Legislation – laws and codes of the Russian Federation. Full texts of documents in the latest edition. Analytical professional materials. News of the legislation of the Russian Federation
The dollar exchange rate and the euro exchange rate: how are they set?
Currency and money are synonyms (Article 140 of the Civil Code of the Russian Federation). Currency is foreign and Russian. The Russian currency is the ruble, which is the only legal tender that must be accepted at face value throughout Russia. Foreign currency includes banknotes in the form of banknotes, treasury bills, as well as coins that are in circulation and are legal tender in the territory of the corresponding foreign state. It should be noted that the currency is not only cash, but also non-cash, that is, it exists not in the form of banknotes or coins, but in the form of records in bank accounts.
Currency can be convertible or non-convertible. Convertible is a currency that can be exchanged for another without special permission from any state authorities. So, the US dollar, the Japanese yen, the euro and some others are freely convertible – the Russian ruble also belongs to them.
But in order to exchange one currency for another, you need to know its exchange rate, in other words, the price. An exchange rate is the price of a country's currency expressed in another country's currency. In other words, currency is a commodity like any other, and it can be bought at a set price. Rubles can be bought for US dollars, euros, yuan, as well as vice versa. And for each currency used as a means of payment for another currency, a certain exchange rate is set.
Wherein dollar exchange rate or euro exchange rate, and any other currency can be both official (fixed and floating), and unofficial. The official exchange rate for the national currency is set by the state, usually represented by the central bank, for a certain period, for example, for a day, and is used in official settlements. The unofficial exchange rate may differ from the official one in settlements between ordinary citizens or legal entities at their own discretion.
A fixed exchange rate is an officially established ratio between currencies. Thus, a fixed exchange rate of the dollar against the ruble was used in the USSR, it was established by the State Bank of the USSR. For example:
- on January 1, 1924, the exchange rate of $1 was 2.20 rubles;
- on January 1, 1936, the exchange rate of $1 was equal to 1.15 rubles;
- on January 1, 1937, the exchange rate of $1 was 5.04 rubles;
- on January 1, 1961, the exchange rate of $1 was equal to 0.90 rubles.
Interestingly, in the early 1990s, there were several types of exchange rates in parallel:
Official fixed (established by the State Bank of the USSR and used for official settlements);
Commercial (it was established from November 1, 1990 based on the ratio of 1.8 rubles.Kurs_dollara_i_kurs_evro_kak_ix_ustanavlivayut_
The dollar exchange rate and the euro exchange rate: how are they set?
Legislation – laws and codes of the Russian Federation. Full texts of documents in the latest edition. Analytical professional materials. News of the legislation of the Russian Federation
The dollar exchange rate and the euro exchange rate: how are they set?
Currency and money are synonyms (Article 140 of the Civil Code of the Russian Federation). Currency is foreign and Russian. The Russian currency is the ruble, which is the only legal tender that must be accepted at face value throughout Russia. Foreign currency includes banknotes in the form of banknotes, treasury bills, as well as coins that are in circulation and are legal tender in the territory of the corresponding foreign state. It should be noted that the currency is not only cash, but also non-cash, that is, it exists not in the form of banknotes or coins, but in the form of records in bank accounts.
Currency can be convertible or non-convertible. Convertible is a currency that can be exchanged for another without special permission from any state authorities. So, the US dollar, the Japanese yen, the euro and some others are freely convertible – the Russian ruble also belongs to them.
But in order to exchange one currency for another, you need to know its exchange rate, in other words, the price. An exchange rate is the price of a country's currency expressed in another country's currency. In other words, currency is a commodity like any other, and it can be bought at a set price. Rubles can be bought for US dollars, euros, yuan, as well as vice versa. And for each currency used as a means of payment for another currency, a certain exchange rate is set.
Wherein
dollar exchange rate
or euro exchange rate, and any other currency can be both official (fixed and floating), and unofficial. The official exchange rate for the national currency is set by the state, usually represented by the central bank, for a certain period, for example, for a day, and is used in official settlements. The unofficial exchange rate may differ from the official one in settlements between ordinary citizens or legal entities at their own discretion. A fixed exchange rate is an officially established ratio between currencies. Thus, a fixed exchange rate of the dollar against the ruble was used in the USSR, it was established by the State Bank of the USSR. For example:on January 1, 1924, the exchange rate of $1 was 2.20 rubles;
on January 1, 1936, the exchange rate of $1 was equal to 1.15 rubles; on January 1, 1937, the exchange rate of $1 was 5.04 rubles;on January 1, 1961, the exchange rate of $1 was equal to 0.90 rubles.
Interestingly, in the early 1990s, there were several types of exchange rates in parallel: Official fixed (established by the State Bank of the USSR and used for official settlements);Commercial (it was established from November 1, 1990 based on the ratio of 1.8 rubles.for $ 1 and was used for settlements on foreign trade operations, foreign investments in the USSR and Soviet investments abroad, as well as non-trade settlements carried out by legal entities (Decree of the President of the USSR of October 26, 1990 No. UP-943 On the introduction of a commercial exchange rate of the ruble to foreign currencies and measures to create an all-Union foreign exchange market)). Tourist (was introduced on July 24, 1991 by the State Bank of the USSR at the level of 32 rubles per $ 1, this type of rate lasted only five months and was used on a par with the official fixed rate for the purchase of currency by individuals (Telegram of the State Bank of the USSR dated April 1, 1991 No. 135/91 Rules for the purchase and sale (transfer) for the export of foreign currency abroad at the expense of personal funds of citizens).The record low value of the official dollar exchange rate was recorded on February 13, 1991 – its official rate was 0.54 rubles. Such a low official dollar exchange rate lasted until June 24, 1992, having reached by this time only a level of 0.56 rubles.
As early as July 1, 1992, the official dollar exchange rate was set at 125.26 rubles. for $ 1 and began to grow sharply, reaching the amount of 414.50 rubles by January 1, 1993, by January 1, 1994 – 1247 rubles. By January 6, 1995, the dollar against the ruble rose to 3623 rubles, and by January 5, 1996 – up to 4461 rubles, reaching a value of 5960 rubles by the end of 1997. for $1, after which the denomination of the ruble was carried out in Russia a thousand times. However, even after that, the dollar exchange rate against the ruble continued to grow steadily, demonstrating sharp ups in 1998 and 2014. A certain stability and even some periodic depreciation of the dollar could be observed from 2000 to 2013. As of December 9, 2014, the US dollar exchange rate is set at 53.31 rubles. for $1. If compared with the previous, non-denominated, rubles, then it corresponds to the rate of 53,310 non-denominated rubles per $1. Thus, for the period from July 1, 1992 to the present, the value of the ruble against the US dollar has fallen 424 times.Currently, Russia uses a floating exchange rate, which involves the use of the market mechanism of foreign exchange regulation to set the exchange rate.At the same time, it changes under the influence of supply and demand. The Bank of Russia is responsible for setting official exchange rates against the ruble (Article 53 of Federal Law No. 86-FZ of July 10, 2002 On the Central Bank of the Russian Federation (Bank of Russia)). However, an ordinary citizen cannot come to the Bank of Russia and buy or sell currency at the official rate. Moreover, the Bank of Russia generally does not assume an obligation to buy and sell foreign currency at the official rate. In fact, citizens can only purchase foreign currency at commercial banks at an unofficial rate, and the price of the currency is usually inflated – after all, the commercial bank makes a profit from this transaction.Therefore, it is believed that citizens are not recommended to play on exchange rates (at least in the short term, without being able to save money for years to come), since they are always forced to buy currency more expensive and sell cheaper than at the official rate, in practice always losing on this difference. The dollar exchange rate today and the euro exchange rate todayMost Popular exchange rates, which are of interest to Russians almost daily, are
dollar and euro exchange rates against the ruble . Unfortunately, the ruble has recently fallen sharply against these currencies. According to many analysts, this was the result of Russia's domestic and foreign policy. Currently, the fall of the ruble continues and it is completely unclear at what level it will stop.Of course, such a decline cannot but affect the well-being of ordinary Russians. Since the prices in stores rise with the rise
dollar and euro exchange rates (since many goods are purchased abroad for foreign currency), the purchasing power of the income received by citizens falls proportionally. And if an employee at the beginning of 2014 could buy with his salary in the amount of 30 thousand rubles. goods for the equivalent of about $920, now the purchasing power of his wages has fallen to about $565, that is, almost twice.Of course, the Russians are very worried about this situation.As a result, most citizens monitor daily dollar exchange rate today and
euro exchange rate today
