Modern banknotes have lost all guarantees and are not exchangeable for gold or silver. They come into circulation in three channels : 1) bank lending to the economy - provides a link between monetary circulation and the dynamics of the reproduction of public capital; 2) bank lending to the state - banknotes are issued in exchange for state debt obligations; 3) an increase in official gold and foreign exchange reserves in countries with an active balance of payments.

Check- a written order from the account holder to the bank to pay a certain amount of money to the check holder or to transfer it to another account. Checks first appeared in England in 1683.

There are three parties involved in settlements with checks: 1) the drawer - the owner of the account; 2) the payee, the holder of the check, the creditor of the drawer; 3) payer by check (bank).

Three types of checks are issued: 1) personal check - issued to a specific person without the right to transfer; 2) bearer's check – issued without indicating the name of the recipient; 3) warrant check - initially issued to a certain person with the right to transfer by means of endorsement (endorsement on the back of the check).

There are two forms of checks: 1) settlement check – a written order to the bank to make a payment from the account of the drawer to the account of the holder of the check used for cashless payments; 2) money checks - are used by enterprises and organizations to receive cash from bank accounts.

Electronic money– money in bank computer memory accounts. The order is carried out using a special electronic device.

Payments based on electronic money began to appear in Russia at the end of the 20th century. Electronic payment systems include: PayCash and WebMoney Transfer.

Payments that occur with electronic money are very fast in time, and electronic money itself, in its essence, is only information about real-life funds. Most big problems in payments on the Internet - ensuring their security, and recognizing the legitimacy of new payment systems.

A plastic card- A generic term; denotes all types of cards that differ in purpose, the set of services provided with their help, in their technical capabilities. The very idea of ​​using cards as a means of payment was put forward by James Bellamy in his book Looking Back in 1880. The first card was issued in the USA in 1914 by the General Petroleum Corporation of California. The first cards were made of cardboard, and a material more suitable for the functioning of the cards appeared in the 60s. in USA. They were made from plastic. Plastic cards with a magnetic stripe occupy leading positions in the world due to their traditional character. The most famous cards of international payment systems are American Express, VISA, MasterCard, Europe, Diners Club.

Which produces countries.

Arose in the XVI-XVII centuries. With the transfer to the Central Bank of the Russian Federation of the right to issue banknotes with the obligation to exchange them for gold, this form of money becomes a universal legal tender. Banknotes began to be issued into circulation not as evidence of the subject's contribution, not as substitutes for gold coins, but as ordinary paper money.

• by urgency. A promissory note is a debt obligation. A banknote is a perpetual debt obligation;
• under warranty. The bill is issued by individuals and has an individual guarantee. The banknote is issued by the Central Bank of the Russian Federation and has state guarantees.

classical banknote differs from paper money :

• by origin. Paper money arose from the function of a medium of exchange. Banknote from the function of means of payment;
• by repayment. Banknotes after the expiration of the bill under which they are issued are returned to the Central Bank of the Russian Federation. Paper money does not return, but gets stuck in circulation;
• by dimension. The banknote on return was exchanged for gold or silver. Paper money is not exchangeable. Modern banknotes fall under the laws of monetary circulation.

Banknotes are issued in three ways:

• through bank lending the state or by providing loans to all credit organizations in the form of rediscounting bills of exchange;
• through bank lending to the government secured by government securities;
• in exchange for foreign currency.

Features of modern banknotes

Banknote - a debt obligation addressed to the bank that issued it. Modern banknotes are issued by the central (issuing) bank. The first banknotes in Europe were issued by the Swiss bank of issue. State regulation of banknote issue was first formed in England in 1694. Initially, the banknote had a double security:

• a commercial guarantee, as it was issued on the basis of commercial bills purchased from bill holders;
• a gold guarantee that ensures its exchange for gold.

Such banknotes were called classical and had high stability and reliability, which was based on the possibility of exchanging banknotes for goods or coins made of gold and silver. The classical banknote was a receipt containing a requirement for the issuing bank to issue a certain number of coins to its bearer. Classical banknotes, the issue of which was originally of a private nature, had a credit and deposit nature.

The credit nature of banknotes was reflected in the process of their issuance when accounting for commercial bills (Fig. 1.5). Banks bought (discounted) commercial bills from bill holders in exchange for banknotes. Thus, a commercial loan was transformed into a short-term one. Bank loan, and the banknote was a credit note secured by commercial promissory notes.

Rice. 1.5. The scheme of issuing classical banknotes in the process of accounting for commercial bills (1-6 - the order of operations)

The deposit nature of banknotes originates from the circulation of deposit tickets, which is an obligation of a bank or a deposit office to issue a certain number of deposited coins to the bearer of the ticket. Examples of such analogs of banknotes are:

• deposit notes for receiving a silver coin, issued by the Depository, established in Russia in 1840. Deposit notes were endowed with the right of circulation and use in all payments. The issue of tickets was 100% backed by silver;
• credit notes (credit rubles) issued at the end of the 19th century. in order to accumulate a gold reserve in exchange for gold coins, gold and silver bullion, deposited in the change fund of the State Bank of the Russian Empire. In accordance with the monetary reform of 1895-1897. provided for the issuance of banknotes secured by gold and private commercial bills;
• deposit metal receipts that were in circulation from 1886 to 1895 and ensured the inflow of gold coins, foreign currency exchangeable for gold, foreign trade commercial bills (drafts) paid in gold to the State Bank of the Russian Empire.

Classical banknotes as representatives were characterized by legally established security for their issue. Depending on the security, three types of banknotes were distinguished:

• fully backed banknotes were fully backed by coins minted from precious metals, freely exchanged for coins at the market rate. The issue was limited by the gold reserves of the issuing bank;
• partially covered banknotes were backed by precious metals and commercial bills, were exchangeable for gold, and were issued by the state bank in accordance with the issuing right granted to it. Characteristically, during the period of gold monometallism, most of the national issuing banks issued banknotes with partial coverage, which is confirmed by the data in Table. 1.1.

Table 1.1. The degree of coverage of banknote circulation with gold in the leading countries of the world in 1895-1913, %

Germany
Austria-Hungary
Holland

Uncovered banknotes had no direct security, were not exchanged for gold or silver coins. The issue of such banknotes is called fiduciary.

Modern banknotes are backed by a set of assets (property) of the issuing bank.

Characteristic features of banknotes, unlike other forms credit money:

• act as a perpetual debt obligation of the issuing bank;
• have a state guarantee;
• arose from the function of money as a means of payment;
• under the conditions of gold monometallism, banknotes were freely exchanged for gold, in contrast to fiat money.

Modern banknotes are not exchanged for gold, but retain a credit basis. The channels for issuing banknotes are as follows:

• bank lending to the economy;
• state bank lending;
• increase in official foreign exchange reserves.

As a change for banknotes, coins from monetary alloys are issued - billon coins. In the practice of cash circulation, three types of token coins are used - basic, fractional, team. A coin with the same name as a monetary unit is called basic(for example, a coin of one ruble). A coin that is part of a monetary unit is called fractional(50, 10 or 5 kopecks). A coin that combines several monetary units is called national team(for example, 2 or 5 rubles).

Varieties of banknotes

Banknote (bank or bank note):

1) initially - a security, certifying the order of the issuing bank to itself to pay its bearer immediately upon presentation of the amount of money in circulation;

2) at present - a substitute for paper banknotes issued by the central issuing bank

There are two primary reasons for the evolution of banknotes:

First, the state, which saw the possibility of a practically free public loan, adopted the experience of merchants;

Secondly, the defective billon coins that were previously issued logically led to the idea of ​​replacing the information carrier from metal to a more convenient and cheaper one - paper.

Exist the following types banknotes:

1. Full coverage (classic)

They had the following characteristics:

Full real coverage, which was dominated by gold or other precious metals;

· banknotes issued in this order were exchanged for gold in unlimited quantities;

· the exchange rate was market and, as a rule, coincided with the face value;

· there were no legislative restrictions on the number of issued tickets, and the only restriction on such an issue was the official gold reserve;

· classical banknotes were issued by private bankers and historically appeared among the first;

2. Partially coated

were characterized by the following features:

· issued banknotes were backed by real security, part of which consisted of both precious metals and goods presented in the form of bill security;

· the holders of such banknotes retained the right to freely exchange them for gold in unlimited quantities;

the exchange rate of banknotes was, as a rule, below par;

The issue of such banknotes was increasingly concentrated in the hands of central bank, whose activity was legally limited by the introduction of the institution of granting the issuing right.

3. Bes cover

banknotes had the following properties:

· the exchange of banknotes for gold was suspended, and they were recognized as public debt with the obligation of the state to their subsequent redemption;

The right to issue additional banknotes was reserved for legislature and usually revised upwards periodically;

· such banknotes were accepted without fail at the market rate in payment of taxes and other payments in favor of the state.

The difference between banknotes and commercial bills and paper money

The difference between a banknote and a commercial bill:

A bank note is nothing but a banker's bill, against which the bearer can receive money at any time and with which the banker replaces part of the bill.

The difference between a banknote and a commercial bill is perpetuity. While a bill of exchange is a promissory note payable within a certain period of time, a banknote is a promissory note of the issuing bank, which the latter is obliged to pay (exchange for gold or silver) at any time at the request of its holder. To do this, the issuing bank must have a metal reserve that serves as a change fund. At the same time, the perpetuity of banknotes also contributes to the expansion of the scope of their circulation. So it turns out that they are equivalent to cash.

Circulating in circulation and performing the functions of a medium of circulation and a means of payment, the banknote acts as credit money.

The difference between banknotes and paper money:

1. By their origin, banknotes are closely related to the functions of money as a means of payment, while paper money arose on the basis of means of circulation. The peculiarity of the functions of the medium of circulation lies in the fact that when it is carried out, the money is only for a very short time in the hands of individual commodity owners, quickly passing from hand to hand. As for banknotes, they arise on the basis of commercial loan and have as their basis not money circulation, but bill circulation.

2. By the nature of the issue, banknotes are credit money. Unlike paper money, banknotes are issued by an issuing bank in the process of lending to industry and trade.

3. The credit nature of the issue causes a regular return flow of banknotes to the issuing bank. Since banknotes are issued on a short-term basis credit operation, then after the expiration of the loan period, the banknotes issued for the loan are returned to the bank. Paper money is issued to cover budget spending, get stuck in circulation and only a small part of them returns to the state treasury (in the form of income from taxes and loans)

4. Banknotes are exchangeable for metal, but paper money is not.

5. Subject to free exchange for gold, banknotes cannot be in circulation in excess and cannot depreciate in comparison with gold.

Since banknotes are issued for short-term lending to industry and trade, the size of the banknote issue is regulated by the need National economy in credit instruments of circulation. With the growth of these needs, the issue of banknotes also increases; on the contrary, a reduction in the needs of the national economy for money entails a decrease in the issue of banknotes.

The exchange of banknotes for gold is a necessary condition for the normal circulation of money under capitalism. A banknote, replacing gold in circulation, is a credit sign of gold. The dependence of banknote circulation on gold means, together with met, the need for the issuance of banknotes to have a certain gold reserve as a guarantee for its banknote issue.

Modern banknotes

Modern banknotes differ significantly from banknotes that can be exchanged for gold.

First, the nature of the credit security of banknotes has changed. A significant part of the banknotes began to be issued on the basis of state lending and the purchase of foreign currency. The credit security of banknotes, therefore, began to serve not so much commercial bills as government securities or foreign currency. As a result, the issuance of banknotes may exceed the need for trade in money.

Secondly, banknotes lost their gold backing and were no longer redeemable for gold. This led to the fact that the automatic mechanism for withdrawing excess banknotes from circulation ceased to operate.

Thirdly, modern banknotes can depreciate, since they are issued in excess of the needs of trade, and there is no mechanism for withdrawing excess banknotes from circulation.

Fourthly, modern banknotes have a dual character. On the one hand, banknotes are credit money, since they are issued by a bank on the basis of banking operations. On the other hand, according to the nature of circulation, banknotes are close to paper money, i.e. can depreciate just like paper money.

Channels of issue of modern banknotes. Modern banknotes are issued through the following channels:

1. in the order of lending to commercial banks,

2. lending to the state,

3. shopping valuable papers,

4. purchases of foreign currency.

Paper money has always been associated with the needs of the state budget and pursued fiscal goals. They were issued on behalf of the Treasury, which is why their most common form was called "treasury notes".
Modern paper money differs in the following ways:
inexchangeability;
presence of a coercive nature;
interest-free (although in principle they are a state obligation).
Paper money exists in two forms:
cash;
non-cash money - entries in bank accounts that satisfy the owner's right to use them as a means of payment in mutual settlements or receive cash from them.
Currently, not only treasury notes, but also bank notes (central bank notes) are included in the category of paper money. In the economic literature they are called banknotes.
What is deposit money?
Deposit money are numeric records defined; Noah sum of money on customer bank accounts. Initially, deposit money appeared when the owners of the bill presented it to the bank for accounting, as a result of which the bank, instead of paying the amount of the debt in banknotes, opened an account for the owner of the bill. On such an account, a readable amount of money was fixed, and payments were made from this account by writing them off. Currently, deposit money most often appears by depositing cash into the bank's cash desk and opening current bank accounts.
Deposit money is most often managed by check, plastic card or remote access systems from bank accounts. Large-value payments are made using wholesale electronic payment systems.
Where is a check used?
Check is money document of the established form, containing an unconditional order of the drawer (account holder) to a credit institution to pay the holder of the check the amount specified in it. That is, a check is a type of bill of exchange that the account holder draws on commercial Bank.
A check, as a short-term monetary document, does not have the status of legal tender, and, unlike the issue of money, the issuance of checks into circulation is not regulated by law, but is entirely determined by the needs of commercial circulation. In a developed banking system. institutions, checks are widely used as a universal means of payment in domestic circulation and in international settlements.
In internal circulation checks are used:
to receive cash from banks (personal checks);
for settlements for goods and services (order and bearer);
as a tool mediating non-cash payments (settlement and accepted checks).
The check is of particular importance as a means for non-cash payments. IN developed countries the bulk of payments for goods, services, as well as for exchange transactions with securities, is carried out non-cash - with the help of checks, and the check turnover significantly exceeds the turnover of cash.
What is a plastic card?
With the development in the second half of the XX century. payment systems that allow retail payments in electronic form, a new payment instrument appears - a plastic card.
A plastic card is a nominal monetary document issued by a bank or other specialized organization, certifying the presence of an account of the owner of the plastic card in the relevant institution and giving the right to purchase goods and services by bank transfer.
There are three main functions of a plastic card:
is a non-cash payment instrument, significantly reducing the amount of cash in circulation;
acts as a means of payment for the purchase of goods and the repayment of debts in mutual settlements between legal and individuals;
serves as a tool for receiving money from a current account at almost any time.
What is the meaning of the electronic wholesale payment system?
Electronic wholesale payment systems are used to conduct large-value transactions. They are payment systems that allow electronic payment transactions of high value between banks, commercial companies and government agencies. Settlements are made using transaction accounts of credit institutions, so such wholesale systems operate with deposit money. Main elements electronic systems wholesale payments are:
clearing settlement systems that settle accounts of their clients (netting) at a certain point in time, as a rule, at the end of the business day. The main disadvantages of such systems are insufficient efficiency in making payments, as well as the presence of liquidity risk;
gross settlement systems in real time. Currently, these systems have already replaced netting in many countries. With their appearance, the liquidity risk and systemic risk of the banking sector has significantly decreased.gt;
There are three main advantages of electronic wholesale payment systems:
increase in the speed of mutual settlements;
reduction in the cost of payment transactions;
simplification of processing of bank correspondence.
What is an online payment system?
Currently, in connection with the active development of the electronic economy, online payment systems (online banking systems) are becoming more widespread.
Online payment systems are new electronic payment systems that allow direct real-time payments from the payer's account and crediting funds to the recipient's account. Online payment systems can be used to make payments in both traditional and e-economy. Currently, one of the most developed areas for the development of online payments4 are online banking systems.
What is the essence electronic money?
The last years of the XX century. were marked by a new stage in the development of commodity-money relations: the emergence new form credit money - electronic money (money). The main reasons for their creation include the desire to reduce the transaction costs of money circulation both in the traditional and in the electronic economy and electronic seigniorage.
The essence of electronic money can be considered from two sides:
as a prepaid financial product;
as a monetary value expressed in currency units and stored electronically in electronic device owned by the client. Electronic money is not associated with any account with a financial institution and is an interest-free obligation of its issuer, so it should not be considered as a type of deposit money.

7. Forms of non-cash payments. Advantages and disadvantages of individual forms.

8. Money supply: concept, structure. money aggregates. Features of the money supply in Russia.

9. Monetary system: the concept and characteristics of the main elements.

10. Evolution of monetary systems. Features of modern monetary systems.

11. Monetary reforms: concept, types, conditions for implementation.

12. Inflation: essence, types and impact on individual economic entities.

13. Methods of fighting inflation.

14. Currency and classification of its types.

15. World monetary system: the concept and stages of evolution.

16.Finance: essence and functions.

17. Financial system and its structure.

18. Budgets of authorities: essence and main functions.

19. Budgetary system of the Russian Federation: concept, structure and principles of construction.

20. Budget revenues and their structure. Features of the modern structure of revenues of the federal budget of the Russian Federation.

22. Budget expenditures and their structure.

23. The main forms of use of budgetary resources.

24. Budget deficit: concept, methods of coverage and reduction.

25. Public debt: concept and structure

26.Evaluation and methods of public debt management.

27. Off-budget funds in Russia: types, formation and use of their financial resources.

28. Finance of enterprises: the concept, functions and principles of organization.

29. Formation of financial resources of a commercial organization.

30. The main directions of the use of financial resources of a commercial organization.

31. Non-current assets.

33. Non-profit organizations: concept, purpose of creation and scope. functioning. Features of individual organizational and legal norms.

34. Main ways of formation of financial resources of non-profit organizations.

35. The specifics of the use of financial resources by non-profit organizations.

36. Finances of the population: the concept, classification of funds of funds and the factors that determine them.

37. The structure of incomes of the population and the influence of certain factors on it.

38. The main directions of the use of financial resources by the population.

39. Minimum wage and living wage.

40. Credit: concept, objects and subjects. Lending principles.

41. Functions of credit

42.Private, usurious, consumer loans and the scope of their modern use.

43.Bank credit and its development at the present stage.

44. Commercial, mortgage and pawn loans in modern conditions

45. State and international loans

46. ​​Intermediary transactions: leasing, factoring, forfeiting.

47. The banking system of Russia, its modern structure. Features of non-bank credit organizations included in the banking system of the Russian Federation.

48. Central Bank of the Russian Federation: status, goals and main functions.

49. Monetary policy: concept, methods and tools.

50. Bank as a credit institution. Types of banks in the Russian banking system.

51. Passive operations of a commercial bank: essence, purpose, types, methods of regulation.

52. Active operations of a commercial bank: purpose and types.

53. Parabanking system and its structure.

55. Participants of the financial market and its indicators.

56. Credit market: structure, participants and characteristics of the main indicators.

57. Currency market: types, participants and indicators.

58. The concept and classification of types of securities.

59. The structure of the securities market and its participants.

60. Insurance: concept, participants and industries. The value of insurance in the activities of enterprises.

3. Features of a classical banknote, its differences from paper money and a modern banknote.

The basis of monetary circulation is banknotes and various coins that have the status of national monetary units signs.

Modern banknotes have lost the property of exchange for full-fledged money. Modern banknotes are classified as defective money (nominal value and intrinsic value do not match).

A monetary system based on defective money requires constant control and regulation, which is carried out by the government and the Central Bank. Inferior money potentially poses a threat to inflation - one of the goals of monetary policy is to keep inflation within certain limits. IN money circulation more and more non-cash payment prevails, mainly in electronic form.

banknote in the most general interpretation is a promissory note of the issuing bank. Its kinship with the bill was especially clear at the first stage of development, when it had the form of the so-called classical banknote.

Historically, the "classic" banknote originated from the receipt of medieval bankers about taking gold from merchants for safekeeping and about the obligation to return it on demand. As the wealth of banks grew, their receipts (banknotes) began to enjoy such confidence that they began to be accepted in payment on a par with a gold coin. Gradually, such receipts acquired a strictly established form and abstractness as important features of a bill and began to linger in circulation for a long time, not returning gold from the bank to pay them. This circumstance made it possible for bankers to issue their banknotes to merchants for an amount that exceeded the value of gold accepted for safekeeping, i.e. go from full to partial coverage of banknotes. Banknotes not covered with gold began to be issued to entrepreneurs in exchange for commercial bills. Since then (the end of the 17th century) the actual history of the "classic" banknote begins.

The characteristic features of the "classic" banknote are:

Issuing it by an issuing bank instead of commercial bills;

Mandatory exchange for gold at the first request of the owners;

Double security: gold (gold reserves of the bank) and commodity (commercial bills that were in the bank's portfolio).

Thanks to these features, the banknote differed significantly from the commercial bill. If the latter has a private guarantee, which is provided by the capital of one or a group of enterprises, then the banknote is a public guarantee, which is based on the capital of all entrepreneurs, which are stored in banks. Banknotes, unlike bills of exchange, are perpetual obligations that are not associated with specific trading operations. They can be issued in any denominations and be in circulation for any period that makes it possible to pay them for all possible payments. These advantages provided the banknote with a special quality - a general circulation that the bill did not have.

The double security of the "classic" banknote guaranteed its reliability, constant value, normal circulation and high elasticity of circulation. Through the provision of commercial bills, self-regulation of the circulation of banknotes was achieved. By issuing loans secured or discounting bills, the bank increased the number of banknotes in circulation, and when paying bills, the banknotes were returned to the bank, which was ensured by the urgency and indisputability of the commercial bill.

The issue of bills, in close connection with trading operations, ensured the consistency of the issue of banknotes with the real needs of circulation - as these needs grew, the issue of banknotes increased, and vice versa. Nevertheless, the issuance of banknotes against commercial bills did not always ensure automatic adaptation to the needs of circulation. This was predetermined by a number of circumstances: taking into account financial bills, including treasury ones, a decrease in prices for goods and an acceleration in the circulation of banknotes, as a result of which the need for money decreased by the maturity of the bills, etc. In all these cases, there was a threat of the appearance of excess banknotes and their impairment. This could have been prevented by the free exchange of banknotes for gold: excess banknotes were presented at the bank to be exchanged for gold.

The period of the "classic" banknote ended with the complete cessation of its exchange for gold after the world economic crisis of 1929-1933. Under the new conditions, the banknote lost its gold backing and its final guarantee of the constancy of value - exchange for gold. This significantly brought modern bank money closer to paper money, as it removed the internal brake on their depreciation.

However, the point is not only to stop the exchange of banknotes for gold. In modern conditions, the mechanism of automatic regulation of the issue of banknotes based on bill security has also undergone deformation. First of all, next to commercial ones, treasury bills and government bonds began to be used much more widely to ensure the issuance of banknotes. Since the obligations of the state are not real values, their lending by the issuing bank has significantly complicated the connection of the issue with the real needs of turnover. A sharp decrease in the share of commercial bills and an increase in treasury bills and government bonds in ensuring the issue of money means its reorientation from the needs of trade to the needs of the state treasury. Through the satisfaction of the latter, banknotes enter the sphere of trade, while only partially satisfying its needs, and partially they turn out to be superfluous, nevertheless remain in circulation. From this point of view, the mechanism for issuing banknotes becomes similar to the mechanism for issuing paper money. It also brings the modern banknote closer to treasury notes.

At the same time, such a banknote does not completely lose its specific features of bank money, retains certain advantages in circulation compared to purely paper money, and is the most common form of cash in countries with a developed market economy. Its main features and advantages are because even to cover the costs of the state, it is issued not directly and irrevocably, but through lending against Treasury debt obligations. This seemingly insignificant detail of the emission mechanism is of fundamental importance. It provides that the state as an economically independent entity cash flow can take part in the emission mechanism on an equal footing with commercial enterprises if it strives to ensure the balance of its financial economy and is able to pay off its debts to the issuing bank in a timely manner. In this regard, the problem of regulating public debt, maintaining its volumes on an economically justified equal, establishing broad democratic control over its formation, including limiting its size, as well as over the relationship between the treasury and the central issuing bank, becomes important.

It is very important that these two organs, which are located on opposite sides of the emission source, do not become “two pockets on one and therefore the same state jacket”, which are controlled by “one hand”. In this case, the money will always freely "migrate" from the bank "pocket" to the treasury, and the difference between banknotes and treasury notes will finally disappear. To prevent this, most countries have legally established a clear demarcation between the central issuing bank and the state treasury, removing the bank from the subordination of the government and making it an independent state conductor of monetary policy.

A prudent policy regarding government debt and the payment of income on government bonds ensures market demand for these securities. This makes it possible for the central bank to influence the mass of banknotes by regulating its portfolio of such securities, by selling them on the stock market - to reduce, and by buying - to increase their number in circulation.

The mechanism of self-regulation of banknote circulation through the provision of their issue with commercial bills has not lost its significance. However, its action has changed significantly. Bank loans under commercial bills began to be issued mainly in deposit, and not in banknote form. Therefore, through this mechanism, issuing banks regulate the amount of deposit money in circulation, indirectly influencing the circulation of banknotes.