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ИД «Финансы и кредит»






Finance and Credit

Prospects of development of the Russian monetary system in modern conditions

Vol. 24, Iss. 10, OCTOBER 2018

Received: 10 April 2018

Received in revised form: 20 August 2018

Accepted: 4 September 2018

Available online: 31 October 2018


JEL Classification: E41, E42, E51, E52, E58

Pages: 2225–2238


Zozulya V.V. Bauman Moscow State Technical University, (Bauman MSTU), Moscow, Russian Federation


Goryunova I.S. Bauman Moscow State Technical University, (Bauman MSTU), Moscow, Russian Federation


Subject This article analyzes the state of the Russian national payment system and considers the prospects of its development and formation of the Russian ruble as a good international currency.
Objectives The article aims to consider the development of the Russian monetary system in modern conditions, identify external factors influencing its change, and analyze the international position of the Russian ruble.
Methods For the study, we used a dialectical approach based on systems and institutional approaches, statistical method, comparative analysis, and graphic data visualization.
Results The article describes the current state of the Russian national payment system and the prospects of the Russian ruble to become a safe currency for international settlements.
Conclusions Russia has established and successfully operates its own national payment system, which provides financial independence from international payment systems, especially under the conditions of economic sanctions. The reduction of cash turnover allows to reduce the shadow sector of the economy, improve the collection of taxes and reduce the inflation rate. It is possible to transform the ruble into a full-fledged international currency only by changing the structure of the economy based on raw materials export, due to agricultural products, armament, space, energy and information technologies.

Keywords: monetary circulation, national payment system, banking system, electronic money, convertibility, national currency


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