An increase in the mass of money is necessary with the increase in the production and implementation of goods produced by the economy. But in a situation where the money supply exceeds the demand for them, the rise in prices begins, inevitably leading to inflation.

The issuance of cash is carried out through their issuance into circulation, accompanied by an increase in the mass of cash in circulation. The Central Bank predicts the size of future emissions and distributes it by regions.

Money is continuously moving in cash and non-cash form, moving from business entities to banks and vice versa. Cash units Do not have a cost equal to the nominal. Only can apply, since the funds carried out by non-cash are reflected only in the form of records on bank accounts.

For the convenience of studying the material, the article split on the themes:

Depending on the growth rates in the market, inflation distinguish:

Cropling, at the annual rate of price increase of 3-4%. Such inflation is characteristic of developed countries, which consider it as a stimulating factor;
Galoping, with an average annual rate of price increase of 10-50% (sometimes up to 100%), which prevails in developing countries;
Hyperinflation, with annual prices of price increases, over 100%, characteristic of countries in certain periods, when they are experiencing a rooted breaking of their economic structure.

Under the influence of inflation, the economic situation in the country worsens, because:

The volume of production is reduced, since fluctuations and rise in prices make insecure prospects for the development of production;
- the overflow of capital from production to trade and intermediary operationswhere faster the turnover of capital and more profit, and it is also easier to avoid taxation;
expressing speculation as a result of a sharp and uneven price change;
- limited credit operations, since no one believes in debt;
- depreciate financial resources of the state.

The main form of stabilization of the monetary system is anti-inflation policy with the help of monetary and state regulation inflationary process. Monetary reform is a complete or partial transformation of the monetary system, carried out in order to streamline and strengthen the monetary circulation. It is carried out by various methods (nullification, restoration,) depending on economic Regulations countries, degrees of impairment of money, state policies by adopting a one-time legislative Act.

Nullification is carried out by annuling the old depreciating money currency and the introduction of a new one.

Restoration involves restoring the former gold currency content, raising the golden course.

Devaluation is a decline in national currency in relation to foreign.

Revaluation is an increase in the national currency rate against foreign.

The denomination is to reduce the rating of the money supply in circulation by exchanging monetary signs to new in the proportions of their impairment, i.e. Method of overclocking zeros.

The method of shock therapy is the type of confiscation monetary reform. It includes exchange paper money at the rate, full or partial freezing bank deposits Population and entrepreneurs, widespread use of free.

Emissions of securities

State regulation of the inflationary process means a complex of state measures aimed at limiting prices and stabilize the monetary system by deflation policy and income policies.

Deflation policy includes methods for limiting money demand by reducing government spending, increase interest rates for credit, strengthening the tax press, limiting the money supply. But it does not contribute to economic growth. Revenue policy involves control and complete freezing of prices and or the establishment of the rigid limits of their growth.

The purpose of the securities emission is to attract the required amount of funds in the lowest possible time. Emissions can be primary or extra. Primary securities emissions are carried out under the establishment of a joint stock company. Additional emission is conducted if the firm needs to attract additional financial means. Additional edition shares can be carried out after approval general meeting The outcome of the previous emission, amending the actual implementation of previously issued shares and the repayment of unrealized shares. In addition, with additional emission of securities, shareholders - owners of voters. Shares have preferential right to acquire them.

In accordance with the Federal Law of the Russian Federation "O", emission securities is any securities, including a non-documentary, which is characterized by both the following features:

Enshrines a set of property and non-property rights subject to certificate, assignment and unconditional implementation in compliance with the laws and procedures established by the legislation;
posted releases;
It has equal scope and timing of the rights within a single issue, regardless of the time of acquiring a security.

In accordance with the specified law in Russia, the issuing securities are shares and bonds.

Promotion is an emission securities that establishes the rights of its owner (shareholder) to receive a part of the profit of the joint-stock company in the form of participation in management joint Stock Company and part of the property remaining after its liquidation. Entrepreneurial firm can emiate simple and preference shares.

The bond is an emission securities that enshrines the right of its holder to receive the bond from the issuer to its term and recorded the percentage of this cost or other property equivalent. The issuer can issue bonds with a one-starred repayment period or bond with a maturity of the series at certain times.

Emisy securities Can be issued in one of the following forms:

Registered securities of the documentation form of the issue (registered documentary securities);
Personal securities of the non-documentary form of the release (Personal securities per bearer).

When making an entrepreneurial decision on the issue of securities, the following main activities are preformed:

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For a deeper understanding of the essence of the Central Bank, it is necessary to define this subject. financial system. In the Big economic dictionaryIn particular, it is indicated that this is a state credit institution entitled to the right of issuing banknotes, regulation of money circulation, loan and exchange rate, storing the official gold and foreign exchange reserve. It is the Bank of Banks, the Government Agent when servicing the state budget.

In the banking system of Russia, the Central Bank of the Russian Federation is defined as chief Bank Countries and lender of the last instance. The functions of the Central Bank as a lender The last instance consists in the fact that it is obliged to lend commercial banks in order to maintain their credit and settlement potential. Since, based on the nature of the commercial bank, he receives funds to fulfill its operations from physical and legal entitieswho are essentially creditors of a commercial bank, then in case of the impossibility of attracting such resources, it is the central bank who must support the possibilities of commercial banks. Thus, this channel of obtaining resources from the Central Bank remains as if "about the supply" - in other words, from the last instance.

Central Bank is in state ownedAnd it is entrusted with the functions of general regulation of the activities of commercial banks within the framework of the Unified Monetary Credit System of the country. Status, tasks, functions, powers, principles of organization and activities of the Bank of Russia as a public legal organization are legally defined by the Constitution of the Russian Federation, federal law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws.

Considering the management structure of the Bank of Russia, it can be said that it forms a single centralized vertical system.

The control system includes:

The central apparatus (CAC), which systematizes and analyzes the information obtained from the regions, predicts the development of the economies of the regions and the country, carries out cash execution federal budget and state international financial transactions;

Territorial institutions - Central banks of the regions that are part of the Russian Federation, which collect information about banks in the subordinate territory, conducts it primary processing and refer to Central Asia;

Cash and cash centers (RCC), which are part of the territorial institutions and perform the following functions: the implementation of calculations between credit institutions and control over these calculations, the storage of values \u200b\u200band cash maintenance of commercial banks (CB), cash execution of the regional budget, carry out operations with valuable securities in foreign currency and control current liquidity KB.

In the scheme organizational structure Central Bank of Russia allocate:

(a) The Board of Directors is the highest authority of the Bank of Russia, which determines the main activities of the Bank of Russia and leads guidance and management of the Bank of Russia.

Functions of the Board of Directors include:

Approval of the annual report on the results of the activities of the Central Bank of the Russian Federation and its presentation in the State Duma;

Interaction with the government in developing and ensuring the main directions in the field of single credit and monetary policy;

Approval and consideration of estimates of the costs of the Central Bank of the Russian Federation;

Decision making: The magnitude of the reserve requirements, on the establishment of standards for credit institutions, on changing the accounting interest rate of the Central Bank of the Russian Federation, to determine the limits on the open market, on the release and seizure of banknotes and coins from the treatment, on monetary monetary control, on the formation of reserves within credit institutions, participation in the activities of international organizations.

The Chairman of the Board of Directors is submitted by the President and is approved by the State Duma for a period of 4 years. The implementation of the functions and divisions assigned to the Bank of Russia. Departments include: Commed Economic Department, Payment Systems and Payments Department, Department accounting and reporting, the department of organization and execution of the state budget and extrabudgetary funds, Payment Balance Department, Department of Field Institutions, Legal Department, Department of Work with Territorial Institutions of the Central Bank of the Russian Federation and others.

The key element of the status of the Central Bank of the Russian Federation is principle of independencewhich manifests itself in that:

The Central Bank of the Russian Federation does not include the structure of federal state bodies;
The Central Bank of the Russian Federation has an exceptional monetary emission right, organizes money circulation;
The Central Bank of the Russian Federation has powers to possession and disposal of its property;
it is not allowed to withdraw the property of the Central Bank of the Russian Federation without its consent;
The Central Bank of the Russian Federation finances its own income expenses;
profit is not the goal of the Central Bank;
The Central Bank of the Russian Federation is not registered in the tax authorities;
the state authorities of the constituent entities of the Russian Federation and local governments do not have the right to interfere with the activities of the Central Bank of the Russian Federation.

Between the Central Bank of the Russian Federation and the bodies of public administration, there is a close relationship: the government is interested in the reliability of the Central Bank, since the Central Bank is crucial in credit system countries and in conducting economic Policy Governments. The President of the Russian Federation and the State Duma control the activities of the Central Bank of the Russian Federation and take part with the right advisory vote on the board of directors.

The central bank is the state body with independence and independence in decision-making: Central Bank is not responsible for the obligations of the state, and the state is not responsible for the obligations of the Central Bank

* for this reason, the Bank of Russia is prohibited to lend a state budget deficit, since the state cannot lend himself.

The Bank of Russia performs the following functions:

1) in collaboration with the Government of the Russian Federation develops and conducts a unified state monetary policy aimed at protecting and ensuring the sustainability of the ruble;

2) monopoloily carries out the emission of cash and organizes their appeal;

3) is the lender of the last instance for credit institutions, organizes the refinancing system;

4) establishes the rules for the implementation of settlements in the Russian Federation;

5) establishes the rules for banking operations, accounting and reporting for the banking system;

6) carries out state registration credit institutions; gives out and recalls licenses of credit institutions and organizations engaged in their audit;

7) supervises the activities of credit institutions;

8) registers the issuance of securities with credit institutions in accordance with federal laws;

9) carry out independently or on behalf of the Government of the Russian Federation, all types of banking operations necessary to fulfill the main tasks of the Bank of Russia;

10) carries out currency regulation, including purchase and sale transactions foreign currency; determines the procedure for making calculations with foreign states;

11) Organizes and implements currency control both directly and through authorized banks in accordance with the legislation of the Russian Federation;

12) participates in the development of the forecast of the balance of payments of the Russian Federation and organizes the preparation of the balance of payments of the Russian Federation;

13) In order to implement these functions, analyzes and predicting the state of the economy of the Russian Federation as a whole and by regions, primarily monetary, currency and financial and price relations; publishes the relevant materials and statistical data; To implement the functions assigned to it, the CBR functions are involved in the development of the economic policy of the Government of the Russian Federation.

Briefly, the central bank functions can be listed as follows:

implementation of monopoly emissions of banknotes;
conducting monetary regulation, monetary policies;
refinancing of credit banking institutes;
regulation of the activities of credit institutions, i.e. carrying out banking supervision;
function of the financial agent of the government.

The Central Bank is not a lender of legal entities and individuals, carrying out credit operations only for commercial banks

Cash emission function

For the bank of Russia, as a representative of the state, the implementation of cash issuance, the organization of their appeal and withdrawal from the appeal in the Russian Federation.

Cash emissions - This is the issue of the central bank of monetary signs in turnover to meet the additional need for economic agents in cash, resulting from exceeding cash issues over their entry into banks in the country as a whole. Money emission It has three functions:

Ensuring the economy by means of circulation, payment, accumulation;

Coverage in the critical situation of the state budget deficit;

Regulatory: By increasing or decreasing within different limits, the state may contribute to either the revival of the economy, or the braking overheating of the conjuncture, restricting prices growth.

The Board of Directors of the Central Bank decides on the issue of issuing new banknotes and coins and on withdrawal of old, approves the nominal and samples of new monetary signs.

Since the nominal value modern money Much higher than the cost of their production, the emission allows you to obtain the so-called sore, or emission income. It is the difference between the nominal value of bills (coins) and the real cost of its production and an appeal. Under the denial of bills understand its purchasing power, that is, in other words, this is the cost indicated on the banknote itself: 10, 50, 100, 500, etc. rubles. Obviously, the emission income from the release of banknotes is the greater than the larger than their nominal.

Here, for example, such data on the production of coins and bills can be found on the Bank of Russia website.

Table 1. Data for the production of coins in Russia and abroad

Senorage is completely listed in the state's income.

IN modern conditions The release of banknote is a fiduciary (that is, not secured by gold), their appeal is based on the country's trust in their issuer. Different causes of money emissions are simultaneously providing them. For example, when the issue is carried out as a result of lending to commercial banks, its provision is the obligations of commercial banks; when the issue occurs as a result of a government lending, its provision is the obligations of the government (government securities); When the issue is carried out during currency operations, its provision is foreign currency, which can be considered as the obligations of foreign central banks (states).

Gold Provision Currently there is no modern money

Cash issuance is carried out by the Central Bank in order to meet the needs of business entities and population in additional means of circulation and payment. When the deposit accounts of commercial banks increase the volume of non-cash funds due to economic growth, the development of inflation or the animation of deposits, respectively, the need for their customers in cash is increasing.

Commercial banks issue cash to customers from their operating cash desks, in which there is a certain amount of banknote, equal to the difference between cash receipts in the operating cashier and the issuance of cash from it.

Cash in operating station, It is for a commercial bank as an asset that does not bring income, so banks are not interested in the storage of large reserves of bills and pass their surplus to the current cash register of the Central Bank. If, with an increase in the needs of customers in cash in the operating office of the Commercial Bank, there is no need for their quantity, he addresses an additional amount of cash in the Central Bank.

The Central Bank issues the banknotes of the commercial bank from its current cash register within the amount that is credited to the correspondent account of this bank in the Central Bank. Simultaneously with the issuance of cash, the amount of issuance is written off from the correspondent account of the commercial bank.

In addition to issuing cash from its current cash register, the Central Bank carries out operations and cash reception. If the funds received in the current cash register lacks to meet the demand for commercial banks, the central bank translates the necessary amount from its repository (reserve fund) to the current cash register. There is an increase in the amount of cash in circulation, that is, the cash issuance of the Central Bank is carried out.

Function of monetary credit regulation

Monetary policy is a combination of measures conducted by the Government in the field of monetary circulation and credit relations to give macroeconomic processes by the State Development State. The highest goal of this policy is to ensure the equilibrium and sustainable development National economy.

Monetary regulation uses four basic methods:

Interest rate regulation,

Open market operations

Changing the norm of mandatory reserves

Currency regulation.

The choice of the method depends on the objectives that solve the Central Bank at one or another stage of the country's development. IN developed countries mainly use operations on the open market; In countries starting to develop market relationsMainly focus on changing the norm of mandatory reserves.

Change interest rates(rates charged by the Central Bank for Commercial Bank loans), depending on the goals of monetary regulation, can be carried out in the form of credit expansion or credit restriction.

Credit expansion is an extension of the loan with a decrease in the interest rate according to the following scheme: if the interest rate decreases, the demand for CB loans by commercial banks increases and, accordingly, the credit ability of a commercial bank increases, resulting in increasing and money mass in circulation.

Credit restriction is a loan limit method with an increase in interest rate: if the interest rate increases, the demand for the CB loans from the CB is reduced, the CB's credit ability is reduced and the money mass of circulation decreases.

An important role in monetary regulation is played by the Central Bank using changes for mandatory reserves.

This tool is based on the fact that commercial banks are obliged to deduct a certain share of funds raised by them into the mandatory reservation fund, thereby reducing their credit opportunities. If, for example, 1 thousand rubles was brought by commercial banks. In the form of deposits and deposits, then in accordance with the requirements of the Central Bank, they are obliged to deduct 3.5% to the mandatory reservation fund (forms), which is 35 rubles. The rate of deductions in odds establishes the Central Bank, guided by the economic situation.

If the norm of mandatory reserves increases, the share of deductions of commercial banks in odds is growing, and this leads to a decrease in the volume of credit money and money supply, since part of the CB funds "freezed" on the accounts of the Central Bank and cannot be used by the CB to issue loans. If the norm of mandatory reserves decreases, the credit capabilities of the commercial bank grow, which ensures the growth of credit money. The procedure for calculating deductions by commercial banks of cash in the form is regulated by the Bank of Russia in position No. 342-P, the main aspects of which are set out.

Analyzing the volume of the compulsory reservation fund, it can be concluded about the amount of money supply in the country. Below is the dynamics of volumes, where its sharp decline in September 2008 is observed. June 2009 This fact suggests that the Bank of Russia has stimulated the increase in the credit capabilities of banks by reducing mandatory contributions to the foundation.

Figure 1. Dynamics of compulsory reservation fund volumes (billion rubles)

Operation Operationsthey are to buy and sell the central bank of securities (mainly the obligations of the Treasury and state corporations, as well as bonds of industrial companies and banks, commercial bills).

During the period of excessive monetary mass of the Central Bank, it offers commercial banks to buy securities at the rates beneficial for them to reduce their credit opportunities. During the crisis, on the contrary, the Central Bank creates refinancing opportunities for commercial banks and puts them in such conditions when they benefit them to sell their securities.

Consequently, the sale of securities of the Central Bank leads to a narrowing of the bank's credit capabilities, the purchase of securities by the Central Bank - to expand opportunities.

Thus, varying the volume of purchase and sale of securities and the price level by which they are sold or bought, the central bank can carry out flexible and rapid impact on the credit activity of commercial banks.

Operation operations vary depending on:

Conditions of the transaction (purchase and sale for cash or purchase for a period with mandatory return sale - so-called reverse operations, or repo operations);

Objects of transactions (operations with public or private papers);

Urgency of the transaction - short-term (up to 3 months), long-term (up to 1 year or more) operations with securities;

Areas of operations (only on banking sector market of securities or / and in the non-banking sector of the market);

The method of establishing rates (whether they are determined by the central bank or market).

Thus, various monetary regulatory tools described above have one goal: a decrease or increase in the mass of credit money in the economy through the regulation by credit capabilities of commercial banks. Their difference is that they provide their influence on different terms. A faster effect on reduced / increasing monetary mass can be achieved when using open market operations; The rate of odds has a longer temporary lag.

Currency rate policyalso is one of the monetary regulatory tools. The mechanism for regulating the exchange rate uses a currency intervention, which is a direct intervention of the Central Bank into operation founded Market Through the purchase and sale of the currency. At the same time, the sale of foreign currency by the central bank in the market leads to an increase in its market offerAnd, consequently, to reduce the course of foreign currency and, thus, it provides a decline in prices for imported (due to the cost of procurement abroad), but led away from domestic goods.

For a simpler understanding of the impact of this tool, the following example can be given. If the Central Bank in this period economic Development Countries are interested in expanding import procurement volumes, for example, to meet the demand for goods that are not produced in a given country, then reducing foreign currency course this goal can be achieved. Reduced dollar rate with 30 rubles. up to 20 rubles / dollars, importer, having, for example, 10 000 rubles, gets the opportunity to buy great amount Foreign currency required for the transaction. In this way, purchasing power Importer grows. Further reducing the course of the reservoir further increases the possibilities of the importer.

The reverse process - the purchase of foreign currency - affects the foreign currency rate towards the increase, imports the cost of imports and increases domestic prices, since the money supply increases (demand inflation). That is, the Central Bank is conducting interventions, buying foreign currency in the market, the demand for which will grow as a result, which leads to an increase in its price (the course, for example, the dollar, will grow, therefore, the course of the national currency fall). Thus, importers will be in a situation where it will be unprofitable to buy a foreignut for transactions. However B. this case Exporters will receive additional income when exchanging the goods received from the sale of goods (services) of export revenue to the national currency.

For example, at the price of selling abroad, the units of products at a price of 10 dollars exporter will receive a profit (10USD * 30) - 100 rubles \u003d 200 rubles, where 30 is a dollar rate to the ruble, 100 rubles. - This is the cost of production.

If the dollar rate increases to 35 rubles / dollars, then additionally exporter can get 50 rubles: (10USD * 35) -100 rub. \u003d 250 rubles.

Thus, the decline in the course of the national currency almost always leads to stimulating the activities of exporting manufacturers.

Considering exchange rate As a tool of monetary regulation, it can be said that the growth of the foreign currency rate leads to an expansion of the money supply, since the central bank buys a foreign currency to increase demand for it, and in exchange forced to emulate the national currency. Conversely: The decline in the course of the national currency leads to a narrowing of the money supply, since the central bank, conducting currency interventions, sells foreign currency and resets a part of the ruble mass in exchange.

Briefly, each of the tools is presented in Table 2.

Table 2. Influence of the Tools of the Central Bank on the monetary market

Tool	The change	Influence on the market	Mechanism of influence
Operation Operations	Sale of securities to commercial banks		The Central Bank sells securities, thereby publishes the banks of their money resources, not allowing them to place them in the form of loans
Operation Operations	Buying securities in commercial banks		Central Bank redeems securities from banks, thereby reactive their reserves used for lending
Interest rates	Rising betting	Monetary	The rise in price of credit money reduces the demand for them from the market participants, which leads to a decrease in lending
Interest rates	Reduced rates	Expansion of monetary mass	Depreciation of credit money increases demand for them from market participants, which expands lending volumes by banks
Form rate (mandatory regulation rate)	Raising rate	Treatment of monetary mass	Increasing the rate of deductions to the form withdraws from banks from banks of attracted resources, which does not allow them to send them into credit operations, therefore, the credit capabilities of banks are reduced
Form rate (mandatory regulation rate)	Reduced rate	Expansion of monetary mass	Reducing the rate of deductions to odds allows banks to leave most of the resources attracted, which will be used in credit operations
Foreign currency course	Decline in foreign currency	Narrowing money	The decline in the foreign currency exchange rate occurs as a result of the sale of a foreign currency in the market on the market, as a result of which ruble money mass is removed instead of sold foreign currency
Foreign currency course	Foreign currency rate increase	Expansion of money supply	The increase in the course of foreign currency is the result of the actions of the Central Bank, aimed at buying a foreign currency in market participants, as a result of which ruble money supply increases instead of the purchased foreign currency

In this way, money-credit policy States are carried out Central bank The Russian Federation is usually in two directions.

Conducting expansionist, or expansion policy aimed at stimulating lending and increase the amount of money. Depending on the economic situation, the Central Bank exercises the cost or reduction of loans for commercial banks, and, accordingly, for borrowers. If the economy is observed in the economy, unemployment is growing, he policys cheap money, which makes loans cheap and affordable. In parallel, there is an increase in the supply of money, which leads to a decrease in interest rate and, accordingly, should stimulate the growth of investment and business activity, as well as a real gross national product (GNP). If on financial market Competition is aggravated and the offer of money is ahead of demand for them, banks are forced to reduce the interest rate (the price of money) in order to attract borrowers. This is especially clearly manifested in the conditions of the depressive state of the economy. A cheap loan pushes enterprises to invest in the means of production, and households - buy consumer goods. There is an increase in demand in the commodity market, and the prerequisites for economic growth are created. This policy is carried out in the period of stagnation.

Restrictive, or restrictive (tough) policies aimed at increasing the interest rate. With inflation growth, the Central Bank is pursuing policies expensive moneyWhat leads to the rise in the cost of the loan and makes it difficult to access. In this case, there is an increase in the sale of government securities on the open market, the growth of the backup rate and an increase in the accounting rate. High interest ratesOn the one hand, they stimulate the owners of money more to save them, and on the other hand, limit the number of those who want to take them in the loan. In this case, market entities seek to acquire securities. This direction of regulation is used in the presence of inflation and high rates of economic growth. Banks are striving to earn a percentage of loans, assigning the difference between income from active operations and expenses implemented to attract funds. As is known, the interest rate depends on the rates of inflation and even from inflation expectations. If prices have increased, and the interest rate turned out to be unchanged, then both banks and depositors will receive back depreciated money. When lifting the economy, when money is needed to all, interest rates will grow.

Foreign Economic Center for Central Bank implemented by entering the Central Bank monetary monitoring and responsibility for conducting state currency policies, which is a set of activities aimed at strengthening the country's foreign economic positions.

As part of this function, the Central Bank:

Determines the course of the national currency;

Regulates international calculations;

Controls the movement of currency values \u200b\u200bwithin the country and abroad;

Cooperates with the Central Bank of other countries;

Represents the country in international monetary and credit agreements;

Conducts operations to manage foreign currency reserves, which are the official foreign currency reserves that are in the accounts of the Central Bank, as well as in banks abroad, or invested in foreign securities and serve as ensuring the stability of the national currency; The greatest share is the same currency that this moment time is most stable.

Within functions of bank banks Central Bank:

Storage mandatory reserves commercial banks;

Establishes the rate of mandatory reserves;

Provides credit support to commercial banks;

Organizes interbank calculations and serves as the settlement center of the banking system, that is, regulates payment System countries;

Supervision and control over commercial banks (issues licenses, checks reporting, carries out audit, monitors compliance with banking operations).

Performing government bank function, The Central Bank acts as a cashier, lender and consultant:

how cashier -adding, storing and issuing state budget funds, keeping accounting and reporting on budget execution. The basis of the budget is based on the principle of the Cashian Unity: all government revenues are sent to a single account of the Ministry of Finance in the Central Bank, then used to implement public spending;

how creditor - Loan the government, using two types of a state loan: internal, which is located within the country, and external, which uses resources of foreign monetary markets, and also participates in repayment of state loans;

- consultsministry of Finance on the placement and repayment of government loans, the choice of the date of emission and determining the expedient level of profitability of government securities.

To be continued.