Foreign exchange regulation of foreign economic activity of Russia

Currency regulation over the past ten years has undergone drastic changes caused by the abolition of the state monetary monopoly. The state monetary monopoly was the main aspect of the monetary policy throughout the entire existence of the USSR. It meant that the country is the sole owner of a foreign currency, which was based in the center and was distributed according to the foreign exchange plan. Only the state could perform operations with currency values and manage the country's gold and currency resources.

Abolition of the state monopoly on foreign trade, liberalization of foreign trade activity led to the fact that the country has increased the number of legal entities and individuals that were forced to regularly face currency legislation. Therefore, the creation of a foreign currency domestic market gave a currency-legal settlement a stable character. Legal currency regulation is carried out on two levels: individual and normative. Regulatory legal regulation of currencies is the development and approval of legal norms, taking into account public currency relations. As for the individual legal settlement, it is nothing more than the application of legal norms to each individual case, which entails a change, termination and the emergence of new currency relations.

The Russian law "On Currency Settlement and Currency Control" defines the basis for the organization and currency regulation in the country, while individual issues related to currency regulation are determined by other legislative acts. The legal norms that are responsible for the procedure for conducting foreign exchange operations are divided into two main functions: control and regulatory. At the same time, the regulatory function of legislation determines the rights and duties of persons who participate in the performance of foreign exchange transactions.

This means:

- transactions that determine the transfer of ownership of currency values;

- transfer, import and export of currency valuables from Russia;

- international money transfers.

The main purpose of currency control is to ensure currency legislation when conducting foreign exchange operations.

The most common today are foreign trade relations, while foreign exchange regulation of foreign trade provides:

- protection of economic sovereignty;

- stimulating the growth of the national economy;

- ensuring economic security;

- ensuring the effective integration of the Russian economy into the world economy.

Foreign exchange regulation of foreign economic activity is one of the most important objects of currency regulation. In this case, residents' currency settlements are made through foreign currency accounts in special banks. Depending on its purpose, foreign currency accounts can be of three types. On the transit account, the foreign currency proceeds of the resident are credited during export, foreign currency funds are imported to the special transit account , and general funds are received on the current account. Each of these accounts has its own currency regime, that is, there are certain rules that allow for currency regulation of the Central Bank. At the same time foreign currency accounts of non-residents can be both in foreign and domestic banks, this fact does not change anything. Settlements with non-residents can be made through their ruble accounts, guided by the modes of the convertible and non-convertible type of accounts.

Currency regulation of Russia is a powerful mechanism that allows to bring the economy of the country to a new level and, as a result, to improve the welfare of Russian citizens.