The Payments System and its Effectson Monetary Operations: Recent Experience in the Russian Federation

November 1, 1994

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The Payments System and its Effectson Monetary Operations: Recent Experience in the Russian Federation, (USA: International Monetary Fund, 1994) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Recent developments and reforms in the Russian payments system are discussed from the perspective of their impact on monetary policy. The large and highly variable payment float in the balance sheet of the Central Bank of Russia has complicated the conduct of monetary policy. However, reforms in late 1992 and early 1993 have been effective, as judged from their impact in reducing the level and variability of float, and have set the stage for medium-term reforms of the payments system. Rapid progress in the implementation of these reforms, and their appropriate coordination with monetary operations, remain critical to meet the emerging needs in money and foreign exchange markets, and to support the transition to indirect methods of monetary control.

Subject: Banking, Commercial banks, Correspondent banking, Credit, Financial institutions, Financial markets, Financial services, Large value payment systems, Money, Payment systems

Keywords: CBR float, CBR payment center, CBR system, Commercial banks, Correspondent banking, Credit, Float of the CBR, Large value payment systems, Monetary management, Order processing, Payment demand order, Payment document, Payment float, Payment obligation, Payment order, Payment systems, Payments system, Payments system effects of CBR, Processing service, System effect, System reform, WP

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1994/133
Stock No:

WPIEA1331994
ISBN:

9781451855425
ISSN:

1018-5941

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