Subject The article considers mechanisms of seigniorage formation and capital surplus accumulation of the Central Bank of the Russian Federation. Objectives The aim is to disclose the nature and content of seigniorage revenues of the Central Bank of the Russian Federation and develop a financial and macroeconomic mechanism of their use to balance the Federal budget. Methods The methodological framework of the research includes the formal logic, systems approach and statistical data analysis. Results The article analyzes the specifics of seigniorage under fiat currency, external forms of its manifestation. In the Bank of Russia case, seigniorage has two forms, i.e. gain and surplus from positive revaluation of financial assets. Despite the fact that accumulated amounts of financial assets’ revaluation may change significantly as affected by changes in the national currency exchange rate, they tend to increase over the long term. Conclusions Nowadays, there is no complete withdrawal of seigniorage revenues of the Bank of Russia to the Federal budget. Seigniorage revenue of the monetary authorities was accumulated due to its partial transfer to the Federal budget. Only a portion of the revenue is withdrawn to the Federal budget, although a large share of seigniorage is generated by the Bank of Russia in the form of revaluation of financial assets, which is not reported as gains.
Keywords: seigniorage, emission, capital surplus, oil price, Federal budget
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