The main institutions that provide credit are banks. Banks - Financial institutions that accumulate and store funds provide loans implement money transfers, as well as other operations in financial markets. A combination of interrelated banking institutions operating in the country's territory are banking system. The banking system is an organic and inalienable element of the economy. This means that the functioning of banks should be considered in close connection with all the processes occurring in economic Life societies.
In most countries with a market economy there is a two-level banking system. The first level is the central bank and its institution. Historically, central banks arose as a result of centralization monetary emission (Release Banknote) in reliable banks. Such banks were called emission. At the end of the XIX - early XX century. In most countries, emissions paper money It was concentrated in one bank, which was called the central emission, and then just a central bank. He takes up is usually state institution. As a banker of the Government, the Central Bank speaks by his cashier and the lender, the Government and Government Offices are open in it. The central bank, as a rule, carries out the cash execution of the state budget. Government revenues received from taxes and loans are credited to the area of \u200b\u200bthe Treasury (Ministry of Finance) in the Central Bank, which are covered by government spending. The functions of the central bank are reduced to the following:
Emission of money. This is one of the most important functions. Although B. modern conditions Cash is less important than non-cash, banknote emissions of the central bank retains its importance, since cash is still necessary for a significant part of payments;
Storage of the country's gold reserve;
Providing loans and performing settlement operations for government bodies;
Accumulating and storage of cash reserves of commercial banks. Each Bank is obliged to store on a reserve account in the Central Bank of the amount in a certain proportion to the amount of deposits;
Lending commercial banks. Here you can conduct such analogies. If firms, organizations and individuals are credited by commercial banks, then for the Central Bank, customers are commercial banks;
Regulation and supervision of the activities of commercial banks and other credit institutions. The Central Bank has the right to issue and revoke licenses of commercial banks;
Monetary regulation (together with the Government).
Capital of the Central Bank of the Russian Federation fully belongs to the state. The tasks and functions of the Central Bank of the Russian Federation are formulated and enshrined in the Constitution of the Russian Federation and the Federal Law "On the Central Bank Russian Federation (Bank of Russia). "
The second level of the banking system is commercial banks. Commercial Bank - a universal type of a bank engaged in a wide range of operations, the most important of which is the provision of loans to industrial, commercial and other enterprises mainly due to moneyattracted in the form of deposits. Worldwide commercial banks - the most important link of the banking system - concentrate the main part of credit resources and carry out a wide range banking operations and financial services for legal and individuals. Commercial banks can be classified for a number of signs.
By the nature of the property, commercial banks are state, joint-stock, cooperative, private, municipal, mixed. In industrialized countries, the predominant form of ownership of commercial banks is joint stock.
By the nature of the operations performed, universal and specialized commercial banks are distinguished. Universal banks Perform a wide range of operations and services. Universality means type banking activitiesnot limited to industry national economyThe composition of served customers, the number of operations carried out, regions. Specialized commercial banks Carry out one or small amount of banking operations. These include investment, mortgage, savings, innovative, insurance and other banks. Investment banks carry out operations and placement on stock market securities, while getting income; They use their capital to lend various enterprises and entire industries. Mortgage banks Specialize in the provision of long-term loans secured by real estate. Savings banks attract free cash of the population, store savings, carry out non-cash payments, Provide loans to the population, conduct cash transactions for the maintenance of the population, including operations with securities. Innovative banks Exercise lending at all stages and stages of the innovative process of creating and implementing various innovations and scientific and technical developments. Insurance banksattract funds by selling insurance policies. They are investing income, first of all, in bonds and shares of other companies, government securities also provide long-term loans enterprises and state. At the present stage, there is a tendency to universalization in the field of commercial banks, which is explained by the influence of competition. This is expressed not only in increasing the number of services offered to customers, but also in the qualitative change in the structure of operations, increasing the volume of operations with securities and reduce the specific gravity of the loan-saving operations.
By the industry principle, commercial banks can be divided into industrial, agricultural, construction, trading, etc. In Russia, for example, it is Neftekhimbank, an electrician, Rosselkhozbank, Promstroybank, etc. The main functions of commercial banks:
Mobilization of temporarily free cash and turn them into investments. Banks accumulate cash income and savings in the form of deposits. The depositor receives a remuneration in the form of interest or service provided by the Bank. Concentrated in the form of savings deposits turn into loan capital used by the Bank to provide loans to enterprises and entrepreneurs. The use of a loan ensures the development of the country's productive forces as a whole. Borrowers invest in the expansion of production, buying real estate, consumer goods. As a result, with the help of savings banks turn into capital;
Lending to enterprises, states and population. Direct provision in loose cash loans to their owners to borrowers in practical economic life is difficult. The bank acts as financial intermediary, receiving funds from finite lenders and giving them to finite borrowers;
Issue in the appeal of the so-called credit money. This feature is specific and distinguished by commercial banks from other credit institutions. The modern monetary emission mechanism is associated with two concepts: banknote and deposit emission. Banknote Emissia is carried out by the Emission bank (Central Bank). Commercial banks carry out deposit emissions - the release of credit tools that are formed as a result of issuing loans to the client. The money mass increases when banks issue loans to their customers, and decreases when loans received from banks are returned. At the same time, the economy needs the necessary, but not excessive amount of money, so commercial banks operate in the framework of the restrictions provided for by the state represented by the Central Bank;
The implementation of calculations and payments on the instructions of customers. Most of the calculations between enterprises are carried out by non-cash. Speaking as intermediaries in payments, banks perform for their clients operations related to the calculations and payments;
Emission-constituent activities. This activity involves the issue and placement (sale) banks of securities. Here the banks become a channel providing the direction of savings for production purposes;
Consulting, providing economic and financial information. Having opportunities to constantly monitor the economic situation, commercial banks provide customers with advice on a wide range of problems (on new investments, on registering enterprises, on the preparation of annual reports, etc.).
Usually four groups of banking operations are distinguished; Passive, active, banking services and own operations of banks. Passive operations - operations to attract funds for the formation of bank resources. Bank resources are formed at the expense of own and attracted (borrowed) funds. To create a bank, it is originally necessary equity. Own funds include joint-stock and reserve capital, as well as retained earnings. Own funds make up a minor part of resources modern Bank. Basically banking operations are based on borrowed moneyoh. In economically developed countries The relationship between own and borrowed capital It is located at 1:10 to 1: 100 (does not exceed 10%). As sources of borrowed funds that form the capital of the Bank, it is possible to name financial obligations to the Bank's customers (deposits, savings deposits), Financial obligations to other banks. The overwhelming part of all banking resources Forms due to the contributions of the Bank's clients. Credits received from other banks are an ordinary credit transaction. Also, the source of attraction of funds for the bank is emission operations, which are in mobilization by the Bank of cash instead of issuing certain foam papers. Active operations We are held by the bank for the purpose of profitable placement of raised funds. The Bank's active operations include loan operations - loans and loans, and fund operations - Diverse operations of banks with securities: buying securities, placement of newly released securities among holders, buying and selling securities on the instructions of the client, etc. Banking services represent usually intermediary operations - collection, accredit, translation, trust, leasing, etc. For their provision from customers, a special fee is charged, called the Commission. TO own operations of banks Operations related to the implementation of its functions by the Bank are: purchase of banking equipment, bank protection, issuance wages employees fare etc.
Due to the fact that on the Internet, the press and on television there are often reports that the central bank deprived the license another credit organization - this prerogative knows everything well, and what is the structure - the Bank of Russia, which is engaged in and who leads them, Not everyone knows.
The regulator of the monetary system in Russia is the central bank of the Russian Federation. This legal entity is a state authority, whose activities are regulated by the state's main law - the Constitution of the country and the laws No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)", No. 395-1 "On Banks and Banking Activities".
Alternative name of the Central Bank - Bank of Russia, adopted by the abbreviation of the Central Bank of FR. Feature: The state is not responsible for the obligations of the Central Bank, and it does not respond to state debts.
Interestingly, the Central Bank is not directly belonging to any of the branches of power: judicial, executive or legislative and does not have any organizational and legal form.
- Headquarters address: Moscow, ul. Neglinnaya d. 12.
- Address of the official website: CBB and CBR.ru.
- Authorized capital: 3 billion Russian rubles.
- The foundation date of the structure: October 1921, the State Bank of the RSFSR was called, from July 13, 1990, wearing a modern name.
- Managing Authority: The Board of Directors, it includes the chairman and 14 members of the Board of Directors.
It is noteworthy, the Bank of Russia is one-only government government agencies, which is prescribed to spend the funds only from own incomeSo, the implementation of the Central Bank of transactions on a commission is not permitted by law, although it is written in it that profit is not the goal of the Central Bank.
What is aimed and how functions
In its activities, the Bank of Russia is guided by the following objectives:
- maintaining and developing the stable state of the financial market and Russian payment and banking systems;
- The Central Bank provides protection and sustainability of the national currency - the ruble.
What is the Central Bank of the Russian Federation? Functions are regulated by law No. 86-FZ, in it full listThe main ones are as follows:
- monetary policy of the country, its holding and development (together with the Government of the Russian Federation);
- in the issue of cash in the state and the organization of their treatment, the Central Bank is a monopolist;
- the sign of the ruble in the form of a hand drawn image - the prerogative of the Bank of Russia;
- setting the rules for which bank transactions in the country are being carried out;
- controls gold and foreign exchange reserves;
- adoption and execution of decisions on licensing banks and other credit institutions, recall licenses for banking operations, suspension of their activities;
A number of experts criticize the measures of the Central Bank of the Russian Federation for "stripping" banking sector In Russia, and emphasize that only in the first 10 months of 2016 the economy of the country due to devoid licenses of banks suffered losses calculated by the amount in more than 700 billion rubles.
- produces bank supervision, controls, regulates the activities of credit institutions;
- non-state pension funds can only be registered with the positive decision of the Bank of Russia;
- accounting Plan, in particular its industry standards approved by the Central Bank of the Russian Federation;
- official currency courses - installation and publication in relation to the Russian ruble;
- refinancing of credit institutions and installation of a key rate (since September 2016 it is equal to 10%);
- in the bankrupt banks that were not participants in the system mandatory insurance Deposits remain debts to customers. Such debts deposit to individuals pays the Central Bank of the Russian Federation (the procedure for such payments is provided for by law No. 96-ФЗ).
The Central Bank of the Russian Federation participates in the authorized capital of Sberbank of Russia, to place funds in the capital of other credit institutions, it is prohibited by law, the exception is the possibility of participation in the capital of international structures that develop cooperation in financial areas.
SMS fraud: Scammers send messages to citizens of citizens that they are bank card Blocked, subscribed to the signature of the "Central Bank" or other similar in Russian or English transcription. Trying to find out PIN codes and other confidential information in order to embed funds from the card. On its official website, the Central Bank of the Russian Federation warns that the sending of SMS messages is not engaged and calls on citizens to be vigilant.
Chairman of the Central Bank of the Russian Federation
The current Chairman (December 2016) of the Bank of Russia since 2013 is Elvira Sakhipzadovna Nabiullina - this is the first woman who took such a post in the central bank of the G8 countries.
The Chairman of the Central Bank appoints the State Duma for a period of 5 years to submit the President of Russia by voting. Moreover, one person cannot be appointed to this post more than three times in a row.
There is an exhaustive list of cases when the chairman can be removed from office:
- expired to which he is appointed;
- can not fulfill official responsibilities for health state (this must be confirmed by the conclusion of the Commission of Doctors);
- leaves the post at one's own request, submitting a resignation;
- if conviction of the court has been convicted for committing a criminal offense;
- violates the norms of federal laws regulating the activities of the Central Bank of the Russian Federation;
in the case of corruption, concealment of income, failure to settle conflict resolution, storage of funds in foreign banks and expenses (including members of his family), not relevant income.
Banks, loans, deposits
The Central Bank is a state credit institution, which is endowed with the functions of the emission of monetary resources and regulating the credit and banking system as a whole. The central bank is the main link of the National Credit Banking System.
In the Russian banking system, the Central Bank is defined as the Last Instance Lender and chief Bank countries. It is assigned to regulating the activities of each commercial banking organization Within the framework of the general monetary system of the state. Next in the article will be considered the role and functions of the Central Bank Russia.
The role and objectives of the Bank of Russia: the strengthening and development of the banking system of Russia, the provision of sustainability and protection of the ruble, ensuring uninterrupted and efficient functioning payment system.
The central bank in the absolute majority of countries does not belong to the state. The state, in fact, is the formal owner of the equipment that the Central Bank is used, however, the right to use it belongs to individuals to shareholders of the Central Bank. Often the state even formally does not have the rights of ownership of the Central Bank or we own partially.
IN credit system: Storage mandatory reserves various institutions, incl. Commercial banks, as well as the provision of loans. The Central Bank acts as a lender of the last instance, organizes the system of mutual settlements monetary obligations Through special settlement fees or directly through their branches. 
The main instruments of the Central Bank of the Central Bank - rates on banking operations in the financial market and the basic refinancing rate. Adjusting the cost of funds through a percentage rate, the Central Bank may influence important macroeconomic data - inflation, the level of investment in the economy, the level of savings, the movement of capital, the demand for material assets, etc.
Features and functions of the Central Bank:
- Monopoly on the issuance of cash, as well as the organization of their appeal. For credit institutions, the Central Bank is a lender of recent institutions. It also organizes the refinancing system.
- In close cooperation with the Government of the Russian Federation, forms and conducts a single credit and monetary policy;
- Establishes the rules for the settlement in the Russian Federation;
- Performs state registration credit institutions, recall and issues licenses of organizations engaged in audits, and credit institutions;
- Establishes the rules for conducting an accounting report, banking operations, reporting for the banking system;
- Registers issuing issues and other securities with credit institutions in accordance with federal laws;
- Controls the activities of credit institutions;
- Carries out all types of banking operations that are necessary to fulfill their main tasks - on behalf of the Government of the Russian Federation or independently;
- Determines the procedure for holding calculations with foreign states;
- Also assume analysis and subsequent prediction of the state russian economy By regions and in general, first of all currency and financial, monetary and price relations. The Central Bank publishes statistical data and related materials.
- Organizes and produces currency control how through authorized banksand independently - in accordance with current legislation;
- Carries out the regulation of currency fluxes, including operations for the sale and purchase of foreign currency;
- Takes part in forecasting and drawing up the balance of payments of the Russian Federation.
Article 75 of the Constitution of the Russian Federation has established a special constitutional and legal status of the Central Bank of the Russian Federation, its exclusive right to carry out monetary emission (part 1) and as the main function - protection and ensuring the sustainability of the ruble (part 2). The status, objectives of the activity, function and powers of the Bank of Russia are also determined Federal law July 10, 2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws.
In accordance with Article 3 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the goals of the Bank of Russia are: protection and ensuring the sustainability of the ruble; development and strengthening of the banking system of the Russian Federation; ensuring the stability and development of the national payment system; development of the financial market of the Russian Federation; Ensuring the stability of the financial market of the Russian Federation.
The key element of the legal status of the Bank of Russia is the principle of independence, which is primarily manifested in the fact that the Bank of Russia acts as a special public-legal institution, which has the exceptional law of monetary emission and the organization of money circulation. He is not a state authority, at the same time its powers in their legal Nature Refines the functions of state power, since their implementation involves the use of state coercion measures. The functions and powers stipulated by the Constitution of the Russian Federation and the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia is independent of the federal state authorities, the state authorities of the constituent entities of the Russian Federation and local governments. The independence of the status of the Bank of Russia is reflected in Article 75 of the Constitution of the Russian Federation, as well as in Articles 1 and 2 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".
The rule-making powers of the Bank of Russia suggest its exclusive right to publish regulatory acts, mandatory for federal state authorities, state authorities of the constituent entities of the Russian Federation and local governments, all legal entities and individuals, on issues related to its competence by the Federal Law "On the Central Bank Russian Federation (Bank of Russia) and other federal laws. The Bank of Russia in accordance with Article 104 of the Constitution of the Russian Federation does not have the right of legislative initiative, but its participation in the legislative process, in addition to the publication of its own legal acts, is also ensured by the fact that the projects of federal laws, as well as regulatory legal acts of federal executive bodies concerning The fulfillment by the Bank of Russia of its functions should be sent to the Bank of Russia.
Bank of Russia is legal entity. The authorized capital and other property of the Bank of Russia are federal property, while the Bank of Russia is endowed with property and financial independence. Powers to possession, use and disposal of the property of the Bank of Russia, including the gold and collar reserves of the Bank of Russia, are carried out by the Bank of Russia themselves in accordance with the goals and in the manner established by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". Withdrawal and encumbrance of the obligations of the Bank of Russia's property without its consent are not allowed, unless otherwise provided by federal law. Financial independence The Bank of Russia is expressed in the fact that he exercises its expenses at the expense of its own income. Bank of Russia has the right to defend interests in judicial order, including in international courts, courts foreign states and arbitration courts.
The state is not responsible for the obligations of the Bank of Russia, as well as the Bank of Russia - for the obligations of the state, if they have not assumed such obligations or if otherwise provided by federal laws. The Bank of Russia is not responsible for the obligations of credit institutions and non-credit financial organizationsExcept when the Bank of Russia assumes such obligations, and credit organizations and non-credit financial organizations are not responsible for the obligations of the Bank of Russia, with the exception of cases where credit organizations and non-credit financial organizations make such commitments.
In its activities, the Bank of Russia is accountable to the State Duma of the Federal Assembly of the Russian Federation (hereinafter - the State Duma), which appoints and dismisses the chairman of the Bank of Russia (on the submission of the President of the Russian Federation) and members of the Board of Directors of the Bank of Russia (on the submission of the Chairman of the Bank of Russia, agreed with the President of the Russian Federation); Direct and recalls representatives of the State Duma in the National Financial Council as part of their quota, and also considers the main directions of the Unified State monetary policy and the annual report of the Bank of Russia and accepts solutions on them. Based on the proposal of the national financial Council The State Duma has the right to decide on the verification of the Accounts Chamber of the Russian Federation of Financial and Economic Activities of the Bank of Russia, its structural units and institutions. In addition, the State Duma holds parliamentary hearings on the activities of the Bank of Russia with the participation of its representatives, and also hears the reports of the Chairman of the Bank of Russia on the activities of the Bank of Russia in the presentation of the annual report and the main directions of the Unified State Monetary Policy.
Functions of the Bank of Russia
The Bank of Russia exercises its functions in accordance with the Constitution of the Russian Federation, the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws. According to Article 75 of the Constitution of the Russian Federation, the main function of the Bank of Russia is to protect and ensure the sustainability of the ruble, and monetary emission is carried out exclusively by the Bank of Russia. In accordance with Article 4 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)", the Bank of Russia performs the following functions:
- in cooperation with the Government of the Russian Federation develops and conducts a unified state monetary policy;
- in cooperation with the Government of the Russian Federation develops and conducts policies for development and ensuring the stability of the functioning of the financial market of the Russian Federation;
- monopolisy carries out cash and organizes cash circulation;
- approves the graphic designation of the ruble as a sign;
- is the lender of the last instance for credit institutions, organizes the system of refinancing;
- establishes the rules for the implementation of settlements in the Russian Federation;
- supervising and observation in the national payment system;
- establishes the rules for holding banking operations;
- Carries out the service of budget accounts of all levels of the budget system of the Russian Federation, unless otherwise established by federal laws, through settlements on behalf of authorized bodies executive and state extrabudgetary fundswhich is assigned the organization of execution and execution of budgets;
- performs effective management of gold and reserves of the Bank of Russia;
- decides on state registration of credit institutions, issues licenses to credit organizations to carry out banking operations, suspends their action and recalls them;
- makes decisions on state registration of non-state pension funds;
- supervises the activities of credit institutions and banking groups;
- regulates, control and supervision of the activities of non-credit financial organizations in accordance with federal laws;
- register issues of emission securities and securities prospectuses, registration of reports on the results of issues of emission securities;
- monitors and supervising compliance with issuers of the requirements of the legislation of the Russian Federation on joint Stock Company and securities;
- regulates, control and supervision in the field of corporate relations in joint-stock companies;
- performs independently or on behalf of the Government of the Russian Federation, all types of banking operations and other transactions necessary to fulfill the functions of the Bank of Russia;
- Organizes and implements currency regulation and currency control in accordance with the legislation of the Russian Federation;
- determines the procedure for making calculations with international organizations, foreign states, as well as with legal entities and individuals;
- approves industry accounting standards for credit institutions, the Bank of Russia and non-credit financial organizations, accounting accounts plan for credit institutions and the procedure for its application, an account plan for the Bank of Russia and the procedure for its application;
- approves an accounts plan for non-credit financial organizations and the procedure for its application;
- establishes and publishes official courses of foreign currencies in relation to the ruble;
- participates in the development of the forecast of the balance of payments of the Russian Federation;
- participates in the development of the methodology for the preparation of the financial account of the Russian Federation in the system of national accounts and organizes the preparation of the financial account of the Russian Federation;
- organizes the preparation of the balance of payments of the Russian Federation, the international investment position of the Russian Federation, statistics foreign trade Russian Federation services, foreign debt of the Russian Federation, international reserves of the Russian Federation, direct investment in the Russian Federation and direct investment from the Russian Federation abroad;
- To compile the balance of payments of the Russian Federation, the International Investment Position of the Russian Federation, the statistics of foreign trade of the Russian Federation, the services, foreign debt of the Russian Federation, the International Reserves of the Russian Federation, direct investment in the Russian Federation and direct investments from the Russian Federation abroad forms independently and approves the statistical methodology , a list of respondents, the order and forms of providing primary statistical data, including forms of federal statistical observation;
- conducts analysis and prediction of the state of the economy of the Russian Federation, publishes relevant materials and statistical data;
- carries out the payments of the Bank of Russia at the deposits of individuals in recognized by bankrupt Banks that do not participate in the system of compulsory deposit insurance in the banks of the Russian Federation, in cases and procedure provided for by the Federal Law;
- is the depositary of the International Monetary Fund's funds in the currency of the Russian Federation, performs operations and transactions provided for in articles by the Agreement of the International Monetary Fund and agreements with the International Monetary Fund;
- monitors compliance with the requirements of the legislation of the Russian Federation on countering the unlawful use of insider information and manipulating the market;
- protects the rights and legitimate interests of shareholders and investors in financial markets, insureders, insured persons and beneficiaries recognized as those in accordance with the insurance legislation, as well as insured persons on compulsory pension insurance, depositors and participants of non-state pension Fund on non-state pension provision;
- organizes the provision of services for the transfer of electronic messages by financial operations;
- performs other functions in accordance with federal laws.
The Central Bank of the Russian Federation (Bank of Russia) is the main bank of the country, the main link of the National Credit Banking System.
The central bank is a legal entity. He has a seal with the image of the state coat of arms of the Russian Federation and with his name. The authorized capital and its own property are federal property.
The state is not responsible for the obligations of the Central Bank of the Russian Federation, and in turn on the obligations of the state, if they did not assume such obligations or unless otherwise provided by federal laws.
The Central Bank is a state credit institution, endowed with the functions of the emission of money and regulating the entire credit and banking system. Speakers the authority of economic management. Controls the activities of credit institutions, issues and recalls licenses for banking operations. Together with the Government of Russia develops and implements a unified state credit and monetary policy. The Bank of Russia exercises its expenses at the expense of its own income.
The main purpose of the Central Bank in market economy - ensuring the stability of banking and financial Systems, control for monetary circulation Countries, monetary policy, which would ensure the achievement of macroeconomic purposes, primarily without the inflationary development of the economy.
History of Central Bank
The Central Bank leads its history with the organization by Emperor Alexander II in 1860 by the State Bank, which was engaged in funding from the treasury, conducted redemption operations, supported the state noble land and peasant marks.
The Central Bank of the Russian Federation was established on July 13, 1990 on the basis of the Russian Republican Bank of the State Bank of the USSR. He was the reported Supreme Council of the RSFSR. Initial title: State Bank RSFSR.
On December 20, 1991, the State Bank of the USSR was abolished and all its assets, liabilities and property on the territory of the RSFSR were transferred to the Central Bank of the RSFSR (Bank of Russia), which was then renamed the Central Bank of the Russian Federation (Bank of Russia).
During 1991-1992 in Russia, under the direct leadership of the Bank of Russia, a wide network of commercial banks was created. The accounting system was also changed, the Bank of Russia's settlement and cash centers were created.
Since 1992, the Central Bank has begun to sell a foreign currency selling on the created currency market, establish and publish official quotes of foreign currencies in relation to the ruble.
In the same period, the process of transfer of the Cash Functions of the State Budget of the newly created Federal Treasury began.
Since 1995, the Bank of Russia has stopped using direct loans to finance deficit federal budget And ceased to provide targeted centralized loans to sectors of the economy.
Since 1998, the Central Bank has made a policy of restructuring a banking system for improving the consequences of the financial crisis aimed at improving the work of commercial banks and increase their liquidity.
In 2003, the Bank of Russia began to implement the system international standards Financial reporting.
In September 2013, the Central Bank crossed the functions of the abolished Federal Service by financial marketsBy making it a financial mega regulator.
Functions of Central Bank
The functions of the Bank of Russia are determined by the Basic Law of the Russian Federation - the Constitution, as well as there is a special "Central Bank of Russia". The Bank conducts its activities on its own from the federal power and local leadership. The main functions of the central bank:
1. Carries out emission of money. This is one of the most important functions. The Bank of Russia has a monopoly rate of money. All bills are printed only with its permission. In modern conditions, when cash makes a minor part cash, this function of the central bank is somewhat reduced, although the banknote emission is still necessary for retail and ensuring the liquidity of banks.
2. Regulates non-cash emissions carried out by commercial banks. The main tools for the impact of the central bank for a lot of money generated by commercial banks, serve:
- operations on the open market on the purchase and sale of government securities;
- discount rate;
- Regulatory of mandatory reserves.
3. Is a government banker. Keeps the means of state budget and states in their accounts carry out cash service State budget and public debt.
4. Serves budget accounts of all levels. The funds of the budgets of the regions and capitals cannot be placed on the accounts of commercial banks. The budgets of all levels are served exclusively in the Central Bank.
5. Conducts control and management of gold - foreign exchange reserves of the country. Even the state has no right to dispose of these reserves. Gold - currency reserves (ZVR) include monetary gold, investment in securities and foreign currency, reserves in the IMF. ZVR represents non-cash form Cash stocks.
6. He is a bank bank. The Central Bank does not work directly with entrepreneurs and the population. His customers commercial banks. The Central Bank keeps cash reserves of banks, through accounts opened in commercial banks, makes calculations between them, if necessary, has commercial banks Credit support.
7. Sets the exchange rates of currencies relative to the ruble, which do not imply the obligation to use them by all market participants. On them market participants simply focus and can install their own, but not much different from official.
8. Sets the work order currency exchange, Issues, suspends or recalls licenses.
9. Develops the payment balance of the country, on the basis of which GDP is calculated, monetary policy is being carried out, the level of imported and exported goods for "healthy" competition of domestic and foreign manufacturers is estimated.
All functions of the central bank are closely related to each other, and performing them, it carries out monetary regulation of the economy.
Structure and controls
The structure of the Central Bank includes: National Banking Council, Chairman of the Bank of Russia and the Board of Directors.
The National Banking Council is a collegial body of the Central Bank. His number is 12 people, of which two are sent by the Council of the Federation of the Federal Assembly of the Russian Federation from among its members, three - the State Duma from among their deputies, the Three - President of the Russian Federation, the Troy - the Government of the Russian Federation. The National Banking Council also includes the Chairman of the Bank of Russia.
The Chairman of the National Banking Council is elected by its members from its number by a majority of votes. He carries out the general management of the activities of the Council, chairs its meetings.
The competence of the National Banking Council includes:
- consideration of the annual report of the Central Bank;
- consideration of issues of improving the banking system of the Russian Federation;
- the appointment of the main auditor of the BR and consideration of its reports;
- Quarterly consideration of information of the Board of Directors on the main issues of BR:
- preparation of draft legislation and other regulatory acts in the field of banking;
- introducing proposals to the State Duma on conducting verification of the Accounts Chamber of the Russian Federation of Financial and Economic Activities of the BR, its structural divisions and institutions and others.
The chairman of the Central Bank is appointed by the State Duma for a period of four years by a majority vote from the total number of deputies.
The candidacy for appointing the President of the Russian Federation is submitted by the President of the Russian Federation no later than three months before the expiration of the powers of the current Chairman.
The same person cannot hold the position of chairman of the Central Bank more than three terms in a row.
The chairman of the Central Bank performs the following functions:
- acts on behalf of the Bank of Russia and presents its interests in relations with state authorities without a power of attorney, credit organizations, organizations of foreign states, international organizations, other agencies and organizations;
- Chairs at meetings of the Board of Directors. In the event of equality of votes, the voice of the Chair is decisive;
- Sign regulations The Central Bank, the decisions of the Board of Directors, the minutes of meetings of the Board of Directors, agreements concluded by the Central Bank;
- ensures the implementation of the functions of the Bank of Russia;
- Carries all completeness of responsibility for the activities of the Central Bank of Russia.
The Board of Directors includes the chairman of the Central Bank and 12 members. Members of the Board of Directors are appointed by the State Duma for a period of four years to submit the Chairman of the Bank of Russia, agreed with the President of the Russian Federation.
Members of the Board of Directors cannot consist in political parties, hold posts in socio-political and religious organizations.
Decisions of the Board of Directors are accepted by a majority vote from the number of seven people present at a quorum and the obligatory presence of the Chairman of the Central Bank or the person replaced. The minutes of the meeting of the Board of Directors are signed by the chairperson and one of its members. When adopting the Board of Directors on monetary policy issues, the views of members found in the minority are applied to the minutes of the meeting.
The Board of Directors performs the following functions:
- Develops a draft of the main directions of a unified state monetary policy;
- Approve the annual financial statements Bank of Russia;
- approves the estimation of the costs of the Central Bank;
- approves a report on the activities of the Bank of Russia and is preparing an analysis of the state of the economy of the Russian Federation;
- approves the structure of the Central Bank of Russia;
- determines the conditions of admission foreign capital to the banking system of the Russian Federation and others.
Legal status of the Central Bank
Article 75 of the Constitution of the Russian Federation has established a special constitutional legal status of the Central Bank of the Russian Federation, its exclusive right to carry out monetary emissions and as the main function is to protect and ensure the sustainability of the ruble. The status, objectives of the activity, functions and powers of the Bank of Russia are also determined by the Federal Law on July 10, 2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" and other federal laws.
An important issue in the activities of the Central Bank is its independence from the executive. In this regard, allocate economic and political independence.
Under economic independence, you understand the possibility of using the central bank of the instruments of monetary policy at its disposal without any restrictions. That is, the Bank of Russia is endowed with a certain circle of authority aimed at making operational solutions when conducting monetary policy.
Under political independence understands the level of independence of the Central Bank in relations with government agencies in the appointment of the Bank's management and in the development and conduct of monetary policy.
Legal status of the Central Bank:
- is a legal entity;
- functions based on the principle of independence, i.e. not included in the structure of federal state bodies;
- has the exclusive right of monetary emissions and the organization of money circulation;
- authorized capital and other property of the Bank of Russia are federal property;
- exercises its expenses at the expense of its own income and is not registered in the tax authorities;
- the state is not responsible for the obligations of the Central Bank, and in turn on the obligations of the state, if they did not assume such obligations;
- accountable to the State Duma of the Federal Assembly of the Russian Federation. The authorities of all levels do not have the right to interfere with the Central Bank's activities.
Address of the Central Bank: ul. Neglinnaya, 12, Moscow, 107016.
Phones: 8 800 250-40-72 (for free calls from the regions of Russia),
Fax: +7 495 621-64-65.
All official contact information is represented on the official website of the Bank of Russia www.cbr.ru, where each user can see the latest solutions in financial Policy, loan and deposit rates, as well as the most accurate recent currency courses. For questions related to the work of the site, please contact: [Email Protected]
