Topic 2. Monetary circulation and monetary system

1. The concept of money circulation

« Cash turnover is a process e continuous movement of banknotes in cash and non-cash forms"

Money circulationrepresents the circulation of cash flows in cash and non-cash form. Such circulation is possible due to the fact that someone has an excess of money (supply), and someone feels the need (shows) demand. Money circulation therefore serves the flow of goods, works and services, and it is through it that the functioning of the financial system (accumulation and redistribution of resources) is materialized. After all, it is impossible to pay a military man's salary and a teacher's salary with part of the production of a large tractor plant - a taxpayer. He pays taxes in cash, and in cash these funds go to the budget, and in the same form they go to the military and teachers. Therefore, money circulation is the blood vessels for the financial system.

Payment turnover- the process of continuous movement of means of payment existing in a given country. It includes not only the movement of money, but also the movement of other means of payment (checks, deposits T nal certificates, bills, etc.). Cash turnover (money circulation) is, therefore, an integral part of the payment turnover. The circulation of banknotes involves their constant transfer from one legal entity or individual to another.

Money circulation, as mentioned above, has two main forms: cash and non-cash.

Cash is transformed from non-cash money held on deposit T accounts, and represent an integral part of the money supply created by commercial banks A mi, as a result of the banking multiplier mechanism. In Russia, cash accounts for 1/3 of all cash e tender mass.

Cash circulationThis is cash flow, i.e. banknotes from one owner to another. Cash circulation is the most labor-intensive and least protected process of redistribution of goods. Let's imagine factories that pay off multimillion-dollar loans to banks and suppliers (deferred payments) by sending them wagons of banknotes. Cash circulation contains restrictions (in terms of convenience and practicality) for business entities. At the same time, cash circulation is less subject to control by the state, therefore in certain cases it is more desirable for business entities. Realizing this, the state sets certain restrictions on cash turnover, which mainly concern the maximum amounts of cash payments and the period of storage of cash at the enterprise's cash desk.

This is the movement of electronic money, i.e. account entries. Of course, developed non-cash circulation is possible only with a developed banking system, when speed, guarantee of payment processing, quality of related services - everything provides such greater convenience compared to cash circulation that cash circulation is abandoned. The main instruments of non-cash circulation are securities (bills, checks), as well as credit cards. A particularly important indicator is the speed of funds turnover. The fact is that the more goods and services there are, the more money is required to service them. The amount of money can be regulated not by issuing new money, but by accelerating the turnover of existing ones (this will be discussed below).

Money in circulation performs three functions: payment, circulation and accumulation. Money performs the last function because it moves e it is impossible to move without stopping. When they temporarily stop their movement, they perform the function of accumulation. e nia.

Money in monetary circulation does not perform the function of a measure of value. Money performed this function before entering money circulation, setting prices for goods. Therefore this fun To tion affects only the mass of money included in money circulation, and therefore the amount of money O th turnover. For example, when a person comes to the market, before buying a product and transferring money to the seller, he bargains, as a result of which the price of the product is established, and only after that the money is taken from him. O make a movement - are handed over to sales in tsa.

Money turnover consists of separate channels for the movement of money between: 1. the central bank and commercial banks; 2. commercial banks; 3.enterprises and organizations; 4. banks and enterprises and organizations; 5. banks and the population; 6. enterprises, organizations and the population; 7. individuals; 8. banks and financial institutions for various purposes; 9. financial institutions for various purposes and the population.

We can formulate two main tasks that cash flow solves by serving the With the topic of market relations, which determines its role:

Cash circulation, redistributing money between its parts, ensures the free flow of capital A la from one sphere of market relations to another, thereby realizing their interconnection;

In money circulation, new money is created to satisfy the need for it in all spheres of market relations.

2. Elements of the monetary system and their interaction

By what principles is a modern market-type monetary system built?

The principle of centralized management of the monetary system. This principle also exists in the first type of monetary system, characteristic of the administrative-distribution model of the economy. However, under this model, management was carried out through government regulations, which were mandatory for all state-owned banks and their branches in all regions of different countries.

The management of monetary systems under the conditions of a market model of the economy is characterized by the fact that here it is not administrative methods of management that come to the fore (although they also have their place), but economic ones, when the state, through the apparatus of central banks, sets conditions in the markets that force banks and financial institutions and other legal entities to make decisions necessary for the state.

The principle of forecast planning of cash flow. It means that both centralized and decentralized plans for monetary circulation and its components are not prepared as directive plans, mandatory for implementation by specific bodies responsible for their implementation. l understanding, but as forecasts, i.e., guidelines to which we must strive. The exception is this And financial plan, like the state budget, which, under any type of monetary system, remains And a directive plan for the implementation of which the government is responsible and, as a rule,the country's Ministry of Finance.

The principle of stability and elasticity of money turnover. This principle is that the monetary system should be organized in such a way as to, on the one hand, prevent n inflation; on the other hand, to expand cash flow if the economy’s needs for funds increase, and to narrow them if these needs decrease.

The principle of the credit nature of money emission. In accordance with this principle, the emergence of new banknotes (non-cash and cash) in economic circulation is possible only as a result b when banks carry out credit operations. From other sources, including national treasuries, e gentle signs should not be put into circulation.

The principle of security of banknotes issued for circulation. In the conditions of a market model of the economy, banknotes are backed by inventories, gold and other precious metals, freely convertible currency, securities and other debt obligations held in the assets of banks.

The principle of non-subordination of the central bank to the government and its accountability to the country's parliament.It is due to the fact that maintaining the stability of money circulation, fighting inflation I are a priority task of the central bank. If this principle did not exist, there would always be creatures O there was a threat that the government would begin to “bail out” funds from the central bank to solve the problems facing it, and thus A The stability of money circulation will be disrupted.

At the same time, the central bank may pursue policies that contradict the current objectives of the state at government, therefore the central bank must systematically report to the country’s parliament, which acts as an arbitrator when disagreements arise between the central bank n com and the government.

The principle of providing the government with funds only through lending.Typically, the legislation of countries with market economies contains a provision that the central bank should not finance the government, and provide funds to it only as a loan. O under certain collateral (real estate, inventory items owned by the state, government securities, other securities owned by the state (f e deration or subjects of the federation). Application of this principle allows you to avoid drawing money into O permanently covering the deficit of federal and local budgets and thereby not providing an incentive to h the development of the inflationary process. In addition, the use of this principle forces the government T to seek other sources of budget revenue to cover federal and local expenses.

The principle of integrated use of monetary regulation instruments. Su its beauty lies in the fact that the central bank should not be limited to any one instrument T monetary regulation to maintain the stability of money turnover, but must use m complex of these tools, otherwise the desired effect cannot be achieved.

The principle of supervision and control over cash flow.The state, through the banking, financial system, and tax authorities, must ensure constant control over both the entire cash flow as a whole and individual cash flows in the economy. In addition, the object of control is T and compliance by subjects of monetary relations with the basic principles of organizing both cash and non-cash turnover.

The principle of functioning exclusively of the national currency on the territory of the country. Z a The country's legislation provides for payments for goods and services within the country to be made and With exclusively in national currency. This does not mean, of course, that the population cannot freely exchange the national currency for the currencies of other countries on the territory of the country, but the use of such currency received in the exchange is allowed only for pl A families abroad.

The principles of constructing a monetary system are reflected in and influence other elements of the monetary system or their entirety. Let's look at these elements.

Name of the currency. This element of the monetary system, as a rule, develops O Technically, however, in some cases (for example, during periods of revolution), the state can establish a new name for the monetary unit.

Structure of money supply in circulation.It is considered in two ways. It's eitherrelationship between n A personal and non-cash money supply, or the relationship between banknotes of different denominations throughoutъ we mean the money supply.

The procedure for establishing the exchange rate, or currency quotation. This means the ratio of a given country's currency expressed in terms of the currencies of other countries. The most popular method of quotation is based on a “basket of currencies”, in which the national currency is compared with a number of other national ones. A lute included in the “basket”.

CurrencyA currency established by law. In Russia it is the ruble. The official monetary unit (currency) of the Russian Federation is the ruble. One ruble consists of 100 kopecks. The introduction of other monetary units on the territory of the Russian Federation and the issuance of monetary surrogates are prohibited

Price scale Establishing the content of the price of a monetary unit through the weight content of gold. The official ratio between the ruble and gold or other precious metals is not established

Types of money Banknotes and coins are unconditional obligations of the Bank of Russia and are backed by all its assets. Banknotes and coins of the Bank of Russia are required to be accepted at face value for all types of payments, for crediting to accounts, deposits and for transfer throughout the Russian Federation

Emission systemThe issue of cash, the organization of its circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Bank of Russia. Banknotes (bank notes) and coins of the Bank of Russia are the only legal means of payment on the territory of the Russian Federation. Their counterfeiting and illegal production are prosecuted by law.

The interaction of elements of the monetary system is carried out by the Central Bank of the Russian Federation,which for these purposes performs the following functions:

1) in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy aimed at protecting and ensuring the stability of the ruble;

2) monopolistically issues cash and organizes its circulation;

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

4) establishes the rules for making payments in the Russian Federation;

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

6) carries out state registration of credit organizations; issues and revokes licenses of credit institutions and organizations involved in their audit;

7) exercises supervision over the activities of credit institutions;

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

9) carries 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 transactions for the purchase and sale of foreign currency; determines the procedure for making settlements with foreign countries;

11) organizes and carries out currency control both directly and through authorized banks in accordance with the legislation of the Russian Federation;

12) takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation;

13) in order to carry out these functions, conducts analysis and forecasting of the state of the economy of the Russian Federation as a whole and by region, primarily monetary, monetary, financial and price relations; publishes relevant materials and statistical data;

14) in relation to cash circulation - forecasts and organizes the production, transportation and storage of banknotes and coins, the creation of their reserve funds; establishes the rules for the storage, transportation and collection of cash for credit institutions, signs of solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction; determines the procedure for conducting cash transactions for credit institutions.

On issues within its competence, the Bank of Russia issues regulations that are binding on federal government bodies, government bodies of constituent entities of the Russian Federation and local governments, all legal entities and individuals. Bank of Russia regulations cannot contradict federal laws. Regulatory acts of the Bank of Russia come into force on the date of their official publication in the official publication of the Bank of Russia (Bulletin of the Bank of Russia), except for cases established by the Board of Directors, and do not have retroactive effect.

The supreme body of the Bank of Russia is the Board of Directors - a collegial body that determines the main areas of activity of the Bank of Russia and exercises leadership and management of the Bank of Russia. The Board of Directors includes the Chairman of the Bank of Russia and 12 members of the Board of Directors who work on a permanent basis.

The Chairman of the Bank of Russia is appointed to the position by the State Duma for a period of four years by a majority vote of the total number of deputies. A candidacy for appointment to the position of Chairman of the Bank of Russia is submitted by the President of the Russian Federation no later than three months before the expiration of the powers of the Chairman of the Bank of Russia. The same person cannot hold the position of Chairman of the Bank of Russia for more than three consecutive terms. Members of the Board of Directors are appointed for a term of four years by the State Duma upon the proposal of the Chairman of the Bank of Russia, agreed upon with the President of the Russian Federation.

The Board of Directors of the Bank of Russia performs the following functions:

1) in cooperation with the Government of the Russian Federation, develops and ensures the implementation of the main directions of the unified state monetary policy;

2) approves the annual report of the Bank of Russia and submits it to the State Duma;

3) considers and approves the estimate of expenses of the Bank of Russia for the next year no later than December 31 of the previous year, as well as expenses incurred that are not included in the estimate;

4) determines the structure of the Bank of Russia;

5) establishes the forms and amounts of remuneration for the Chairman of the Bank of Russia, members of the Board of Directors, Deputy Chairman of the Bank of Russia and other employees of the Bank of Russia;

6) makes decisions:

On the creation and liquidation of institutions and organizations of the Bank of Russia;

On the establishment of mandatory standards for credit institutions in accordance with Article 61 of this Federal Law;

On the amount of reserve requirements;

On changes in interest rates of the Bank of Russia;

On determining the limits of operations on the open market;

On participation in international organizations;

On participation in the capital of organizations supporting the activities of the Bank of Russia, its institutions, organizations and employees; on the purchase and sale of real estate to support the activities of the Bank of Russia, its institutions, organizations and employees;

On the application of direct quantitative restrictions;

On the issue and withdrawal of banknotes and coins from circulation, on the total volume of cash issue;

On the procedure for the formation of reserves by credit institutions;

7) submits proposals to the State Duma to change the authorized capital of the Bank of Russia;

8) approves the work procedure of the Board of Directors;

9) appoints the chief auditor of the Bank of Russia;

10) approves the internal structure of the Bank of Russia, regulations on divisions of the Bank of Russia, institutions of the Bank of Russia, charters of organizations of the Bank of Russia, the procedure for appointing heads of divisions, institutions and organizations of the Bank of Russia;

11) determines the conditions for the admission of foreign capital to the banking system of the Russian Federation in accordance with federal laws.

As for non-cash transactions, it is also regulated by the Central Bank, which establishes the rules, forms, terms and standards for non-cash payments (the total period of non-cash payments should not exceed two business days within a constituent entity of the Russian Federation, five business days within the Russian Federation), and also carries out interbank settlements through its institutions.

Non-cash money circulation

Cash turnover is divided into cash and non-cash turnover. The main part e tender turnover constitutes payment turnover, in which money functions as a means of payment e zha are used to pay off debt obligations. It is produced both in cash and in cash h cash forms. All non-cash turnover is payment, because it involves a gap in the time of movement e the existence of goods in their various varieties and money, i.e. the functioning of money as a means of payment. Non-cash payment turnover, being predominant (up to 90% of total money) and nal turnover), is carried out in the form of entries in the accounts of payers and recipients of funds in banks, or by offsetting mutual claims. Accordingly, economic processes in the people d in the economy are mediated primarily by non-cash payment turnover.

A bank account is the core of his relationship with a client, and an increase in the amount of funds in the account often increases With is viewed as the main indicator of the enterprise’s performance. The types of accounts used for settlement transactions are very diverse, among them demand accounts for servicing t e Tabernacles (main) activities and accounts, called taking into account the characteristics of each country, for example, in France - current, in the USA - check, in Germany - giro accounts, in Russia - settlement. Transactions on the company's current account show changes in its debt claims and obligations (in ra m kah enterprises). This includes: revenue from the sale of products (work performed, services rendered), etc. Debt claims for the payment of wages to employees are satisfied from the current account. T tax payments to the budget, contributions to extra-budgetary funds, insurance payments, payments for raw materials, materials, fuel, energy, components to relevant suppliers, repayment of loans, bills and other financial and credit instruments N Comrade

In general, the banking system acts as the starting point for the circulation of cash and banknotes. A personal payments, and the creation of means of payment, which is its most important function, is closely related to the credit operations carried out by this system. Cash for settlement and other purposes A logical bank accounts reflect records of balances, turnover on personal accounts due to bankruptcies A personal payments. The main source of these funds are bank loans according to the well-known Loans make d formula e posits loans create deposits.

The money supply is the result of the interaction of two flows. One p O current - the issue of money, meaning the distribution of means of payment through banks among economic agents, tested s those who need money; the other is the return of money by debtors, which occurs when debt claims in the assets of banks decrease due to the payment of debts. Due to the fact that the issuance of means of payment is more active than in h gate, the money supply tends to increase. Derivatives of money turnover - money ma With CA and the volume of loans - along with the exchange rate, serve as the main objects of monetary policy O lytics. In the management of these objects, a significant role is played by the study of their initial principles - cash and credit flows (turnovers) by recording and analyzing all operations (transactions), carrying out e we through money and credit.

Non-cash payment turnoverin the country is organized on the basis of certain principles.

Principles of organizing settlementsfundamental principles of their implementation. Compliance with the principles together allows us to ensure that calculations meet the requirements: timeliness, reliability, efficiency.

First principle - the legal regime for making settlements and payments is determined by the role of the A tight system as a basic element of any modern society. All civil legal relations are divided into real and obligatory (Civil Code of the Russian Federation). R s night turnover is essentially a combination of various obligations e tions related to the performance of certain obligations by a specific debtor in favor of the creditor. The fulfillment of obligations by enterprises, individuals, and the state is ensured thanks to the payment system.

The main legislative sources for regulating payments include: Fundamentals of civil law A legislation; Civil Code of the Russian Federation; Civil procedure b nal code of the RSFSR; Arbitration Procedural Code of the Russian Federation.

Special legislative and by-laws include: Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” dated April 26, 1995; Federal Law “On Banks and Banking Activities” of February 3, 1996

The procedure for non-cash payments in the national economy is defined in the Regulations on non-cash payments in the Russian Federation dated July 9, 1992 No. 14 with subsequent amendments and additions."

Second principle - making payments on bank accounts. The presence of the latter as received A both the payer and the payer - a necessary prerequisite for settlements. Non-cash payments are made by legal entities and citizens through the bank in which the corresponding account is opened for them. For settlement services m e I'm waiting for the bank and the client to conclude a bank account agreement an independent bilateral (participants have both rights and obligations) civil contract. Legal registration e The establishment and functioning of enterprise accounts in the bank is predetermined by the current procedure for creating A tion of enterprises, their legal status, as well as instructions from the Central Bank.

According to the Federal Law “On Banks and Banking Activities” (Article 30), the agreement must indicate interest rates on loans and deposits, the cost of banking services and the timing of their implementation, including the processing time of payment documents, property liability n liability of the parties for violation of the contract, including liability for violation of obligations regarding the timing of payments, as well as the procedure for its termination and other essential terms of the contract. Clients have the right to open the number of settlement, deposit and other accounts they need in any currency in banks with their consent, unless otherwise established by the Federal e ral law.

Banks and other credit institutions for settlements among themselvesopen a correspondent n Dental accounts - with each other (a correspondent account agreement is concluded) and without fail in the institutions of the Bank of Russia (agreement for bank settlement services).

Third principle - maintaining liquidity at a level that ensures uninterrupted operations T introduction of payments. Compliance with this principle is the key to clear, unconditional fulfillment of obligations. All payers (enterprises, banks, etc.) must plan receipts, write-offs of funds from accounts, prudently find missing resources (by obtaining a loan or selling assets) in order to timely s fulfillment of debt obligations.

Fourth principle- presence of acceptance (consent) of the payer for payment. This principle A lysed by applying:

Or the corresponding payment instrument (check, promissory note, payment order), certificate e indicating the owner’s order to write off funds;

Or special acceptance of documents issued by recipients of funds (payment requests, orders, payment requests, bills of exchange).

At the same time, the legislation provides for cases of indisputable (without the consent of payers) joint venture And collection of funds: arrears on taxes and other obligatory payments on the basis of writs of execution issued by the courts, some fines by order of collectors, etc., as well as direct write-off for heat O energy and electricity, utilities and other services.

Fifth principle - urgency of payment - follows from the very essence of a market economy, an integral condition of which is the timely and full fulfillment of payment obligations. A detailed interpretation of the period, its beginning and end (including a non-working day), determined by the period of time, the procedure for performing actions on the last day of the period are given in the first part of the Civil Code of the Russian Federation. The meaning of this principle lies in the fact that continuously spent funds on the production of goods and the provision of services must be reimbursed through payments from buyers within the time limits stipulated by the concluded contracts. Failures to meet payment deadlines lead to a disruption in the circulation of funds and, ultimately, to a payment crisis.

Sixth principle - control of all participants over the correctness of calculations, complied with And we have established provisions on the procedure for their implementation - subdraft h divided into preliminary, current and subsequent. An important role in compliance with this principle is played by the establishment in accordance with Art. 16 of the Federal Law of the Russian Federation of November 21, 1996 No. 129-FZ “On Accounting” publicity bu X Galter reporting.

Closely related to the principle of mutual control of settlement participants the seventh principle is their property legal liability for non-compliance with contractual terms. The essence of this principle is that violations of contractual obligations regarding settlements entail the application of civil liability in the form of compensation for losses, payment of a penalty (fine, penalty), as well as other measures T responsibility. Proper control allows you to prevent failure to fulfill obligations of both your own and your counterparties, and if they are not fulfilled by the latter, to almost completely compensate And incurred losses and thereby mitigate the negative consequences. The possibilities for this have expanded significantly thanks to the improvement of legislation, which has significantly supplemented the previous (before the transition to the market) measures of enforcement for failure to fulfill monetary obligations. A Tel. Despite the measures taken, the problem of strengthening the principle of property liability in the process of organizing settlements remains one of the most difficult to resolve. As evidenced by the practice of arbitration courts operating in Russia since 1993, the most painful cases are related to settlements.

Forms of non-cash payments

Non-cash payments are carried out on the basis of payment documents of the established form and with O maintaining the appropriate document flow. Depending on the type of payment documents, the way O ba of payment and organization of document flow in the bank, among payers and recipients of funds, the following main forms of non-cash payments are distinguished: settlements by payment orders, letter of credit form of settlements, settlements by checks, settlements by payment requests-orders.

The forms of settlements between the payer and the recipient of funds are determined by the contract (agreement on T practical agreements).

The variety of calculation forms used and the principles for choosing one or another form of calculation e com when concluding contracts and transactions depend on the specific economic situation in the country, and undergo significant changes when carrying out reforms in the economic sphere.

The choice of payment form is mainly determined by:

The nature of economic relations between counterparties;

Features of the supplied products and the conditions for their acceptance;

Location of the parties to the transaction;

Method of transporting goods;

Financial situation of legal entities.

Calculations payment orders. This is the most common form of non-cash payments in Russia at present. A payment order is an order from a service company yu to a given bank to transfer a certain amount from your account. This form of calculation tends to be wider O to be used in a market economy.

Payment orders are used to make a wide range of payments: they are used to settle accounts with suppliers and contractors in case of prepayment, pension authorities O state and insurance funds, with employees when transferring wages to their accounts in other banks, with tax and other payments e zhakh, when paying commissions to the bank, etc.

Payment orders are valid for ten days from the date of their issue (the day of issue is not taken into account) and are accepted from the payer for execution only if there are funds in the account, unless otherwise (obtaining a loan to make a payment) is not agreed between the bank and the account owner .

Calculations are okscheduled payments. There are times personal approaches to the interpretation of calculations in the order of scheduled payments. They are often considered as a type of settlement by payment orders, since this document is the basis V This is a new type of payment document used in payments by scheduled payments. However, this does not mean that when making payments using scheduled payments, other settlement documents cannot be used. n you (checks, bills).

So, with uniform and constant supplies between suppliers and buyers, calculations and They can be carried out in the order of scheduled payments on the basis of contracts (agreements) using payment orders in calculations.

Under the terms of the contract, the supplier undertakes to ship the products to the buyer in With specified sizes and within specified time frames based on the agreed delivery schedule. The buyer undertakes to make scheduled payments within the terms specified in the contract (daily or periodically) based on the period O inconsistency of payments and planned volume of deliveries.

When switching to settlements with scheduled payments, the parties to the transaction send to their servicing banks copies of agreements with the details of the counterparty to the transaction, indicating the duration of the settlement periods, the timing of the transfer of payments, indicating the accounts from which payments will be made and to which funds will be credited, reconciliation deadlines and completion procedures calculations.

For each scheduled payment, a separate document is issued and submitted to the bank - payment order at reading (written out by the buyer).

Letter of credit payment form . Scope of application of the letter of credit payment formis not wide enough, its share in the structure of forms of non-cash payments is relatively small, but is stable both in the conditions of an administrative-command economy and a market one. The essence of the letter of credit form of payment is that the payer instructs the bank servicing him to make, at the expense of funds, d deposited in an account, or under a bank guarantee, payment for inventory items at the location of the recipient of funds on the terms provided by the payer in the application e approval for opening a letter of credit.

Letter of Credit represents a conditional monetary obligation of the bank, issued by it on behalf of the client And entity in favor of its counterparty under an agreement under which the bank that opened the letter of credit (issuing bank) can make a payment to the supplier or authorize another bank to O make such payments subject to the provision of documents stipulated in the letter of credit, and subject to the fulfillment of other conditions and to credit

If the bank that issued the letter of credit (issuing bank), on behalf of the payer (buyer), transfers O transfers funds to another bank - the supplier's bank, then to make the payment when all With In accordance with the provisions of the letter of credit, a separate balance sheet account “Letters of Credit” is opened in the supplier’s bank.

In accordance with the Regulations on Non-Cash Payments, the following types of letters of credit can be opened in our country:

Covered (escrowed) or uncovered (guaranteed);

Revocable or irrevocable.

Covered (deposited) are considered letters of credit , upon opening of which the issuing bank transfers With allocates the payer’s own funds or provides him with a loan at the disposal of the supplier’s bank (executes yu current bank) for the entire duration of the issuing bank’s obligations. When establishing correspondent relations between banks, uncovered (guaranteed) To a credit can be opened with the executing bank by granting it the right to write off the entire amount of the letter of credit And VA from the account of the issuing bank maintained by him.

Each letter of credit must be revocable or irrevocable. In the absence of such a definition, the letter of credit is considered revocable. A revocable letter of credit can be changed or canceled by the issuing bank without prior agreement with the supplier (for example, in case of non-compliance with the conditions stipulated by the agreement, early refusal of the issuing bank to guarantee payments under the accr e ditiva).

An irrevocable letter of credit cannot be amended or canceled without the consent of the supplier in whose favor it was opened. The supplier may cancel the use of the letter of credit early if this is provided for T Rented by the terms of the letter of credit.

In Russia, a letter of credit can be intended for settlements with only one supplier and not O may be redirected. Payment from a letter of credit in cash is not allowed.

The validity period and procedure for settlements under a letter of credit are established in the agreement between the payer and the about the supplier.

The opening of guaranteed letters of credit by the issuing bank is carried out by agreement with the O the buyer and in accordance with the terms of correspondent relations with another bank. Payments under the letter of credit are made during its validity period established in the agreement of the parties.

With the letter of credit form of payment, all the basic rules for carrying out transactions are fully complied with. With even: products are paid for after they are shipped; payment is made with the consent of the payer, vyr A in this case, due to the very fact of opening a letter of credit; the payer is given the right to T refuse to pay if violations of the terms of the contract are discovered; a letter of credit is opened using the buyer's funds or a bank loan if the buyer is entitled to receive it. The positive side of the letter of credit form of payment is the guarantee of payment. At the same time, this form of calculation has a number of significant shortcomings, which predetermined the limited scope of its applications. e tion: the buyer’s funds in the amount of the letter of credit are diverted from his economic turnover for the period of payment th provisions of the letter of credit; trade turnover slows down, since the supplier is notified of the opening of a letter of credit And VA cannot ship finished products and incurs additional costs for their storage.

Payments by checks . When making payments by checks, the account owner (check drawer) gives a written order to the bank that issued the settlement checks to pay a certain amount of money specified in the check to the recipient of the funds (check about the holder).

Checks are used by both individuals and legal entities, act as a means of payment and can be used for settlements in all cases provided for by the laws of the Russian Federation. Not allowed A Settlements by checks between individuals are accepted.

It is allowed to accept checks for deposits of citizens into their personal bank accounts on the terms determined by the issuing bank or correspondent bank.

A check is convenient for payments in the following cases:

When the payer does not want to make a payment before receiving the goods, and the supplier does not want to transfer the goods before receiving a payment guarantee;

When the seller is not known in advance.

A settlement check issued by a Russian bank is valid only on the territory of the Russian Federation.

A check serves as a security document. Check forms are strict reporting forms.

The checkbook consists of check forms “Settlement check”, bound in standard books of 10, 25 and 50 sheets. Checkbook forms are strictly accountable documents and their form is established by the Central Bank of the Russian Federation. To obtain a checkbook, enterprises submit applications to their bank. The bank deposits the applicant's funds in a separate account from which checks are cleared. The client receives a check book from the bank indicating the amount deposited by the bank, within which he can issue checks.

Clients with a stable financial position and stable payment discipline, if there is an appropriate agreement, can be issued a checkbook guaranteed by the bank (without deposits and funds).

The check must be presented for payment to the bank office within ten days, not counting the day of its issue.

When purchasing goods or receiving services, the enterprise (through an authorized representative) issues a settlement check and transfers it to the supplier-recipient of the funds. Checks received for payment, as a rule, must be handed over by the check holder to the bank the next day from the date of issue. After pr O checking the correctness of the check details and compliance with their validity periods, the bank credits the amount, decree n written in the check to the account of the recipient of the funds, debiting it from the account in which the funds were deposited T VA, or from a current or loan account (if the book is issued under a bank guarantee).

In global banking practice, depending on who is indicated as the recipient of the payment, checks are divided into personal, order, and bearer. Payment by personal check can only be made in favor of the person indicated in the check, by order - both in favor of the person indicated in the check, and by his order (executed on the back of the check) to another person, by bearer - in favor of any person, pred I deposited a check into the bank. Personalized checks are not transferable. Bearer - can be transferred to others at to the same person by simple delivery, orders - by issuing an endorsement (endorsement nta).

In Russia, the “Regulations on Non-Cash Payments” (1992) specified the procedure for payments by checks and one O temporarily somewhat limited the possibilities of their use. The latter was expressed in the following:

The drawer is prohibited from endorsing the check;

The drawer cannot transfer checks to the supplier by endorsement;

The drawer must first deposit the funds in a separate account.

Calculations payment requests-orders. Relatively new to our economy With an even document and, accordingly, a new form of non-cash payments are calculations of payment requirements I'm running errands.

A payment request-order is a demand from the supplier to the buyer for payment A based on the settlement and shipping documents sent to the payer’s servicing bank O documents the cost of products supplied under the contract, work performed, services rendered, etc. O the payer's instruction to write off funds from his account.

Payment orders are issued by suppliers and, together with commercial documents, are sent to the buyer's bank, which forwards the order to the payer. The payer is obliged to submit a payment request-order to the bank within three days from the date of its receipt by the payer's bank. A payment request-order is accepted if there are funds in the payer’s account.

The payer notifies the bank servicing him of the refusal to fully or partially pay the payment request-order within these three days. Requirements-instructions along with attached T shipping documents and payment refusal notices are returned directly to the supplier And ku. If he agrees to pay in whole or in part the payment request-order, the payer draws it up with the signatures of persons authorized to dispose of the account and a seal, and then submits them to the servicing bank.

Settlement of mutual claims. In a complex system of economic relations there is the possibility of V registration of counter flows of movement of inventory items and services. This situation serves With new application of such a specific form of non-cash payments as offset of mutual claims, i.e. transfer from the account of one organization to the account of the counterparty only the difference (balance) between h new requirements. The main advantage of this form of non-cash payments is the relative b no simplicity and efficiency.

Various settlement documents can be submitted for offset: payment requests, payment orders, settlement checks, etc. When mutual claims are offset, there is a sharp reduction in movement e funds. They are required only for the amount of the difference remaining after offset.

Offsets of mutual claims can be permanent or one-time. Permanent periodic balance settlements are usually made once every ten days between two business organizations on the basis of counter, approximately equal deliveries. Both participants in the offsets maintain mutual settlement accounts, which record all amounts due for payments. Payment documents are not submitted to the bank, but are sent directly to the buyer with their amount reflected in the mutual claims account. From time to time, representatives of the parties reconcile the accounts of mutual settlements, establish in whose favor there is a balance, and for this amount they issue either a payment order or another settlement document that carries out traditional document flow.

One-time offsets of mutual claims between two legal entities are carried out in the following way: at tea, if one party, when making a payment in favor of the other party, has counter demands against it O concerns and claims. The unaccounted balance of funds is repaid by the party that owed more and tit.

Interbank settlements.Settlements between banks in Russia are made through With even-cash centers created by the Central Bank of the Russian Federation. Banking operations for settlements m O can also be carried out through correspondent accounts of banks opened with each other on the basis of interbank agreements O announcements General principles for organizing interbank settlementsare the same everywhere. These common features include the active participation of central banks in the rationalization of settlements in the form of direct participation in them or in the form of initiating and supporting special measures. With even centers created by commercial banks, or special banks. It is the mediator e The rule in payments between banks as the prerogative of the central bank allows it to control and regulate money circulation.

CASH TURNOVER, ITS ORGANIZATION. MONETARY SYSTEM.

Economic content of cash turnover

Cash turnoveris a process of continuous movement of cash banknotes (banknotes, treasury notes, small change). Despite the fact that cash turnover in all countries with both market and administrative economic models is a smaller part, it is of great importance. It is this turnover that serves the receipt and expenditure O the share of the majority of the population's cash income. It is cash circulation that consists of the constantly repeating circulation of cash.

Cash circulation begins at the cash settlement centers of the Central Bank of the Russian Federation. Cash is transferred from their reserve funds to the working cash registers, thereby O come into circulation. From the working cash desks of the RCC, cash is sent to the operating cash desks of commercial banks. Banks can transfer part of this money to each other on a paid basis, but most b Most of the cash is issued to clients - legal entities and individuals (or to the cash desks of the d ceremonies and organizations, or directly to the population). Part of the cash in the bank With sah of enterprises and organizations, is used for settlements between them, but most of it is transferred to the population in the form of various types of cash income (salaries, pensions and benefits, scholarships, insurance compensation, payment of dividends, revenues from O sales of securities, etc.).

The population also uses cash for mutual settlements, but most of it is spent on s payment of taxes, fees, insurance payments, rent and utility bills, repayment of loans, purchase of goods and payment for various paid services, purchase of securities, lottery tickets, rental payments, n lat of fines, penalties and penalties, etc.

Organization of cash flow

Cash circulation is organized by the state represented by the central bank. For this purpose n tral bank systematically publishes a document called “The Procedure for Conducting Cash Transactions in the National dnom economy".

Cash circulation is organized on the basis of the following principles:

All businesses and organizations must keep cash (except for the part required by n no limit) in commercial banks;

Banks set cash balance limits for enterprises of all forms of ownership;

Cash circulation is the object of forecast planning;

Monetary circulation is managed centrally;

The organization of cash flow aims to ensure stability, elasticity and economy h monetary circulation;

Businesses can receive cash only from the banks that serve them.

Monetary systems, their forms and development.

The country's monetary circulation, organized and regulated by state laws, is called e gentle system. In each country, the monetary system develops historically. Various types of monetary systems are known. Thus, in the conditions of the existence of metallic money circulation, there are different A Are there two types of money? With topics: bimetallism and monometallism.

Bimetallism - a monetary system in which the state legislates the role of all e total equivalent for two metals - gold and silver, coins made from them function on an equal basis A niyah. There were three types of bimetallism:

A parallel currency system where the ratio between gold and silver coins is fixed A appeared spontaneously in the market;

Dual currency system, when this ratio was set by the state

A "limping" currency system in which gold and silver coins serve as legal currency. and by means, but not on an equal footing, since the minting of silver coins was carried out in A covered order in contrast to the free minting of gold coins. In this case, silver coins A are renewed with the sign of gold.

Monometalism - a monetary system in which one monetary metal is universal To vivalent and at the same time there are other signs of value in circulation (banknotes, A znacheniye tickets, change coins), exchangeable for gold. There were three varieties of O lot of monometallism: gold coin standard, gold bullion standard and gold exchange standard n dart.

At gold coin standardgold performs all the functions of money; it is in circulation as gold O coins and gold tokens, free minting of gold coins with a fixed content of gold is carried out O However, gold coins can be freely exchanged for gold tokens at face value.

Gold bullion standardcharacterized by the fact that banknotes are exchanged for gold bars, but only upon presentation of a certain amount.

Finally, a featuregold exchange standardwas that banknotes are exchanged for mottos, that is, for foreign currency exchanged for gold

Since the 30s. Monetary systems built on the circulation of fiat credit money are beginning to function in the world. This is primarily due to the action of the general economic law of economy about b public labor. The evolution of monetary systems leads to the creation of increasingly economical money and systems, where the costs of cash turnover are constantly decreasing, therefore, the costs are also decreasing. A you are a social worker.

All monetary systems based on the circulation of credit banknotes are characterized by:

The displacement of gold from both internal and external circulation and its deposition in gold reserves (in With new in banks); gold still functions as a treasure;

Issue of cash and non-cash banknotes based on bank lending operations;

Development of non-cash money turnover and reduction of cash turnover (on average, in the world economy the ratio between cash and non-cash turnover is 1:3);

Creation and development of mechanisms for monetary regulation of money turnover by the state at the gift.

Laws of money circulation

The circulation of money does not occur spontaneously - it is subject to certain laws. Their knowledge allows you to more quickly respond to certain changes, make appropriate corrective decisions and influence economic development in the most favorable way. These rules of circulation are called the laws of money circulation.

Basic Law of Monetary Circulation, the formula of which was presented by K. Marx, connects prices, velocity of circulation and quantity of money:

Quantity of money = Sum of prices / Number of money turnover units

However, it must be remembered that this formula is more valid for gold circulation. The fact is that when gold circulates as money, due to limited gold reserves, the relationship between the amount of gold (coins) and goods is established spontaneously, but relatively accurately: excess money is withdrawn from circulation and goes into the sphere of accumulation (treasures), and if there is a shortage the withdrawn part of the coins is returned to circulation.

When credit money appears, as mentioned above, a practically unsecured emission occurs, i.e. the amount of money can be arbitrarily large. In this case, inflation is inevitable, i.e. depreciation of money due to its increased quantity. In this case, it is necessary to track that part of monetary obligations that can be mutually repaid without additional issue. The above equation becomes:

Quantity of money = (Sum of prices Sum of prices of goods sold on credit + Payments on debt obligations Amount of offsets of obligations) / Number of cash turnover units

This law is calledlaw of paper money circulation. Since the amount of money can now increase without limit, the role of the state in monetary regulation is colossal. One type of regulation is to maintain the structure and volume of the money supply - the total purchasing power of funds. If the question “how much money is needed?” There is no clear answer (this will be discussed in more detail below), then to the question “what kind of money should there be more and what kind of money should be less?” You can try to give an answer by analyzing monetary aggregates. They represent the constituent elements of the money supply and can be conditionally characterized as follows:

Unit:

M0 cash in circulation (coins and banknotes). Typically, in developed countries, non-cash circulation is of predominant importance (it is closely related to credit, and credit, as will be shown below, provides significant savings in distribution costs). Therefore, the role of this unit is small

M1 = M0 + account balances. Funds in bank accounts are used to make current payments. Therefore, the volume of this aggregate largely characterizes the liquidity of the money supply. At the same time, the more working capital of an enterprise is “frozen” in the account, the less funds can be invested in fixed capital. This unit largely performs the function of a medium of exchange (payment)

M2 = M1 + time and savings deposits. Although “deposit money” has less liquidity, it can be converted into cash over a period of time (for example, into the M1 aggregate). The M2 unit largely serves as a means of accumulation, although it also partially serves as a means of circulation.

M3 = M2 + savings deposits, as well as securities. This unit can be fully characterized as performing the function of a storage medium. At the same time, if the securities that make up this unit also mean bills of exchange, then in this case this unit can serve as a medium of exchange, because a bill of exchange issued by an enterprise is essentially no different from a bill of exchange issued by the central bank (banknotes)

Inflation: concept, essence and types

It was stated above that an acceleration in the turnover of money or an increase in its quantity (volume of money supply) leads to the depreciation of money, i.e. to inflation. However, the concept of inflation is not limited to this. Inflation is a general increase in the price level, which can be caused not only by monetary factors, although they play a major role in the development of inflation.

Inflation represents the depreciation of money, a drop in its purchasing power caused by rising prices, commodity shortages and a decrease in the quality of goods and services. It leads to the redistribution of national income between economic sectors, commercial structures, population groups, the state and the population and business entities.

Inflation is characteristic of any model of economic development where the state does not balance n income and expenses, the central bank’s ability to conduct independent monetary policy is limited.

In general, inflation is calculated by dividing the difference between the price index of the current year and last year by the index of the past year. However, it is necessary to distinguish between two main types inflation - supply and demand. Demand inflation is due to the fact that consumers have increased demand for goods, and producers cannot produce more for some time (even if this promises them additional profits); as a result, prices rise. Supply inflation is due to the fact that prices for resources needed by producers increase.

The causes of inflation can be considered as follows:

Demand inflation.This inflation is defined as an increase in demand when the economy is at full capacity. Manufacturing is operating at full capacity and the economy is providing almost full employment. However, consumers are increasingly demanding goods (for example, due to government fiscal policy), and since the amount of money remains unchanged, prices increase. Such inflation is overcome when production volume increases or imports expand.

Supply (cost) inflation.The price increase in this case is caused by the fact that producers are experiencing difficulties with production costs. The price of a product includes, in addition to profit (margin), three large elements: wages, material costs and depreciation. As a rule, prices for materials and labor increase. In these cases, the entrepreneur is forced to compensate for his losses by some increase in the price of the same product

At the same time, the above difference can be quite difficult to trace in practice, i.e. It is difficult to determine what - demand or supply - caused a new round of prices. For our country, apparently, demand inflation is very relevant, since many people, since the times of shortages, have developed an irresistible reaction to “buying everything for future use.” Supply-side inflation, on the contrary, has a more pronounced tendency to be self-limiting: as soon as the prices of goods increase beyond a certain limit, consumers limit their demand (or purchase substitute goods), which leads to a decline in supply and a reduction in prices.

Inflation is usually classified as follows: a 5-10% annual increase in prices is creeping inflation, 10-50% is galloping, and over 50% is hyperinflation.

The line between the above types of inflation is conditional, but a common feature is an increase in the rate of turnover of funds, a sharp decrease in the total purchasing power of the money supply and the withdrawal from money circulation of not only small change coins, but also successively small paper bills.

Galloping inflation makes monetary savings pointless for the purpose of purchasing not only durable goods and distant demand, but also non-food products all the time e daily demand. As a result, inflation expectations intensify and a reorientation of consumer demand occurs. To almost entirely for food products.

Within the framework of hyperinflation, one should distinguish super-hyperinflation, in which price increases exceed 50% or more per month. In Russia in 1992, prices increased more than 26 times. The general price index over four years by the end of 1995 increased 4,500 times. An example of hyperinflation is the state of money circulation after the war. In Germany, after the First World War, prices in 1923 increased by 1.3 trillion. times (during the monetary reform in 1923, one new mark was exchanged for 1 trillion old marks).

Depending on the duration, chronic inflation and stagflation are distinguished, when n inflation is accompanied by a drop in production, which is also typical for Russia.

To the factors of monetary circulationinclude: overflow of the sphere of circulation with excess mass d e soft funds due to excessive emission of money used to cover the budget deficit; oversaturated e credit for the national economy; government methods for maintaining the exchange rate of the national currency, limiting its movement, etc.

To non-monetary factors of inflationinclude: factors associated with structural imbalances in social reproduction, with the costly mechanism of management, state economic e policy, including tax policy, price policy, foreign economic activity about stu, etc.

All this indicates that inflation is a complex multifactorial phenomenon caused by disruption of reproductive processes, disproportionate development of the national economy, government policy at donations, the policies of issuing and commercial banks.

Inflation can develop even when the amount of money in circulation is stable. Thus, a reduction in the circulation of goods and services for a given mass of money in circulation in the United States in the 40s and 70s. caused inflation And economic processes, which was due to the acceleration of money turnover. According to the economic effect O The circulation of money under other constant conditions is equivalent to the release of additional mass e neg into circulation.

During inflation, capital moves from the sphere of production to the sphere of circulation, since there the circulation speed is much higher, which gives huge profits, but at the same time intensifies inflationary tendencies. The inflation mechanism is self-reproducing, and on its basis the savings deficit increases, loans are reduced, and n investment in the production and supply of goods.

Thus, inflation factors operate both in the production and sale of goods and in changes in the mass and velocity of circulation of money.

In modern conditions, inflation throughout the world is chronic, widespread, all-encompassing, caused not only by monetary, but also by non-monetary factors, often political. It is impossible to completely eliminate inflation in market economic conditions; we can only talk about controlled and n inflation.

A typical manifestation of inflation is a general increase in commodity prices and a depreciation of the national currency. At the same time, under the conditions of a planned distribution system, inflation is most expressed in the deficit of the economy, a decrease in the quality of goods, and much less in the level of price increases. Artificial, administrative control of prices, which, on the one hand, are focused on the actual costs of production; on the other hand, completely ignoring demand (retail prices), which ultimately hampered the development of production, the improvement of its technical level and generated a commodity shortage.

Prices regulated by the state may remain unchanged for a long time, but it is almost impossible to buy many goods at fixed prices; they are not on free sale. In such cases A In this case, as a rule, official and unofficial rationing arises, the distribution of b relations, various markets appear in the economy, where goods are sold at increased prices e to us.

Such inflation is said to be “suppressed”hidden, as opposed to open, officially registered T controlled by statistical services. The manifestation of hidden inflation is also expressed in the fact that and As the amount decreases, products of low quality and in smaller quantities are purchased, more waste occurs s a sharp rise in prices for new products compared to quality; cheaper assortment is being “washed out” of trade. In the national economy, due to rising production costs and maintaining stable prices, profitability decreases, government at gift grants.

“Suppressed” inflation can also occur in market conditions. Government torture A It is possible to “suppress” inflation not by developing production, but by tightening the money supply and fixing the dollar exchange rate. In this case, inflation manifests itself in huge non-payments, in the naturalization of business T economic relations, a drop in production.

To achieve a given level of inflation, the government delays payments on government bills. A Kazakhs, on wages, issuance of pensions and compensations, financing of public sectors.

Inflation is generally measured by price increases, but not all price increases are associated with inflation. P O an increase in commodity prices can occur both in the conditions of circulation of gold currency and during the boom period V growth and economic recovery, when along with rising prices, incomes also grow. A general increase in prices associated with the appearance of more modern or new products, caused by changes in their costs and needs And cost, may not have socio-economic consequences.

An increase in prices can be not only a manifestation, but also a cause of the “unwinding” of inflation, as happened in the Russian economy in 1992, when, as a result of price liberalization, wholesale prices increased by 34 times, retail prices - by 26 - 28 times, GNP - by 15 times, the money supply increased 8-9 times and credit investments in the economy - 6 times.

The increase in wholesale prices made it necessary to adapt the money supply to price dynamics And ke. The growth of cash and non-cash money supply occurred slower than the rise in prices, i.e. in the economy n In the current turnover there was a constant shortage of money, and prices continued to rise. The state began issuing 10-, 50-, and 100-thousand ruble banknotes.

As stated above:Cost-push inflation and demand-pull inflationare interconnected and interdependent, they are difficult to clearly subdivide. Excess money supply in the economy always generates increased demand, causing market disequilibrium in the sphere of aggregate demand and aggregate supply, the reaction to which is s prices are rising. Being a product of an unbalanced money market, demand-pull inflation spreads O wanders further, affecting production and consumption, deforming consumer demand, increasing the unevenness and disproportion of the development of various economic sectors, leading to h nom account to cost inflation.

Any modern economic system is inflationary, and it is subject to factors related to both demand inflation and cost inflation.

Big role in foreign economic factors play a role in the development of inflationary processes factors . They appear when a country actively uses imported goods. A natural increase in world prices for raw materials and energy always provokes an increase in cost inflation. Import prices not only “push up” the prices of national products, but also increase production costs when With use of imported components, increasing the cost of finished products.

The influx of foreign loans and currency has a particular impact on inflation processes, since the import of foreign currency and its purchase by the central bank increase the money supply in the country, thereby contributing to the depreciation of money and increased inflation. Here, a balanced monetary policy pursued by the country’s central bank is of considerable importance in terms of creating foreign exchange reserves, using the mechanism of regulation and formation of the exchange rate and at the same time reducing its inflationary pressure on the economy.

An important inflation factor is the dollarization of the economy, when the dollar becomes a pair l fiat currency, performing the functions of money. The presence of a harder currency in money circulation displaces A national currency and accelerates the decline in its exchange rate.

Inflation can be causedadaptive inflation expectationsrelated to air th the result of political instability, with the activities of the media, loss of trust in the government. Against the backdrop of high inflation expectations and rising foreign exchange rates A the population prefers fierce A You should not keep your savings in national currency.

Adaptive inflation expectations stimulate an increase in current demand to the detriment of savings And holes and investment opportunities of the credit system, which makes them even more stable, as money turnover accelerates.

Inflation may be triggeredstate tax policy. In conditions of inflation, the formation of budget revenues occurs on an inflationary basis - with a decline in production And profit is generated mainly due to rising prices, and not due to the creation of real material prices n news If a large part of the farm’s profit is withdrawn from the budget, then the tendency towards deviation increases e tion from paying taxes, the possibilities for investment activity are reduced. When production volumes fall, value added tax only aggravates inflation; it directly affects the increase in prices.

Government tax policy may pursue a fiscal or regulatory objective. At one hundred G inflation, the decisive direction of fiscal policy should be the stimulation of private d entrepreneurship and savings of the population, the effect of creating a counterbalance to inflationary processes compensates for the previous yu total tax losses of the state.

Inflation can also be reproduced due to political instability in the state and social And active population activityassociated with strikes in basic sectors of the economy. In Russia, the political factor played an important role in the development of inflation.

In the process of transforming the planning and distribution system into a market one in the Russian economy,corrective inflation, caused by objective processes of transformation of the structure of domestic prices. In the new economic conditions, it was impossible to leave the old pricing system, which actually regulates profit and profitability, income and With budget moves, supply and demand of products, employment, state of exports and imports, balance of payments, exchange rate.

Consequences of inflationary impact on monetary circulation.

The consequences of inflation are most clearly seen in the example of the M3 unit. Cash investments depreciate and, after a certain period of time, the owner of the savings discovers that the purchasing value of his money has fallen (the amount is inversely proportional to the rate of inflation). So, with a deposit of 1000 at 10% per annum and annual inflation of 15%, the size of the deposit in a year will be 110 / 115 = 956, i.e. the owner will not gain, but will lose 4.4%.

Inflation forces people to save less and spend more on consumption or purchasing for future use (which is also closer to consumption). This leads to an increase in demand, which in turn generates inflation. Consumers and producers are also losing confidence in the national currency, preferring to make maximum payments in foreign currency or use currency clauses to reduce risks.

Inflation also causes interest rates to rise as banks need to attract customers by offering them rates higher than the inflation rate. This, in turn, leads to an increase in alternative opportunities for potential and actual investors. They prefer not to invest in long-term and less profitable projects if they can put funds on deposit at much higher interest rates; as a result, investment activity decreases. At the same time, low levels of inflation can have a beneficial effect on investors: rather than saving funds that are constantly depreciating, it is better to invest them in the most profitable way.

Inflation can be beneficial for exporters: for every dollar received from foreign buyers, they can buy more rubles and, possibly, more quantities of exported goods or materials for their production.

In general, the socio-economic consequences of inflation are expressed in:

Redistribution of income between population groups, spheres of production, regions, economic And mi structures, government, firms, population; between debtors and creditors;

Depreciation of cash savings of the population, business entities and government funds d jet;

Constantly paid inflation tax, especially recipients of fixed cash income o Dov;

Uneven price growth, which increases the inequality of profit rates in different industries and aggravates the situation With proportions of reproduction;

Distortion of the structure of consumer demand due to the desire to turn depreciated money into goods and currency. As a result, cash turnover accelerates and increases n inflationary process;

Consolidation of stagnation, decrease in economic activity, increase in unemployment;

Reducing investments in the national economy and increasing their risk;

Depreciation of depreciation funds,which complicates the reproductive process;

Increasing speculative play on prices, currencies, interest rates;

Active development of the shadow economy, in its “evasion” from taxation;

A decrease in the purchasing power of the national currency and a distortion of its real exchange rate according to T carrying to other currencies;

Social stratification of society and, as a result, aggravation of social contradictions.

As a result, the consequences of inflation, especially high levels, have a negative impact on the economy as a whole and money circulation in particular. The most important of these influences is the undermining of the stability of the national monetary unit and the mechanism of monetary circulation (either excessive swelling of the volume of the money supply or excessive acceleration of its circulation).

How to fight inflation?

Target anti-inflationary policy of the stateis to bring inflation under control And it and achieve growth rates acceptable for the national economy.

An important task in the fight against inflation isovercoming the economic downturn and non-payment crisis e zhey, decline in investment activity, formation of a stable market infrastructure. Ozd o economic development is associated with support for priority sectors of the national economy, incentives at regulation of product exports, including arms exports, reasonable protectionist policies and exchange rate policies that help resolve issues of competitiveness of domestic goods, rather than a decline in about production.

Practice has developed various ways to overcome galloping inflation and reduce the negative consequences of inflation, but has not given an unambiguous and final answer to this question. Therefore, below are the measures that have been and are being used to combat (but not completely defeat) inflation:

Anti-inflationary policy1. Deflation - limiting demand through the withdrawal of part of the funds (usually through the taxation mechanism).

2. Pricing (income policy). This policy means controlling and containing price increases. In this case, it is understood that the state is taking a set of measures to prevent the growth of wages and prices for certain types of goods, but ceases to support unprofitable and low-profitable industries

Currency reforms1. Nullification - replacement of one (usually excessively devalued) currency with another.

2. Restoration - reintroduction of the gold content of the monetary unit.

3. Devaluation - a decrease in the gold content of the monetary unit.

4. Denomination - changing the scale of banknotes.

Particular attention in anti-inflationary policy should be paid to improving the tax system from topic:

Reducing the number of taxes levied;

Refusal to use inflation as a source of budget financing. For this purpose it is necessary And we can regularly revaluate fixed assets, index all income limiters of enterprises that appear in absolute amounts, and adjust profit and loss statements;

Revision of tax payments included in production costs that stimulate price increases: contributions to the pension fund, social insurance fund, employment fund, land payments, property taxes, etc.;

Changes in taxation methods;

Elimination of state debt to sectors and areas of the national economy;

Regulation of redistribution relations between the budgets of the Federation and the budgets of the Republic e gions.

Since budget expenditures account for a large share of expenses for servicing external and internal debts, in order to curb inflation it is important to determineexternal borrowing limitsand providing Russian loans to foreign countries. So far, Russia's external borrowings significantly exceed the country's ability to repay current payments. It is necessary a To It is more effective to use various forms of regulation of the country’s obligations and the sale of its debt assets.

An important direction in anti-inflationary policy is the further development of the state new regulation of foreign exchange and financial markets, as well as improvementexchange rate formation mechanism.

The basis of foreign economic activity continues to be the development of exports and the strengthening of its base, which requires ensuring effective export and currency control in order to A to prevent the “flight” of capital abroad and ensure timely and complete payment of taxes on these transactions. The country needs a program for the return of Russian capital, weakening And the country's dependence on foreign capital.

It is necessary to neutralize external factors of inflation through the use of tax duties and the development of import-substituting industries, as well as limit the dollarization of the economy, which now essentially serves as a parallel currency.

Restructuring exports and imports can be of great importance in curbing inflation: p e a shift from a raw materials-oriented export to technological types of products, as well as a rejection of bargain-basement prices at which domestic raw materials are sold and tens of billions of dollars in export revenue are lost and a ditch per year.

One of the determining roles in the implementation of anti-inflationary policy is played by the Central Bank of the Russian Federation, which carries outmonetary regulation. It should ease restrictions on the money supply in circulation and seek to improve its structure, since higher growth rates in the less liquid components of the money supply help weaken inflationary pressures, and in short A Increasing the volume of cash reduces the rate of inflation. An improvement in the structure of the money supply also implies a more active influence of the Central Bank of the Russian Federation on the turnover serviced by quasi-money, money and new surrogates.

It is necessary to directly manage the issue of credit used to restore economic ties and increase production. To curb inflation, support for investment activity is needed. O ties of commercial banks, as is used in world practice (at least within the framework of benefits for the creation A tion of required reserves in the Central Bank of the Russian Federation).

Refusal to use loans from the Central Bank of the Russian Federationto finance the federal budget deficit and O The reduction of preferential centralized loans to commercial banks is one of the significant factors in the fight against inflation.

Of great importance for the fight against inflation islifting inflation expectations like the owner existing structures and among the population, which can largely be determined by the economic and O political stability in the country.

Self-test questions

1. The concept of money circulation.
2. Forms of monetary circulation: cash and non-cash.
3. Money supply and its elements.
4. The law of monetary circulation.
5. Speed ​​of money turnover.
6. Monetary system and its elements
7. Monetary system of the Russian Federation.
8. Inflation: essence, factors and forms of manifestation.
9. Features of the inflation process in Russia. 10. Basic ways to overcome inflation

11 Organization of cash circulation.
12. Basics of organizing non-cash payments.
13. Forms of non-cash payments.
14. Features of settlements by payment orders.
15. Features of payments using letters of credit.
16. Features of settlements with bills of exchange.
1 7. Payments with plastic cards.

In cash and non-cash forms, it actively influences the course of reproduction processes. Therefore, conscious influence on the parameters of the monetary sphere by regulating them is important not only as a way to influence the functioning of money and loan capital, but also as a way to regulate the economy as a whole. Since this impact occurs at the macro level, the main subject of regulation is the state represented by its central bank.

The choice of one or another method of monetary regulation (MCR) is of great importance, because the methods used do not have the same degree of effectiveness. Some of them are completely autonomous, others need to be supplemented with a number of tools. The choice of monetary regulation instruments is determined to a large extent by the composition and structural characteristics of the credit system they are supposed to regulate, so the methods of monetary regulation vary among individual countries.

Refinancing

Refinancing in the monetary regulation system is considered as a policy that has a quantitative and cost effect, and the quantitative effect is expressed in the amount of refinancing and the volume of changes in the money supply, and the cost effect is expressed in the impact on the amount of refinancing and bank liquidity, since changes in the cost of refinancing affect the level of demand for resources from commercial banks. The ultimate goal of refinancing is to control banks' liquidity.

In its most general form, refinancing is a banking policy in the field of financing the economy. More specifically, refinancing refers to the regulation of credit assistance provided by the central bank to commercial banks. This is due to the fact that the latter are not able to fully satisfy the credit needs of the economy on their own. Refinancing can be carried out using various methods depending on the situation, the intended goal, the functional structure of banks, and the degree of dependence of commercial banks on the central bank.

When refinancing, the most commonly used method is the discount rate, the required reserve ratio, open market operations, and various types of central bank intervention in the money market, used either alternatively or simultaneously. In different countries, the ratio of refinancing methods is different, which is determined by many factors. However, the general condition for the use of these methods is the need for commercial banks to “feed” their own resources.

Regulation of money circulation

Regulation of monetary circulation is one of the most important areas in the activities of the central bank. This is due to the fact that, on the one hand, narrowly targeted, specific and easily quantifiable regulatory methods that affect monetary circulation make it possible to obtain significant macroeconomic results. The latter form the financial conditions for the functioning of the economy as a whole and determine the degree of effectiveness of other methods of regulating the economy used by the state. At the same time, in the sphere of regulation of monetary circulation there should not only be a coincidence of the interests of the central bank as a government regulatory body and the leading element of the banking system interested in its stability with the interests of other economic entities and individuals, but also the purposeful and comprehensive influence of the central bank on various elements of the market mechanism. In this case, an important condition is the compliance of the applied methods of monetary regulation not only with the specific goals of monetary policy or the state of the economic situation, but also with more specific tasks, i.e. features of the existing national financial system, the degree of development of the banking system and money market instruments, the degree of interaction of the money market with other segments or blocks of the market mechanism.

Monetary policy

Both successes or failures in the field of macroeconomic regulation of the economy and the well-being of the people depend on the monetary policy pursued by the central bank of any state. From here it is clear that monetary regulation is the most important tool for influencing the economic life of the state, and therefore a violation of the monetary mechanism has a detrimental effect on the state of all economic life. For example, an excess supply of money leads to inflation, a decrease in the purchasing power of the monetary unit, and depreciation of capital, and, conversely, a shortage of means of payment limits the possibilities of economic growth and leads to the emergence of a so-called non-payment crisis. Therefore, it is quite natural that in the conditions of a modern market economy, the control and regulatory functions of central banks are increasing.

The choice of monetary policy instruments is quite wide. The use of different types of instruments varies depending on the direction of a country's economic policy, the degree of openness of its economy, established traditions and specific circumstances. In foreign economic literature, monetary policy is divided into “narrow”, which ensures the stability of the national currency through foreign exchange interventions, changes in the level of the discount rate, as well as other instruments that influence the state of the national currency, and “broad”, which directly affects the volume of monetary masses in circulation. These measures of influence are interrelated and interdependent. Ultimately, they are aimed at realizing the main goal of any central bank, which is related to maintaining the stability of the national currency and limiting the level of inflation. The implementation of this goal is not carried out in isolation from the priorities of national economic policy. The main one of these priorities is maintaining economic growth in conjunction with meeting the needs of the economy for financial (monetary) resources.

In post-Soviet countries, there are two approaches to conducting monetary policy. Supporters of the first believe that monetary policy should be tight, since only in this case will it be possible to curb inflation and implement a monetarist approach to regulating the economy. According to the second direction, credit emission should be actively used in order to stabilize and revive production. This is motivated by the fact that the transformed economy quickly adapts to inflation conditions. There is a point of view that, in accordance with the developing economic situation in the country, at each specific stage of economic development, the central bank should develop the concept of monetary regulation inherent to this stage. Supporters of the first point of view proceed from the need to compress the money supply and lend only to highly efficient industries. Supporters of the second point of view believe that this does not eliminate differences in the profitability of the real and financial sectors of the economy.

It is characteristic that the question of the money supply is associated with the problem of maintaining macroeconomic equilibrium between the demand and supply of money. The monetarist and Keynesian schools give different interpretations to this, but when considering the dispute between monetarists and Keynesians on the problem of maintaining macroeconomic equilibrium, one cannot fail to note the fact that the dispute between monetarists and Keynesians comes down to a discussion about whether relative prices in the real economy are absolutely flexible. However, leaving aside the price factor and relying only on the money factor, the main representative of the monetarist school, M. Friedman, believes that in economics the supply of money is exogenous in nature, i.e. determined by forces outside the economic system (meaning the government) and believes that changes in the supply of money do not follow directly after changes in the demand for them, but are carried out independently.

Neo-Keynesians oppose the assertion of monetarists about the exogenous supply of money, since, in their opinion, this is not confirmed by practice (in the works of J.M. Keynes, the idea of ​​​​the exogenous nature of the supply of money was allowed). They believe that the supply of money is directly dependent on the demand for it and is endogenous. Meanwhile, the essence of modern disputes between monetarists and other movements cannot be understood without an analysis of the neoclassical theory of production and the quantity theory of money.

The differences in theory on this issue are of a practical nature. If we follow the ideas of monetarists and believe that the demand for money is stable and predictable, and the supply of money is exogenous, then the central bank is able to effectively regulate the economic development of the state. If we assume that the demand for money is unstable and the supply is internal in nature, then the monetary policy of the central bank will be ineffective, and therefore it is more reliable to regulate the economy through fiscal (budgetary and tax) policy.

Coordination of monetary and fiscal policies must be mandatory. At the same time, monetary policy is decisive, since it is related to the formation of GDP, its dynamics and structure, and the turnover of inventories. Fiscal policy is indirectly related to GDP through its redistribution, but is directly related to investment through taxation, and therefore to . At the same time, the presence and even growth of barter transactions and the crisis of the payment system indicate the disunity of monetary and fiscal policies. If monetary policy functions as if on its own or, figuratively speaking, is directed “inside” the banking system, then its impact on the economy is insignificant and sometimes negative. In some cases, this may even be the case when, due to the “fault” of other blocks of economic policy, their action is uncoordinated with monetary policy.

The monetary policy of the central bank must take into account the monetarist and Keynesian approaches to regulating the economy. This is confirmed by the experience of developing the monetary policy of a number of countries in the 90s. XX century, when, based on a moderately inflationary monetary policy, measures were taken to strengthen investment in the real sector of the economy. World practice confirms that monetary policy should not develop in isolation from the general economic policy of the state. Therefore, for example, measures for financial stabilization should not contradict the task of ensuring economic growth, which can be realized through saturating the economy with the necessary funds. In this case, financial stabilization can be achieved by administratively restraining the growth of the money supply and limiting the issue of credit by commercial banks. However, as a result of this, production will suffer due to a lack of funds, which will lead to significant financial losses.

To maintain the current balance between the amount of credit emission and the growth of production of goods and services, it is necessary to use monetary regulators that influence aggregate demand. A special role may be played by the possibility of influence of the central bank on the situation in the loan capital market, the money supply and the level of the lending process. These monetary mechanisms make it possible to regulate the size of investment demand and the level of savings of the population, and a special place in the economic policy of the state should be occupied by the problem of satisfying the internal demand of the population.

It is characteristic that in developed countries the stimulation of domestic aggregate demand is carried out purposefully under the control of the state, when monetary policy closely interacts with tax and budgetary policy. In particular, in the USA during the period "Reaganomics" There was a reduction in taxes to stimulate demand, the depreciation period for equipment was shortened, and tax credits were introduced for R&D expenses and investments in knowledge-intensive industries. At the end of the 80s. XX century in Japan, as a result of a reduction in income tax and corporate profit tax, there was a general reduction in taxes and an increase in domestic effective demand. Therefore, pursuing such a policy requires central banks to take measures to prevent inflationary trends. In this case, the role of the central bank in the field of interest rates should be increased for the ongoing regulation of savings rates and interest on deposits in commercial banks.

However, the objectives of the central bank's monetary policy are not limited only to stimulating monetary savings and developing a mechanism for their transfer for investment purposes. Monetary policy plays a significant role in stabilizing overall economic development, although it must be borne in mind that in countries with an underdeveloped monetary system, this role is implemented differently than in developed countries. In industrialized countries, monetary policy has traditionally served as one of the most important instruments of countercyclical regulation. The basis of such regulation is the ability of the central bank (far from unlimited) to accelerate or restrain the growth of the money supply and increase or decrease the price of credit.

State regulation of the economy at the stage of transition to market relations can and should undergo constant changes. This is evidenced by the world experience of state regulation of the economy as a whole and its individual spheres, in particular, monetary. At the same time, historically, the initial mechanism for regulating the monetary sphere is the market mechanism, which determines through the relationship between supply and demand (price level and volume of goods) the amount of money in circulation, the speed of its circulation, the price of credit, the conditions for the performance of various functions by money, etc.

Regulation of money circulation by the central bank can be aimed at any of the elements of the money market: the volume of money supply in cash and non-cash forms, the amount of demand for credit and its price, operations on the open (secondary) market associated with the purchase and subsequent resale of securities. The possibility of influencing the supply of money is ensured by combining, in the person of the central bank, the subject of money emission in its cash and non-cash forms and the subject of regulation. At the same time, the monopoly on the issue of banknotes creates the basis for control over the cash component of monetary circulation, and the special role of the central bank in the formation of credit resources of the banking system as a whole is the basis for determining the possible volume of bank loans.

In modern conditions, characterized by the predominance of the deposit part of money circulation, the importance of regulation by the central bank of the volume of supply of bank loans increases. For this reason, regulation of the demand for money is carried out primarily through the regulation of the conditions for issuing loans from the central bank, which determine the conditions for the provision of loans by the banking system as a whole, although the latter also influences the credit policy of the central bank. Moreover, the regulatory role of the central bank imposes certain restrictions on the conditions of monetary circulation, ultimately causing a market response, manifested in the fact that, on the one hand, there is a reorientation of not only monetary circulation, but also the entire market system towards achieving market equilibrium, and, on the other hand, on the other hand, transformation or adaptation of forms of market activity is carried out with the aim of eliminating excessive regulatory measures on the part of the state represented by the central bank.

Therefore, a modern state with a market economy, by controlling, for example, money circulation, the movement of loan interest, and the flow of transactions in the secondary market, can influence almost all parameters of social production. In particular, using these methods, the state, through the central bank, promotes monetary savings, lowering prices and stabilizing wages, increasing production efficiency, increasing bankruptcy and unemployment, increasing the exchange rate of the national currency and reducing the competitiveness of its goods, increasing the cost of exports and reducing the cost of importing goods, increasing imports capital and curbing its exports, etc.

The effectiveness of monetary regulation methods is ensured by their constant evolution, associated with changes in the mechanism of regulation of the economy as a whole, with the ratio of elements of self-regulation and conscious regulation in it. Therefore, the methods of monetary regulation of the central bank are influenced by deregulation trends associated with the fact that while maintaining the priority of market relations, there is not so much a decrease in the role of monetary regulation as a change in its qualitative characteristics. These changes are associated with achieving greater regulatory flexibility through the use of purely market instruments, the inclusion of market parameters in the regulatory methods used or taking into account market conditions, etc.

Methods of regulating money circulation

Methods of regulating money circulation adopted in world practice include:

• reserve requirements or minimum reserve requirements policy
• regulation of the central bank discount rate
• open or secondary market transactions

In addition, central banks influence the state of money circulation through investment requirements and credit ceilings.

The last two methods of influencing monetary circulation are close to the policy of minimum reserve requirements. In particular, investment requirements represent the obligation of a credit institution to hold in an account with the central bank part of the amount of assets or part of their increase over a certain period in the form of government bonds or securities issued by special credit institutions (institutions). It is characteristic that in a number of countries (France, Belgium) the introduction of investment requirements preceded the introduction of reserve requirements or was considered as a variant of the latter. In Italy in the 60s. In the 20th century, reserve requirements could be met either in the form of deposits in central bank accounts or in the form of government securities.

Credit "ceilings" represent upper limits on the total amount of loans or their growth, established for banks (sometimes on an individual basis), or a limit on the amount or number of loans issued to one client. This is applied when, in some cases, required reserve standards do not lead to stabilization of the money supply and a reduction in credit investments. Then central banks introduce direct limiting of loans, the essence of which boils down to establishing a credit ceiling in accordance with the envisaged growth rate of the money supply. To determine the maximum growth of the money supply, the central bank relies on forecasts of growth in the volume of gross domestic product and the price change index. The growth rate of the money supply is assumed to be slightly lower than the expected GDP growth rate by value to ensure a gradual decrease in the liquidity ratio of the economy and a slowdown in price growth.

Therefore, limiting loans involves restraining the growth of the money supply and at the same time provides an opportunity to finance priority sectors (productions) of the economy at interest rates that are artificially low relative to the equilibrium market interest rate. The main problem that the policy of limiting loans faces in practice is providing loans to those entities that are not always subject to the limit. The credit limiting system has revealed a tendency towards transformation of banking activities, as it begins to turn into a simple allocation of resources, and not into a search for the most effective areas for applying bank capital. The selective, or selective, nature of credit restrictions is often reinforced by a system of subsidies and benefits to certain sectors of the economy, for example, agriculture, energy and export-oriented industries.

Investment requirements and credit ceilings represent administrative interventions in the regulation of money circulation. Such interference causes a violent response from credit system institutions aimed at circumventing regulatory measures. This causes a decrease in the importance of investment requirements and credit restrictions in the overall system of methods for regulating monetary circulation by the central bank.

Thus, the central bank has at its disposal a set of methods of monetary regulation that constitute the content of monetary policy. These methods may differ in the form of influence (direct and indirect), in the objects of influence (supply of money and demand for money), in the parameters of regulation (quantitative and qualitative). A characteristic feature of these methods is that they are used and operate in a unified system of monetary regulation.

However, depending on the specific goals, monetary regulation of the central bank can be aimed either at stimulating credit emission (credit expansion) or at limiting it (credit restriction). By carrying out credit expansion, central banks pursue the goals of increasing production and reviving the market situation, and with the help of credit restriction they are trying to prevent the “overheating” of the market situation observed during periods of economic expansion.

By form, monetary regulation instruments are divided into administrative (direct) and market (indirect). Administrative instruments are those that take the form of directives, regulations, instructions emanating from the central bank and aimed at limiting the scope of activity of a credit institution. They occupy a certain place in the practice of central banks of developed countries, and are also widely used in developing countries. One of the methods of direct official intervention in the activities of the banking system is the use in a number of countries of the policy of rediscount allocation, i.e. limiting the volume of rediscounting of bills of credit institutions by the central bank in order to regulate the liquidity situation and credit potential of banks. The total loan size can also be adjusted. Thus, in Germany, by a resolution of the Federal Bureau of Supervision of Credit Institutions under the Ministry of Economy dated January 16, 1980, the relationship between the size of banks’ equity capital and the total amount of liquidity was established. According to this document, loans and participation of banks should not exceed their own capital by more than 18 times.

Market-based instruments refer to ways in which the central bank influences the monetary sphere through the formation of certain conditions in the money market and capital market. Market (indirect) instruments are more flexible than administrative ones, but the results of their use are not always adequate to the intended purpose. Nevertheless, at present there is a departure of central banks of developed countries from direct methods of influence to market methods of monetary regulation.

According to the nature of the parameters established in the process of the central bank’s influence on the monetary sphere, monetary regulation instruments are divided into quantitative and qualitative. Through the use of quantitative methods, the state of the credit capabilities of banks is influenced, and, consequently, on money circulation as a whole. Qualitative instruments represent a variant of direct regulation of a qualitative parameter of the market, i.e. cost of bank loans.

Based on the duration of their impact, monetary regulation instruments, in accordance with the objectives of implementing the immediate and long-term goals of monetary policy, are divided into long-term and short-term. Long-term (ultimate) goals of monetary regulation mean those tasks of the central bank, the implementation of which can be carried out from one year to several decades. Short-term instruments include instruments of influence with the help of which intermediate goals of monetary regulation are achieved.

However, this does not exhaust the arsenal of monetary regulation instruments. In some countries, central banks resort to methods such as establishing credit restrictions, limiting the level of interest rates on deposits and loans from commercial banks, portfolio restrictions and others. The choice and combination of monetary regulation instruments depends primarily on the tasks that the central bank solves at a particular stage of the country’s economic development.

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Money circulation is the movement of money in cash and non-cash forms, serving the sale of goods, as well as non-commodity payments and settlements.

There are cash circulation and non-cash circulation. Cash circulation is the movement of cash in the form of banknotes, change coins and paper money (treasury bills).

Non-cash circulation - movement of money in non-cash circulation - bank deposits in customer accounts.

The forms of non-cash payments are quite diverse. They depend on the historical and economic characteristics of individual countries, the specifics of the credit system, the degree of development of electronic communications, and the computerization of banking. The most common are checks, credit cards, electronic transfers, endorsements, bills of exchange, certificates, and in Russia also payment orders and payment demands-orders.

Non-cash circulation dominates, causing an increasing dematerialization of money circulation.

The reasons for this are:

1. reduction of distribution costs;
2. acceleration of cash turnover;
3. convenience of cashless payments.

However, in some areas of economic life, the availability of money remains important.

Firstly, in transactions where one of the parties is the population. For example, in the Russian Federation a very small part of the population uses non-cash payments, although for countries with developed market economies the situation changes dramatically (for example, in the USA no more than 6% of the employed population receives wages in cash).

Secondly, in conditions of crisis shocks, most economic agents strive to have cash.

Thirdly, cash flow is difficult to control. It can act as a means of tax evasion and other illegal activities.

There is a relationship between cash and non-cash circulation: money constantly moves from one sphere of monetary circulation to another.

It is believed that it is cash that provides a person with convenience when making purchases, since the funds are in his pocket, and there is no need to go to the bank for every purchase. But they can be lost, they can be stolen, some of the cash can be counterfeit, etc.

In addition, storing money in the form of cash deprives a person of the opportunity to receive interest on the deposit. Therefore, you should decide how much cash you should have on hand, and how much you should put in the bank.

The cash money supply management model was developed in the 50s by economists W. Baumol and J. Tobin and was called the Baumol-Tobin model. According to this model, it is possible to determine the optimal number of visits to the bank or the optimal amount of cash based on the ratio of losses in the form of bank interest not received on this amount and the cost estimate of time savings from less frequent trips to the bank.

Monetary circulation in its various forms is regulated by economic law, which expresses the economic relationship between the mass of goods, their price level and the speed of circulation of money.

Velocity of money

The main indicators characterizing the speed of money turnover are:

The indicator of the speed of circulation of money in the circulation of income is the ratio of the gross national product to the money supply (aggregate M1 or M2);
- indicator of money turnover in payment circulation, i.e. the ratio of the amount of transferred funds in bank current accounts to the average value of the money supply.

As follows from the law of monetary circulation, an increase in the velocity of circulation of money is equivalent to an increase in the money supply.

M xV = P x Q,

M = P x Q x V,
where M is the mass of money in circulation, money supply;
V – velocity of money circulation;
P x Q = V – nominal volume of GDP.

Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.

Amount of money in circulation

In order for the financial mechanism to function normally in the country, it is necessary that the number of banknotes available to the subjects of monetary circulation be sufficient to carry out barter and other transactions.

That is, the volume of money supply in the state must be exactly such that it would allow, on the one hand, to have sufficient volumes to ensure the growth of the national product (GDP), and on the other hand, not allow dangerous inflationary processes to intensify.

Thus, the state must regulate the amount of money in circulation.

It is necessary to understand that the amount of money in circulation in question is not only nominal banknotes (banknotes, coins, etc.), but also other means of payment, for example, those in non-cash form.

The regulator of the money supply in the state is the national bank.

Cash circulation

Cash circulation is the movement of cash, i.e. banknotes from one owner to another.

Cash turnover is a set of cash payments in the functions of a medium of exchange and a means of payment in a country for a certain period of time.

Cash circulation is the most labor-intensive and least protected process of redistribution of goods. Cash circulation contains restrictions (in terms of convenience and practicality) for business entities. It is less subject to government control, so in certain cases it is more desirable for enterprises. Realizing this, the state sets certain restrictions on cash turnover, which mainly concern the maximum amounts of cash payments and the period of storage of cash at the enterprise's cash desk.

The scope of use of cash payments is mainly related to the sale of household income.

Payments are made in cash:

Enterprises, institutions and organizations with the population;
- settlements between individual citizens in commodity and food markets;
- partial settlements between the population and the financial and credit system;
- limited payments between enterprises within the limits set by the government.

Cash circulation in Russia is served by banknotes and metal coins. Cash is credit money that is issued as a means of lending to a household.

Cash circulation is organized on the basis of the following principles:

1) all enterprises must keep cash, with the exception of the established limit, in commercial banks;
2) banks set cash balance limits for enterprises;
3) cash circulation is the object of forecast planning;
4) money circulation is managed centrally;
5) the organization of cash circulation is aimed at ensuring the stability, elasticity and economy of money circulation;
6) enterprises can receive cash only from the banks that serve them.

The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is to manage monetary circulation in order to ensure the stability of the monetary unit (ruble).

Conducting cash transactions by enterprises of all forms of ownership, institutions and organizations is regulated by Regulation No. 40 “On the procedure for conducting cash transactions in the Russian Federation”, approved by the Central Bank of the Russian Federation.

Enterprises, associations, organizations and institutions, regardless of their legal form and field of activity, are required to store available funds in banks. To make cash payments, each enterprise must have a cash register and maintain a cash book in the prescribed form. The acceptance of cash by enterprises in settlements with the population must be carried out using cash registers.

A commercial bank sets a cash balance limit for an enterprise's cash desk, which should not be exceeded at the end of the working day. Excess cash proceeds must be handed over to the bank and accounted for in the company's current account.

Exceeding the limit of cash balances at the cash registers of enterprises is allowed within, as a rule, 3 working days when issuing wages. Money received from the bank is credited to the cash register according to a cash receipt order, and a corresponding entry is made in the cash book. Cash issuance from the cash desk of an enterprise is carried out according to cash expenditure orders or payment, settlement and payroll statements, applications for the issuance of money, invoices, etc., with the imposition on these documents of a stamp with the details of the cash expenditure order. Documents for issuing money are signed by the manager and chief accountant of the enterprise.

All receipts and withdrawals of cash from an enterprise are recorded in a cash book, which must be numbered, laced and sealed with a wax seal. The number of sheets in the cash book is certified by the signatures of the manager and chief accountant of the enterprise. Entries in the cash book are kept in 2 carbon copies. The second copies are tear-off and serve as a report to the cashier. Responsibility for compliance with the procedure for conducting cash transactions rests with the manager, chief accountant and cashier.

Credit money circulation

Credit money or credit instruments of circulation are paper tokens of value arising on the basis of credit. As is known, credit leads to a significant reduction in distribution costs. This is due to the fact that instead of metal money, banknotes, bills, checks, which are closely related to credit, come into circulation. As a result of the use of credit money, real or real money is saved, in the form of which are precious metals, primarily gold.

In modern conditions, most of the credit money represents funds in various accounts. Central banks provide sufficient guarantees for credit money, which commercial and private banks cannot provide in the modern scale of money turnover. Therefore, at present, money circulation is carried out mainly in the form of non-cash payments. At the same time, credit money has no intrinsic value. However, unlike paper money (treasury bills), from the moment of their inception (in the classical sense) they act as a sign not only of gold, but also of credit. Therefore, they also reflect the movement of loan capital between lenders and borrowers.

The main issuer of credit money is the banking system, which forms the money supply not only by issuing various debt obligations, but also by creating imaginary deposits (by issuing a loan, the bank records the client’s debt on his loan account as an asset, and at the same time the amount of the issued loan is transferred by the bank to the client’s current account and becomes his deposit, although there was no actual deposit). Despite the imaginary nature of the deposit, it can take the form (takes it) of real money. In this case, not only the bank’s resource base, which is not backed by collateral, increases, but also the volume of money supply increases. There are three main types of credit money or credit instruments of circulation: bill, banknote and check.

A bill of exchange is a written promissory note of a strictly established form, giving its owner (bill holder) the indisputable right, after a certain period of time, to demand from the debtor (drawer) or acceptor payment of a specified amount of money.

Compared to other debt obligations, a bill of exchange has the following features:

Abstractness, since it does not explain the specific reasons for the appearance of a debt obligation (for example, the sale of goods on credit);
the indisputability of the debtor’s obligation to make payment regardless of the conditions under which the debt arose, since the legal features of the bill and its execution are strictly determined by law;
negotiability, due to the fact that many persons in regular trade relations can use a bill of exchange as an instrument of circulation instead of cash (in connection with this, a bill of exchange is sometimes called trade money).

Bills of exchange can be simple and transferable, and depending on the nature of their occurrence, they are divided into private and treasury bills. A variety of private bills are commercial, arising on the basis of transactions for the purchase and sale of goods on credit, and financial, which do not have such a commodity basis (the so-called friendly bills issued by entrepreneurs to each other for the purpose of their subsequent sale and receipt of cash). Often financial bills are inflated, not secured by values, as they are issued by uncreditworthy persons (bronze bills).

Treasury bills (bonds) are issued by the government to cover its expenses. These government obligations - a type of financial bills - are one of the liquid forms of capital investment. Treasury bills typically pay high interest and are widely used by central banks and other official bodies.

According to its purpose, a bill of exchange performs various functions. The main one is to ensure payment for goods supplied on credit (money transferred, work and services performed), guaranteed by a bill of exchange. The bill also acts as a means of credit, and is also used for collection (receipt of debt). It becomes an object of accounting in the bank, and payment is made against it before the bill is executed. Most bills are mutually repaid through the mechanism of non-cash payments by mutually offsetting bill obligations without the participation of cash. But there are limits to the replacement of cash with bill circulation, due to the fact that commercial credit covers only part of the trade turnover (mainly wholesale trade), the balance of mutual accounting of bill obligations requires payment in cash, bills as private debt obligations have a limited sphere of circulation among those persons who are confident in the solvency of the drawers and endorsers.

A special type of credit money is a banknote. Under the conditions of gold monometallism, a banknote is nothing more than a bill of exchange for the banker, according to which the bearer can receive money at any time and with which the banker replaces private bills. This definition clearly notes two characteristic features of a classic banknote, such as the fact that the banknote is issued by an issuing bank in exchange for commercial bills and exchange for gold on demand.

Therefore, the classic banknote had a double security, i.e. bill (commodity) and gold (gold reserve of the issuing bank). The issue of banknotes not backed by metal (gold) is called fiduciary, i.e. based on trust.

Despite the fact that a commercial bill serves directly as the basis of a banknote, there are differences between them by type of debtor, guarantee and terms due to the fact that:

The debtor on a bill of exchange is the functioning owner - a merchant or industrialist, on a banknote - the issuing bank;
banknotes have a public guarantee in the form of resources stored in the bank of all owners. Therefore, banknotes are public credit money with a special quality - universal circulation. The bill, having only a private guarantee, does not act as a general means of payment;
a banknote is a perpetual obligation, payable by the issuing bank by exchange for gold (in the classical form) at any time upon presentation, while a bill is payable after a certain period, which makes it difficult to circulate as money.

The use of classic banknotes in circulation does not lead to an overflow of the sphere of circulation with excess money, since the issuance of banknotes based on bills in the order of crediting trade turnover causes the reverse movement of banknotes to the bank and, accordingly, when the loan payment becomes due, the banknotes are regularly returned to the issuing bank.

At the same time, one bill circulation of banknotes in itself cannot guarantee their return to the bank due to the fact that:

The amount of promissory notes usually exceeds the sum of the prices of goods sold;
there is always a number of bills in circulation that exceeds the real need for money in circulation, not only commercial, but also friendly, bronze, treasury bills, which are devoid of a commodity basis;
the repayment periods of bills do not always coincide with the actual terms of sale of goods, which can lead to the so-called non-payment crisis;
During periods of economic crises, even commercial bills are not paid on time, since the sale of the goods on the basis of which they originate becomes difficult.

It must be borne in mind that previously, when classic banknotes were in circulation, their double backing - credit and metal - guaranteed the relative stability and elasticity of banknote circulation compared to treasury paper money. The law of circulation of change banknotes was that their quantity in circulation was equal to the amount of gold required for circulation, and each banknote was a representative of the gold content of the monetary unit indicated on it.

Under conditions of gold monometallism, banknotes differ from paper money:

By subject of issue (banknotes are issued by the bank, paper money - by the state treasury);
on collateral (the classic banknote had a double collateral - bill and gold, while paper money was practically not backed by anything);
according to the order of issue (the classic banknote was issued in order to credit trade turnover, and paper money - to cover the state budget deficit, regardless of the actual needs of the turnover in money);
according to the laws of circulation (paper money is not elastic, since once released into circulation, it remains there and cannot adapt to the needs of circulation in money, and classic banknotes, issued against bills of exchange and gold backing, were returned to the central bank when payments due bills and as they are presented for exchange for gold).

By the nature of the issue and the impact on the economy, banknotes, on the one hand, are close to paper money, since they are endowed with a forced exchange rate, their issue and security are associated with government securities. On the other hand, modern banknotes have retained, to a certain extent, the credit basis, since they are issued for circulation as part of bank lending to the economy and the state and are an element of the loan fund.

A check is a written order from the owner of a bank checking account to pay in cash or transfer to the checking account of another person a specified amount of banknotes. The check is based on banknote security. A check serves as a means of receiving cash from a bank's current account, a means of circulation and payment for purchased goods and repayment of debt, as well as non-cash payments. Check circulation arose and is developing on the basis of the expansion of credit operations, the centralization of the banking system and the transformation of the central bank into the basis of the credit system.

There are different types of checks:

Personalized (for a specific person);
order (with the right to transfer);
bearer (can be transferred without endorsement).

The check has a certain form and details. The development of checks led to its replacement by other checking account instruments, in particular credit cards. A credit card is a personal monetary document issued by a bank, identifying the owner with the bank and giving him the right to purchase goods and services in retail trade without paying in cash. The client signs an account with the store, which periodically makes payments to the client's bank by debiting a certain amount from his current account.

Money as a medium of circulation

When money is used as a means of making payment for goods and services, we say that it is used as a medium of exchange. Thus, circulating medium is money used to purchase goods and services and to pay debts.

The importance of money as a means of circulation is difficult to exaggerate, since it allows one to escape from the barter form of trade. Barter (barter transaction) is the exchange of one product (or service) for another without the help of money. The cumbersome process of barter means that a person who wants to buy potatoes and sell cabbage is forced to combine the acts of buying and selling. This person will have to look for someone who wants to sell potatoes and buy cabbage.

The replacement of barter by monetary exchange separates the act of selling from the act of buying.

In economically developed countries, the function of a medium of circulation is mainly performed by coins, paper money and checkable deposits (demand deposits). The demand for money for transactions depends primarily on factors such as the volume of purchases made, the frequency of payment of wages, the time allotted for paying bills, the regularity of presenting these bills for payment, and the availability of borrowed funds. For example, the greater the volume of purchases and the less often a person is paid for his work, the greater the average cash balance he needs to carry out his financial transactions.

The volume of purchases made depends on the level of development of trade and specialization. Families leading a “self-sufficient” (subsistence) economy almost do not participate in trade and have virtually no need for means of circulation. At a time when most families in the United States farmed, the need for means of exchange was much lower than it is today. As commerce and industry developed, specialization increased and the volume of transactions carried out increased significantly. In the modern economic system, people usually receive their earnings in the form of money and then use that money to buy what they need.

Distribution costs. Replacing the mechanism of barter transactions with a mechanism that uses money as a medium of exchange leads to a reduction in circulation costs. Monetary exchange requires much less effort and time than barter.

Acceptability of money as a medium of exchange. Money, which functions well as a medium of exchange, should be readily accepted by everyone. Money, which is widely circulated, provides its owner with a certain universal purchasing power, which is a very important advantage. The use of money allows for a flexible choice of the types and quantities of goods purchased, the choice of time and place of purchase, as well as partners for the transaction. If a certain medium of exchange is used for a sufficiently long time, then its acceptability becomes quite stable. The acceptability of money depends on the willingness and willingness of the population to use it.

Issue of money into circulation

The release of money into circulation consists of several stages:

1. Drawing up a forecast of the need for cash supply for uninterrupted settlements.
2. Production of banknotes and their protection from counterfeiting.
3. Organization of cash reserve funds.
4. Transportation of cash to the regions of the Russian Federation.
5. The actual release of money into circulation.

The forecast for the release of money into circulation is carried out by the Department for Regulation of Money Circulation of the Bank of Russia.

This takes into account such indicators as:

– projected growth of GNP in real terms;
– estimated speed of circulation of money in the planning period;
– the maximum permissible level of price growth in the forecast period.

The compiled forecast is formalized as an order and transferred to Goznak enterprises for the production of banknotes. Goznak has five enterprises: two printing factories (Moscow and Perm), two mints (Moscow and St. Petersburg) and a printing house.

The Central Bank organizes reserve funds - a stock of banknotes and coins for their subsequent release into circulation as needed through circulating cash desks. Banknotes of reserve funds are not considered money that is in circulation, since they do not move.

Cash delivery is carried out in three ways:

Through branches of the Central Bank Central Repository;
- through regional reserve funds administered by the Central Bank of the Russian Federation;
- directly from Goznak enterprises to the institutions of the Bank of Russia (for the central regions of Russia).

Banknotes as a means of payment have their own circulation period. An important task for the Central Bank is to ensure the quality of the monetary material and its protection.

Paper quality. Bank notes are printed on high quality, hard, crisp paper. This paper can withstand up to 2000 bends in the same place. For each denomination, paper with an individual color shade is used.

Each banknote has a watermark. A transparent thread with the text “CBD” visible in the light and small fibers of red, purple and light green colors are introduced into the paper. Red and light green fibers have a special glow in ultraviolet rays.

When making banknotes, special printing methods are used that create certain effects, which also makes counterfeiting difficult.

The multi-color background image on the front side of the banknotes is made by offset printing with the Oryol effect, characterized by a sharp change in the color of the pattern lines without breaks or shifts, and iris printing, which has a smooth transition from one color to another without a clearly defined border.

Special protective elements against copying equipment: macro-pattern located on the wide and narrow coupon margins of the reverse side; when reproduced on copying equipment, line elements are distorted; silver paint: on the narrow coupon field, the digital designation of the denomination is made with metallic silver paint, which has a clearly visible shine; when reproduced on a copy machine, it appears as gray ink.

Macro printing: All banknotes have macro text on the reverse side, which can be read with a magnifying glass.

Law of money circulation

The law of monetary circulation expresses the economic interdependence between the mass of goods in circulation, the price level and the velocity of circulation of money.

This relationship is a combination of two types of dependence: a direct relationship between the amount of money needed as a medium of exchange and the sum of prices of goods and services sold; inverse relationship between the amount of money needed as a medium of exchange and the rate of turnover of money.

All this can be expressed by the following formula:

Where K is the amount of money needed as a medium of circulation;
S – the sum of prices of goods and services sold;
C is the average number of turnovers of money as a medium of circulation.

In economics, there is another point of view, which is shared by representatives of the quantitative theory of money and supporters of the monetarist concept.

The American economist I. Fisher formulated the following equation of exchange:

M x V = P x Q,
where M is the mass of money in circulation;
V – velocity of money circulation;
P – average price of goods and services;
Q – the number of goods sold and services provided.

The amount of money in circulation multiplied by the number of transactions in acts of purchase and sale per year equals the volume of the gross national product.

From the equation of exchange we can derive the amount of money required for circulation:

M = P x Q x V,
where M is the mass of money in circulation, money supply;
V – velocity of money circulation;
P x Q = V – nominal volume of GDP.

Thus, enough money is needed for circulation so that the entire volume of goods produced and services provided within the national economy can be sold at current prices.

The money supply is the sum of cash and non-cash funds, as well as other means of payment.

Taking into account the experience of foreign countries, the Central Bank of the Russian Federation carries out calculations of the following monetary aggregates:

M0 – cash in circulation;
M1 = M0 + funds in settlement, current and special accounts of legal entities, funds of insurance companies, demand deposits of the population in banks;
M2 = M1 + time deposits of the population in Sberbank;
M3 = M2 + certificates and government bonds.

A change in the volume of money supply is determined not only by an increase in the amount of money in circulation, but also by the acceleration of its turnover.

Currently, to characterize the money supply, the monetary base indicator is used, which is essentially equated to the M2 aggregate.

The speed of circulation of money is the speed of its turnover when servicing transactions.

The main indicators characterizing the speed of money turnover are: the indicator of the speed of money circulation in the circulation of income - the ratio of the gross national product to the money supply (aggregate M1 or M2); indicator of money turnover in payment turnover, i.e. the ratio of the amount of transferred funds in bank current accounts to the average value of the money supply.

As follows from the law of monetary circulation, an increase in the velocity of circulation of money is equivalent to an increase in the money supply.

The function of money as a medium of exchange

The function of money as a medium of exchange is used to pay for purchased goods. At the same time, a feature of this function of money is that the transfer of goods to the buyer and payment for it occur simultaneously. This function uses cash banknotes. In the Russian Federation, this function can only be performed by Russian currency (rubles). The use of foreign currency when selling or purchasing goods is not permitted.

The difference between commodity circulation and the direct exchange of goods for goods is that it is served by money as a means of circulation, due to which the individual, time and spatial boundaries characteristic of direct commodity exchange are overcome.

However, if goods leave circulation after they are sold, then money remains in this area, continuously servicing the exchange of goods. This circumstance does not lead to the elimination, but to the aggravation of exchange contradictions, since the emerging gap between the purchase and sale of goods in one link causes a similar gap in other links, which creates the possibility of economic crises. The basis of economic crises is structural changes in the production and sale of social products.

The peculiarity of the function of money as a medium of exchange is that this function is performed, firstly, by real, or cash, money, and, secondly, by signs of value - paper and credit money.

Commodity circulation mediated by money differs significantly from the direct exchange of goods for goods:

Firstly, it does not require mutual coincidence of the needs of two commodity owners exchanging with each other.

Secondly, for commodity circulation it is not necessary that the acts of sale and purchase coincide in time.

Thirdly, commodity circulation does not require the coincidence of the same acts in space: a commodity owner can sell his goods in one market, and with the proceeds buy goods in another market.

Thanks to the function of money as a means of circulation, those individual, time and spatial boundaries that are characteristic of the direct exchange of goods for goods are overcome. This means that money contributes to the development of commodity exchange.

The participation of money as a medium of exchange contains the possibility of influencing economic relations between sellers and buyers. Thus, the buyer of a product must first make sure that the use value of the product being offered meets the requirements. Without compliance with this requirement, implementation will not be carried out. The buyer also controls the price of the goods offered. This takes into account the price level, the ratio of supply and demand for the product planned for sale, as well as the price level for goods that can replace the product being offered.

The amount of payment for the purchased goods may be regulated by the parties involved in the sale and may deviate from the originally requested price.

For its part, the seller must ensure that the buyer has funds.

All this means that, in its function as a medium of exchange, money can be used as a tool for mutual control of the participants in a transaction for the sale of goods.

When money performs the function of a medium of exchange and maintains price stability, it is important that the volume of payment demand corresponds to the supply of goods. Compliance with this requirement is due to the desire to prevent delays in the sale of goods due to insufficient means of circulation, as well as the possibility of unjustified price increases and the influence of an artificial excess of effective demand over the supply of goods.

That is why supplying circulation with the necessary mass of banknotes becomes of great importance. In modern conditions, determining the actual need for money is difficult for various reasons. One of them is that the boundaries of cash circulation and non-cash payments are blurred. Thus, enterprises carry out cash payments in relatively large amounts and it is difficult to predict the volume of such transactions. At the same time, the population’s money turnover using plastic cards is expanding. It is very difficult to predict the volume of turnover carried out using such cards instead of cash turnover. It is also necessary to take into account that in Russia the flow of cash into circulation is delayed, including due to the payment crisis.

“Substitutes” for this function can be barter and rationing.

Natural exchange of goods is inherent in the first stage, in which one thing is exchanged for another without monetary payment, i.e. trade transactions are carried out according to the “goods – goods” scheme, called barter.

Money, which has replaced barter, helps reduce transaction costs. However, barter has not completely become obsolete, and has even been revived during periods of high inflation in the modern world. During inflation, as the experience of Russia has shown, trading through barter has proven to be more preferable than using cash, since the costs associated with storing money for transactions can exceed the losses and inconveniences of barter.

Barter can exist in the absence of high inflation, in normal economic conditions, in the form of additional payments from a company to its employees in the form of health insurance and pension insurance.

Rationing is a system of distribution of goods and services that sets a maximum limit on the number of goods and services that one consuming unit can buy or receive.

As an alternative to cash exchange or barter, the government may resort to the distribution of coupons. These coupons give their holders the right to purchase certain quantities of various goods, such as bread, meat or gasoline. With this system, in retail stores, goods are exchanged for coupons, and not directly for money.

In practice, as experience shows, it can be very difficult to distribute coupons for all types of products produced in modern society. In addition, rationing limits consumer choice. When consumer goods are strictly rationed, the question of personal preferences ceases to be any relevant. Through a rationing policy, the government can control the demand for a product by controlling the volume of rationed supplies.

Various forms of rationing were introduced in the United States during World War II by the Soviet Union. The goal was to limit demand in an environment of controlled prices and rapidly rising nominal incomes.

The advantage of the rationing system is:

1. They hope that rationing will help get rid of long lines for scarce goods.
2. Rationing is carried out as an alternative to black markets.

Disadvantages of rationing:

1. It is difficult to ensure that the number of coupons corresponds to the available quantity of goods.
2. Ultimately, the system collapses, causing coupons to lose their specific character and become just another type of money.

Money is a means of circulation of goods

The development of commodity exchange leads to the insertion of an intermediary into it. As a result, the exchange process takes the form T – D – T.

Thus, the exchange breaks down into two independent, simultaneously performed and complementary acts:

– the commodity enters the sphere of circulation, the commodity is transformed into money through its sale C – M;
- the reverse transformation of money into goods takes place, the purchase of useful goods D - T with the proceeds. As a result, the goods go into the sphere of consumption. The appearance of an intermediary in the exchange of goods transforms it into commodity circulation.

Commodity circulation is the exchange of goods through money. When making a commodity transaction, money performs a special function as a medium of exchange.

The movement of goods in the sphere of circulation is the starting and ending point; the movement of money is of a subordinate nature. In the course of commodity circulation, a gap occurs between the purchase and sale of goods in time, space, and individual actions. Thus, the evolution of commodity exchange into commodity circulation gives rise to the possibility of commodity crises and delays in sales.

Money, as a medium of exchange, has not only qualitative, but also quantitative certainty.

It depends on a number of factors:

– movements of commodity prices;
– the mass of goods in circulation and the number of transactions concluded;
– mass of circulating money;
– velocity of money circulation.

As a medium of circulation (or exchange), money allows society to avoid the inconveniences of barter exchange. Money is widely and easily accepted as a means of payment. This social invention allows you to pay producers with a special product (money), which can later be used to purchase any product available on the market. By providing a convenient way to exchange goods, money enables society to benefit from regional specialization and the division of labor in society. In contrast to the first function, where goods are ideally valued in money before their circulation begins, money must be actually present during the circulation of goods. The peculiarities of money as a medium of circulation are its real presence in circulation and the fleeting nature of its participation in exchange; in this regard, the function of a medium of exchange is also performed by inferior money - paper and credit. Currently, the dominant position in monetary circulation is occupied by credit money: bills, banknotes, checks, bank credit cards.

The main features of money as a medium of exchange are the following:

1) acts of “purchase” and “sale” can be separated from each other and be independent;
2) acts may not coincide either in time or in space;
3) acts can go beyond the boundaries of two individuals, that is, intermediaries can appear.

The sphere of functioning of money as a medium of circulation is the circulation of goods between commodity organizations and the population, as well as groups of the population.

Conditions for proper circulation of money:

1) there is a correspondence between the structure of demand and the structure of supply;
2) proper organization of trade and advertising;
3) ease of use of money and proper organization of money circulation;
4) stability of the national currency.

The central bank influences money circulation through the market using the market mechanism. The objects of influence are:

volume of money supply in cash and non-cash forms;

volume of demand;

loan price.

The ability to influence the supply of money is provided to the central bank by combining the subject of money emission in its cash and non-cash forms and the direct subject of regulation. Firstly, the monopoly on the issue of banknotes provides a basis for control over the cash component of monetary circulation, and secondly, the special role of the central bank in the formation of credit resources of the banking system as a whole creates the basis for determining the possible volume of bank loans. In modern conditions, the predominance of the deposit part of money circulation increases the importance of regulation by the central bank of the volume of supply of bank loans. The central bank’s regulation of the demand for money is carried out for the same reason, primarily through the regulation of the conditions for the provision of loans by the central bank, which indirectly determine the conditions for the provision of loans by the banking system.

The choice of specific monetary policy instruments is carried out taking into account the characteristics of the national financial system, in particular the position of banks in it, the degree of development of money market instruments, the degree of inclusion of the money market in the integration process. The adequacy of measures to regulate monetary circulation to these parameters is ensured by their constant evolution. The evolution of instruments for regulating monetary circulation following a change, for example, in the object of regulation is by no means automatic, but the same mechanism of efficiency gives it a compulsory character. Thus, changes in the banking system change the types of institutions, transactions subject to regulation, as well as the channels through which relevant regulatory measures reach economic agents. This changes the effectiveness of the instruments used and requires a change in their ratio or the development of new regulatory instruments.8, p. 65

The evolution of methods for regulating money circulation is partly stimulated by its characteristics as an object of regulation. The fact is that the regulatory activities of the central bank impose certain restrictions on the conditions of monetary circulation, causing an ambivalent reaction. On the one hand, a change in one of the market parameters leads to a change in the state of the entire system towards achieving market equilibrium. On the other hand, there is an adaptation of forms of market activity in a direction that compensates for the impact of regulatory measures or allows them to be circumvented. The immediate reasons for changes in methods of regulating money circulation include:

achieving a high degree of development of money market instruments, whose flexibility made it possible to quickly adapt to regulatory measures;

changing the structure of the banking system, expanding the scope of wholesale banking operations, increasing the stability of the monetary sector;

the internationalization of banking activities, which also increased the mobility of this area and its ability to compensate for the impact of regulatory measures.

The Central Bank has at its disposal a set of instruments used to implement monetary policy. 8, p. 68

The main instruments and methods of monetary policy of the Bank of Russia are:

• - required reserves;
• - open market operations;
• - refinancing of banks;
• - deposit operations;
• - interest rate policy.

To regulate the liquidity of the banking system, the Bank of Russia actively uses such a monetary policy instrument as required reserves. The operation of this instrument is based on the mechanism of influence of the banking system on the money supply through the bank multiplier. If the Central Bank increases the required reserve rate, this leads to a reduction in banks' excess reserves and a multiplicative decrease in the money supply; when the required reserve rate decreases, a multiplicative expansion of the money supply occurs. Reserve requirements are established in order to limit the lending capabilities of credit institutions and maintain the money supply in circulation at a certain level.

In accordance with Article 25 of the Federal Law “On Banks and Banking Activities,” a credit institution is obliged to comply with the standards for required reserves deposited with the Bank of Russia. The amount of required reserves, in accordance with Article 38 of the Federal Law “On the Central Bank of the Russian Federation,” as a percentage of the credit institution’s liabilities, as well as the procedure for their deposit with the Bank of Russia are established by the Board of Directors. Required reserve standards cannot exceed 20 percent of a credit institution's liabilities. The amount of funds to be reserved is determined monthly and compared with the amount already transferred. Deviations must be resolved within 2 working days. The Bank of Russia and its territorial institutions ensure control over the timeliness and completeness of depositing required reserves by credit institutions. This was greatly facilitated by the introduction of operational five-day (and for a number of indicators daily) as well as monthly reporting on the timeliness and completeness of the formation of required reserves and the use of this reporting for prompt decision-making aimed at strict compliance with the current Regulations on required reserves.18, p. 58

Credit institutions that violate the established procedure for the formation of required reserves, including those that allow underpayment of required reserves, are subject to fines, and other sanctions are applied to them, up to and including the revocation of their license to carry out banking operations.

An important tool of monetary policy is open market operations. By buying or selling Treasury securities on the open market, the Central Bank can either inject reserves into or withdraw reserves from the government's credit system. When the Central Bank tries to moderate the growth of the money supply, it resorts to selling government bonds at its disposal. The latter are transferred to private owners, and the money received as a result of such an operation is removed from circulation.

As a rule, when selling government securities, the Central Bank sets preferential rates at prices below market prices, trying to attract as many as possible who want to purchase these securities. In turn, the repurchase of these securities can be carried out by the state at a predetermined time frame at a predetermined price or at a market price. Or the state undertakes to buy previously issued securities at an agreed price, but with the condition of indexation.

Open market operations, unlike other methods, have a quick corrective effect on the level of liquidity of commercial banks and the dynamics of the money supply. The peculiarity of using this instrument is that the frequency and scale of operations are determined at the discretion of the Bank of Russia based on the desired predicted effect. This makes this tool convenient, flexible and quick to use. Through open market operations, the Central Bank carries out centralized borrowing by the state of temporarily available funds from banks, financial and investment companies, various enterprises and from the population. In other words, this is the legal registration of a state loan from certain creditors. The money received in this way is used for non-inflationary financing of the state budget deficit.8, p. 69

The issue of government securities diverts huge funds from the money market to the needs of the state, reduces the possibility of using funds directly in the economy, since these operations are speculative in nature, and this leads to an increase in the cost of funds, an increase in interest rates on loans and deposits, etc. d. Therefore, the issue of government securities must be consistent with the general principles of monetary policy. Accurate calculations of the main parameters of the issue of government securities are required

Another important financial instrument of the Bank of Russia is the refinancing policy, i.e. lending to commercial banks, providing loans to replenish working capital, increase liquidity, overcome temporary difficulties and for other purposes. Refinancing of commercial banks by the Bank of Russia was almost never practiced until 1996 due to the lack of an appropriate base, the insolvency of many commercial banks and for other reasons. The Central Bank of Russia, pursuing a refinancing policy, provides loans to commercial banks at its discount rate. Also, the Bank of Russia can independently set interest rates for certain types of loans. Currently, the Bank of Russia refinances banks by providing intraday loans, overnight loans, as well as pawnshop loans.

In order to remove excess liquidity from the banking system, the Bank of Russia actively uses such an instrument as deposit operations. These operations allow the Bank of Russia to quickly attract temporarily free funds from banks into deposits and thereby almost instantly neutralize their possible pressure on the foreign exchange market.

The next instrument with which the Central Bank regulates monetary policy is the interest rate policy for Bank of Russia operations, i.e. discount rate policy. The discount rate is the interest rate at which the Central Bank provides loans to commercial banks, acting as the lender of last resort. Moreover, the Central Bank does not provide this loan to all willing banks, but only to those who have a strong financial position but are experiencing temporary difficulties. The discount rate is set by the Central Bank. Reducing it makes loans from reserve funds cheap for commercial banks. Commercial banks are eager to obtain credit. At the same time, excess reserves of commercial banks increase, causing a multiplier increase in the amount of money in circulation. Conversely, an increase in the discount rate makes borrowing from reserve funds unprofitable. Moreover, some commercial banks that have borrowed reserves are trying to return them, as they are becoming very expensive. A reduction in bank reserves leads to a multiplier reduction in the money supply. A change in the refinancing rate, causing a corresponding change in market interest, is reflected in the balance of payments and the exchange rate. An increase in the rate helps attract foreign short-term capital to the country, and ultimately activates the balance of payments, the supply of foreign currency increases, and the exchange rate of the national currency decreases accordingly. Lowering the rate leads to the opposite results. 17, p. 66

Money in economic circulation in market conditions has existed and always exists. New money comes into circulation from banks, which create it as a result of credit operations. Therefore, the credit nature of money emission is one of the fundamental principles of organizing the state’s monetary system.

The concepts of “issue of money” and “issue of money” are not equivalent.

The release of money into circulation occurs constantly. Non-cash money is issued when commercial banks provide loans to their customers. Cash is released into circulation when banks, in the process of carrying out cash transactions, issue them to customers from their operating cash desks. However, at the same time, clients repay bank loans and hand over cash to bank operating cash desks. At the same time, the amount of money in circulation may not increase.

The issue is understood as the release of money into circulation, which leads to a general increase in the money supply in circulation. There is the issue of non-cash and cash money. The issue of cash is also called the issue of money into circulation.

In the conditions of an administrative-distributive economy, both types of emissions were carried out by the State Bank. The issue of non-cash money was carried out on the basis of credit plans by expanding the loans provided in accordance with them.

In countries with a market economic model, when there is no monopoly on emissions, the operation of such a mechanism becomes impossible.

The emission function in a market economy is divided:

1) the issue of non-cash money is carried out by the system of commercial banks;

2) issue of cash – by the state central bank.

In this case, the primary issue is non-cash money. Before cash comes into circulation, it must be recorded as an entry in the deposit accounts of commercial banks.

The main goal of issuing non-cash money into circulation is to satisfy the additional needs of enterprises for working capital. Commercial banks meet this need by providing loans to businesses. Banks can issue loans only within the limits of their available resources. With the help of these resources, it is possible to satisfy only the usual, and not the additional, need of the economy for working capital. Meanwhile, due to an increase in production or rising prices for goods, an additional need for money by the economy and the population constantly arises. Therefore, there must be a mechanism for issuing non-cash money to satisfy this additional need.

Cash issuance is carried out by the Central Bank and its cash settlement centers. They open in various regions of the country. For the issue of cash, reserve funds and circulating cash desks are opened in cash settlement centers. The reserve funds store a stock of banknotes intended for their release into circulation in the event of an increase in the need of the economy of a given region for cash. The cash desk of the cash settlement center constantly receives cash from commercial banks, but cash is also constantly issued from it.

Money circulation is the circulation of cash flows in cash and non-cash form. Such circulation is possible due to the fact that someone has an excess of money (supply), and someone feels a need (demand). Money circulation serves the flow of goods, works and services, and it is through it that the financial system functions (accumulation and redistribution of resources). Money circulation is the blood vessels for the financial system.

Money circulation has two main forms: cash and non-cash.

Cash circulation – This is cash flow, i.e. banknotes from one owner to another.

Cash turnover is a set of cash payments in the functions of a medium of exchange and a means of payment in a country for a certain period of time.

Cash circulation is the most labor-intensive and least protected process of redistribution of goods. Cash circulation contains restrictions (in terms of convenience and practicality) for business entities. It is less subject to government control, so in certain cases it is more desirable for enterprises. Realizing this, the state sets certain restrictions on cash turnover, which mainly concern the maximum amounts of cash payments and the period of storage of cash at the enterprise's cash desk.

The scope of use of cash payments is mainly related to the sale of household income.

Payments are made in cash:

Enterprises, institutions and organizations with the population;

Settlements between individual citizens in commodity and food markets;

Partial settlements between the population and the financial and credit system;

Limited payments between businesses within the limits set by the government.

Cash circulation in Russia is served by banknotes and metal coins. Cash is credit money that is issued as a means of lending to a household.

Cash circulation is organized on the basis of the following principles:

1) all enterprises must keep cash, with the exception of the established limit, in commercial banks;

2) banks set cash balance limits for enterprises;

3) cash circulation is the object of forecast planning;

4) money circulation is managed centrally;

5) the organization of cash circulation is aimed at ensuring the stability, elasticity and economy of money circulation;

6) enterprises can receive cash only from the banks that serve them.

The exclusive right to issue (issue) money into circulation belongs to the Central Bank of Russia, in connection with its main function - the emission center of the country. The main task of the Central Bank of Russia is to manage monetary circulation in order to ensure the stability of the monetary unit (ruble).

Conducting cash transactions by enterprises of all forms of ownership, institutions and organizations is regulated by Regulation No. 40 “On the procedure for conducting cash transactions in the Russian Federation”, approved by the Central Bank of the Russian Federation on September 22, 1993.

Enterprises, associations, organizations and institutions, regardless of their legal form and field of activity, are required to store available funds in banks. To make cash payments, each enterprise must have a cash register and maintain a cash book in the prescribed form. The acceptance of cash by enterprises in settlements with the population must be carried out using cash registers.

A commercial bank sets a cash balance limit for an enterprise's cash desk, which should not be exceeded at the end of the working day. Excess cash proceeds must be handed over to the bank and accounted for in the company's current account.

Exceeding the limit of cash balances at the cash registers of enterprises is allowed within, as a rule, 3 working days when issuing wages. Money received from the bank is credited to the cash register according to a cash receipt order, and a corresponding entry is made in the cash book. Cash issuance from the cash desk of an enterprise is carried out according to cash expenditure orders or payment, settlement and payroll statements, applications for the issuance of money, invoices, etc., with the imposition on these documents of a stamp with the details of the cash expenditure order. Documents for issuing money are signed by the manager and chief accountant of the enterprise.

All receipts and withdrawals of cash from an enterprise are recorded in a cash book, which must be numbered, laced and sealed with a wax seal. The number of sheets in the cash book is certified by the signatures of the manager and chief accountant of the enterprise. Entries in the cash book are kept in 2 carbon copies. The second copies are tear-off and serve as a report to the cashier. Responsibility for compliance with the procedure for conducting cash transactions rests with the manager, chief accountant and cashier.

Non-cash money circulation – This is the movement of electronic money, i.e. account entries. Developed non-cash circulation is possible only with a developed banking system, when the speed, guarantee of payment processing, and the quality of related services provide greater convenience compared to cash circulation, which means that cash circulation is abandoned. The main instruments of non-cash circulation are securities (bills, checks) and also credit cards. A particularly important indicator is the speed of funds turnover. The amount of money can be regulated not by issuing new money, but by accelerating the turnover of existing ones.

The form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation, is called monetary system. Monetary systems were formed in the 16th-17th centuries. with the emergence and establishment of the capitalist mode of production.

Basic forms of monetary systems:

1. Metal handling system.
2. The system of paper money circulation is gradually being replaced by plastic cards.

Metal money circulation was of two types:

1. Bimetallism.
2. Monometalism.

Bimetallism– when two noble metals are equivalent in circulation: silver and gold. In 1865, 4 states: France, Belgium, Switzerland, Italy entered into an agreement “Latin Monetary Union”, securing bimetallism, the exchange proportion was 1 gold: 15.5 gray. But because prices for gold and silver had different dynamics, the rise in prices for silver lagged behind the rise in prices for gold, money ceased to be a universal equivalent, i.e. the gold coin was worth more than its face value.

Monometalism– two types:

1. Silver– in Russia it was before Witte’s monetary reform, i.e. until 1897
2. Gold– was legalized in 1816 in Great Britain. Existed in three forms:

Gold coin standard;

Gold bullion standard;

Gold exchange or gold exchange standard.

Gold coin standard– in the country there are gold coins and inferior money 100% exchangeable for gold coins, i.e. There is no less gold in the treasury than paper money. It ceased to exist after World War I, when gold became scarce.

Gold bullion standard– there are no gold coins in circulation, but the state exchanged inferior money for gold bars (1,700 pounds sterling for 12.5 kg (ingot) of gold).

Gold exchange or gold exchange standard- an even more stripped-down form, there are no gold coins, there is no exchange of inferior money for gold bars. The state exchanges the national currency for the currencies of countries with a gold bullion standard. In 1944, the Bretton Woods Conference (USA) laid the foundations for the gold-dollar standard, which existed only for central banks (the Central Bank exchanged currency, and currency for gold). The US Treasury exchanged dollars for gold, but only for the central banks of countries that signed the conference. In 1976, the Jamaica Conference (gold reserves became scarce). The US government refused to exchange dollars for gold, now paper money cannot be exchanged for gold.

Currently, all countries have a state-organized monetary system. The elements of the monetary system are those of its components on which the organization of the circulation of monetary resources is based:

1. Monetary unit - a monetary sign established by law. In the Russian Federation it is the ruble.

2. Price scale - establishing the content of the price of a monetary unit through the weight content of gold (now it does not exist).

3. Types of money. Banknotes and coins are unconditional obligations of the Central Bank and are backed by all its assets. They are required to be accepted for all types of payments.

4. Emission system. The issue of cash, the organization of its circulation and withdrawal from circulation on the territory of the Russian Federation are carried out exclusively by the Central Bank.

The modern monetary system has the following characteristic features:

The government does not set the gold content of national currency units;

The transition to credit money that cannot be exchanged for gold has been completed, and a blurring has occurred between paper and credit money;

The predominance of non-cash circulation in money circulation;

Strengthening government regulation of money circulation.

Non-cash payment circulation in the country is organized on the basis of certain principles.

The principles of organizing settlements are the fundamental principles of their implementation.

Compliance with the principles together allows us to ensure that calculations meet the requirements: timeliness, reliability, efficiency.

The first principle is the legal regime for settlements and payments.

The second principle is to carry out settlements primarily through bank accounts.

The third principle is maintaining liquidity at a level that ensures uninterrupted payments.

The fourth principle is the presence of the payer’s acceptance (consent) to the payment.

The fifth principle is the urgency of payment.

The sixth principle is control of all participants over the correctness of calculations and compliance with the established provisions on the procedure for their implementation.

The seventh principle is their property liability for non-compliance with contractual terms.

There are several methods of non-cash payments:

1. Through the banking system.

2. Through specialized clearing institutions.

3. By offsetting mutual claims.

4. By using specialized RCB tools.

Sources for non-cash payments can be borrowed, own and borrowed funds.

To store funds and carry out settlement operations, settlement, current, loan, deposit and other accounts are opened for each business entity in a commercial bank, depending on the status of the enterprise, the nature of its activities and the source of financing.

To open a current account, a company must provide the bank with a certain list of documents.

With enterprises that have opened different accounts, the bank enters into an agreement on settlement and cash services, which reflects the rights and obligations of the parties, the cost of services provided and financial liability for violations of the terms of the agreement.

In the process of carrying out self-supporting operations, sometimes a situation arises when the balance of funds in the company's current account is not enough to satisfy existing claims from suppliers, contractors, and the budget. The problem arises of what payments to make first, second, etc. queue. To ensure a unified approach and avoid discrimination against certain enterprises and organizations, the so-called order of payments is established.

There are the following types of payment priority:

1) target order.

2) calendar sequence.

3) calendar-target sequence.

4) preferential priority (priority at the discretion of the payer).

If there are insufficient funds in the account to satisfy all requirements presented to it, funds are currently written off in the following order:

First of all, write-offs are carried out according to executive documents providing for the transfer or issuance of funds from the account to satisfy claims for compensation for harm caused to life and health, as well as claims for the collection of alimony (group 1);

Secondly, write-offs are made according to executive documents providing for the transfer or issuance of funds for settlements for the payment of severance pay and wages with persons working under an employment contract, including under a contract for the payment of remuneration under an author's agreement (group 2);

In the third place, write-offs are made for payment documents providing for the transfer or issuance of funds for settlements of wages with persons working under an employment agreement (contract), as well as for contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and compulsory medical funds insurance of the Russian Federation (group 3);

In the fourth place, write-offs for payment documents providing for payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third place (group 4);

In the fifth place, write-offs are made according to executive documents providing for the satisfaction of other monetary claims (group 5);

In the sixth place, write-offs are made for other payment documents in calendar order (group 6).

In accordance with current legislation, in modern conditions the following forms of non-cash payments are allowed: payment orders; letters of credit; checks; collection form.

Payment order (PO) is a written order from the account owner to the bank to transfer a certain amount from his account to the account of another enterprise - the recipient of funds in the same or another bank. With the help of PP, settlements are made on the farm, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by the PP.

PP payments have a number of advantages compared to other forms of payments: relatively simple and fast document flow, acceleration of cash flow, the ability of the payer to pre-check the quality of paid goods or services, and the ability to use this form of payment for non-commodity payments.

A letter of credit is an order from the buyer's bank to the supplier's bank to pay for payment documents. Upon receipt of an application for a letter of credit, the payer's bank reserves these funds in a separate account. Thus, escrowing money assures the supplier of timely payment. Funds are credited to the supplier's account by the bank after documents confirming the shipment or performance of work and services are provided.

A letter of credit can be monetary or commodity. In the case of a cash letter of credit, payment of money to its holder is carried out against the presentation of an identity document by him. The guarantor can also indicate himself as the recipient of the money in order to reserve large sums of money for trips to other cities. A letter of credit is used in settlements between the supplier and the buyer. The buyer opens a letter of credit with the supplier's bank and gives instructions to pay invoices against the supplier's delivery of the agreed documents. Thus, the supplier receives a guarantee that the invoice amount will be received by him, and the buyer - that the goods were actually shipped to him.

Collection is a banking operation through which the bank, on behalf of the client, receives funds due to it from other enterprises on the basis of settlement, commodity and monetary documents.

Check - a written order from the payer to his bank to pay from his account to the holder of the check a certain amount of money.

Payment requirements are applied in the collection form of payments, when payments are not made immediately after shipment of goods or issuance of shipping documents.

A bill of exchange is a debt obligation of the drawer or another person specified in the bill to pay a specified amount of money within a certain period of time in a specific place. The advantage of the bill form of payment over the check form is the possibility of making an endorsement.

Non-cash payments in the financial sector of the economy can be carried out:

Through the central bank clearing network;

Between credit organizations on correspondent accounts “Nostro” and “Loro”;

Through non-bank credit organizations specializing in settlement transactions;

Through the intrabank settlement system (inter-branch settlement accounts).

Interbank settlements are a system of non-cash payments between banks based on direct transfers of funds and regular offsets of their mutual claims and obligations. Based on settlements between different banks, settlements within the national economy can be finally completed. To carry out settlements, commercial banks establish correspondent relationships among themselves on a contractual basis. The subject of these relations are two types of operations: customer service and interbank operations themselves. The first includes operations related to commercial transactions of clients and the provision of trust services to them. Banks’ own operations include the provision and receipt of loans, deposits, purchase (sale) of currency, securities, etc.

Correspondent relationships are usually accompanied by the opening of accounts on a mutual basis (with each other).

There are also relationships between correspondents without an account, when mutual settlements are carried out on accounts opened by them in a third credit institution. A special case of such a structure of contractual relations is settlements on correspondent accounts opened in divisions of the Bank of Russia. However, they can also be carried out on accounts opened with a commercial bank, which is usually a large center for interbank settlements, the so-called settlement bank.

It is also possible to establish correspondent relations through clearing centers, in which clearing accounts are opened as a type of correspondent account for clearing. In this case, equal financial claims and obligations are repaid, and the balance is written off or credited to the main correspondent account.

A correspondent account is an account of one bank opened with another bank. It reflects payments made by the latter on behalf and at the expense of the first bank on the basis of a correspondent agreement concluded between them.

Correspondent accounts opened after the conclusion of contracts are divided into several types: “Nostro” accounts - current accounts in the name of a commercial bank with a correspondent bank (our account in your bank); “Loro” accounts are current accounts in the name of a correspondent bank with a commercial bank, reflected in its balance sheet liability (your account with our bank); “Nostro” accounts are accounts of foreign banks with a resident bank in local currency or in the currency of a third country. Nostro accounts with one bank are Loro accounts with its correspondents and vice versa.

In our country, most interbank settlements are carried out through the settlement system of the Central Bank of the Russian Federation. Settlements between banks are carried out by divisions of the Bank of Russia specially created for these purposes - cash settlement centers (RCCs). Correspondent bank accounts are opened at the RCC at the location of the boards of commercial banks.

Clearing is one of the methods of non-cash payments. It is based on the offset of mutual claims and obligations of legal entities and individuals for goods and services, securities. During clearing, equal amounts of mutual claims of creditors and obligations of debtors to each other are repaid, and payments are made only for the difference.

Clearing can be carried out between two business entities, group and inter-industry, without the participation of commercial banks or with the help of banks. When conducting a one-time offset through banks, each participant is opened by the bank serving him a temporary (during the offset period) in parallel with the current account, a separate offset account. Amounts are written off and credited according to it. Then the offset accounts are closed and the balance for each participant is displayed.

Clearing can also be used for interbank settlements. After all, each bank simultaneously or alternately acts as a recipient and payer of money. Clearing settlements can be organized between two banks when the debt claim of the first is the debt obligation of the second, and vice versa. At the same time, mutual debts are repaid. But clearing achieves its greatest effectiveness with a large number of participants.

Clearing can be organized both through the largest commercial banks and through clearing houses (centers). In this case, it is necessary that the clearing center takes into account all debt claims of each participant in relation to other clearing participants and obligations to them with the subsequent repayment of negative and positive values. Banks open their accounts in clearing houses, to which they transfer part of their funds. In turn, clearing houses open their correspondent accounts with the Central Bank.

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