The development of the economy in Russia as a highly efficient component is impossible without the formation of a financial market. The main part of the financial market is the currency market.
The Russian foreign exchange market has developed and formed in parallel with the development and reform of the economy. In the USSR, it was represented by a state monopoly, which was fully controlled by the Central Bank and Vnesheconombank. The State Bank, Gosplan and the Ministry of Finance acted as agents to control foreign exchange transactions.
In the late 1980s, the exchange rate no longer really reflected purchasing power. It was during this period that foreign economic activity tried to revive itself through the introduction of a special system of multiple exchange rates. As such, there was no foreign exchange market. The entire foreign exchange market was divided into segments, each segment had its own ruble exchange rate. The difference in rates was very significant. In the course of the development of a market economy, the first steps of the liberalization of Russian legislation in matters of the foreign exchange market have been outlined. In order to stimulate the foreign exchangedomestic market in 1992, a Presidential Decree was issued, in which the movement of currency was streamlined and the procedure for selling currency was established.
Prerequisites for the formation of the Russian foreign exchange market can be closely linked with the process of formation of the banking system - a two-tier one (the activities of the Bank of Russia and commercial banks were regulated). It was then that the first currency exchanges appeared. The first such exchange was CJSC MICEX. For the first time, the unified buying-selling rate of the ruble and the dollar was strictly established based on the results of the MICEX trading.
By the end of 1992, the structure of our foreign exchange market was formed. And the question no longer arose of what the foreign exchange market in Russia was.
FZ "On currency regulation and currency control" and at the moment is the main one in this area. It defines the powers of those bodies that are called upon to carry out currency control, outlines the basic principles of currency transactions in the Russian Federation, determines the obligations and rights of individuals and legal entities regarding the disposal, use and possession of currency. The law also spells out liability for violations of legislation in the field of foreign exchange transactions. This law removes currency restrictions and removes barriers to the development of such an important component of the country's economy as the Russian foreign exchange market. Unfortunately, the methodological and technical base is still weak in order to fully exercise control over exports and imports. To improve the regulatory framework, a Resolution of the Council of Ministers was issued, which defines measures to strengthen control of both export andand currency. The foreign exchange market has finally become officially controlled.
It should be noted that the Russian foreign exchange market is not developing on its own, but in accordance with all the requirements of international credit organizations, such as the International Monetary Fund. On the recommendation of this fund, Russia eliminated the split of our foreign exchange market into non-cash and cash. This allows both residents and non-residents to carry out currency transactions in accordance with the laws. For this, there is an instruction of the Bank of Russia, which defines the organization of work of all exchange offices without exception in the country. In accordance with the instructions, a whole network of exchange offices was created.
The Russian foreign exchange market should develop in accordance with its main task - the stabilization of the exchange rate of the Russian ruble. This requires an effective monetary policy.
