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 foreign exchange market of Russia developed and formed in parallel with the development and reform of the economy. In the USSR, it was represented by a state monopoly, the control of which was completely carried out by the Central Bank and Vnesheconombank. The agents for controlling foreign exchange transactions were the State Bank, the State Planning Commission and the Ministry of Finance.
In the late 80s, the exchange rate did not really reflect purchasing power. It was during this period that foreign economic activity tried to reanimate through the introduction of a special system of many exchange rates. As such, there was no foreign exchange market. The entire foreign exchange market was divided into segments, in each segment its own ruble exchange rate was established. The difference in courses was very significant. During the development of a market economy, the first steps in the liberalization of Russian legislation in matters of the foreign exchange market have been outlined. In order to stimulate the domestic foreign exchange market, a Presidential Decree was issued in 1992, in which the movement of currency was streamlined and the procedure for selling foreign currency was established.
The prerequisites for the formation of the Russian foreign exchange market can be closely connected with the process of forming the banking system - a two-level one (the activities of the Bank of Russia and commercial banks were regulated). The first currency exchanges appeared just then. The first such exchange was CJSC MICEX. For the first time, a single selling-buying rate for the ruble and the dollar was strictly set based on the MICEX trading results.
By the end of 1992, the structure of our foreign exchange market was formed. And the question did not arise what is the foreign exchange market in Russia.
The Federal Law “On Currency Regulation and Currency Control” is currently the main one in this area. It defines the powers of those bodies that are called upon to exercise foreign exchange control, designates the basic principles of operations with currency in the Russian Federation, and defines the duties and rights of individuals and legal entities regarding the management, use and possession of currency. The law also spells out liability for violations of the law 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 foreign exchange market of Russia. Unfortunately, the methodological and technical base is still weak in order to fully exercise control over export and import. To improve the regulatory framework, a Decree of the Council of Ministers was issued, which defines measures to strengthen control of both export and currency. The foreign exchange market has finally become officially controlled.
It should be noted that the foreign exchange market of Russia does not develop on its own, but in accordance with all the requirements that international credit organizations make, for example, the International Monetary Fund. On the recommendation of this fund, Russia has eliminated the split in our foreign exchange market into cashless 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 points without exception in the country. In accordance with the instructions, a whole network of exchange points was created.
The foreign exchange market of Russia should develop in accordance with its main task - stabilization of the exchange rate of the Russian ruble. This requires an effective monetary policy.
