The currency system of Russia has been developing for many years, since the inception of the state. Such systems replace each other, as over time, money changes its functions. At the beginning of the creation of the Russian Empire, gold was in circulation, now it was supplanted by the currency types of cardboard and credit savings.
The currency system of Russia provides for the circulation of a certain currency and various types of funds of a monetary scale. A currency unit is a currency symbol established by the state; in its units the prices of various goods are measured.
The current monetary system of Russia is quite stable. There is no gold security for credit and cardboard funds, that is, banknotes do not change to gold. There is a fairly stable mechanism for switching to credit funds, which turn into paper notes. In the currency circulation of funds the non-cash form prevails. Regulation of money in circulation is carried out by special bodies of the Russian Federation.
The currency system of Russia began to form immediately after the collapse of the USSR. Now it works in accordance with the law, which was developed in 1995. The currency unit is the ruble. Other units are strictly prohibited. The law does not oblige the ruble to be related to gold. The ruble exchange rate to the currencies of other countries is set by the Central Bank of Russia. Iron coins and banknotes operate on our territory. The Central Bank approves currency symbols, in the case of the issuance of new banknotes, information about this is distributed among the population by the media.
Only the Central Bank has the right to issue and withdraw banknotes from circulation. He also deals with the establishment of the ruble exchange rate in relation to other cash. Counterfeiting of banknotes is punishable by law. Currently, the use of banknotes, coins, as well as non-cash funds, such as bank accounts and cards, is officially permitted.
The national currency system of the Russian Federation is strictly regulated by laws of the 95th year “On the Central Bank of the Russian Federation”, as well as by these additions and amendments to them.
If banknotes were declared invalid, then they cannot be exchanged for new ones before the due date. It can be from 1 to 5 years. New bills are issued strictly in accordance with the amount of withdrawn currency.
The currency system of the Russian Federation establishes the currency unit, metal, procedure for appeal and coinage of funds. The base of the system is metal, which performs the function of a common equivalent. At the beginning of the 20th century, in the capitalist countries, it became silver, which replaced gold.
National currencies began to form in the 16-17th centuries during the establishment of capitalism and the development of state markets. The monetary system of almost every country includes the following: a specific type or types of funds, a currency unit, an emission system, and a price scale. The name of the currency is determined by the state. Price scale is the expression of the price of a product through a certain weight of a precious metal in one currency.