| | PROBLEMS OF MODERN ECONOMICS, N 2 (86), 2023 | | FINANCE AND CREDIT SYSTEM: BUDGET, CURRENCY AND CREDIT REGULATION OF ECONOMY, INVESTMENT RESOURCES | | Pilipenko I. V. Director, Institute of Competitiveness and Integration (Moscow), PhD (Geography), MPA (State Administration)
| |
| The article focuses on the transference of the international settlement system of the Russian Federation to the national currencies of developing countries in the context of harshening Western sanctions. The author distinguishes five systemic problems for the Russian economy and participants of the country’s foreign economic activity related to this transference and discusses specificities of the present-day global system of exchange rates with particular attention to the instability of currency in the economically less developed countries and the impact this instability produces upon the correlation of their nominal exchange rates and purchasing power parity, as well as upon the globalization process and the issues of exchange equivalency among different countries. Experiences of the European Union within the frames of the European zone is taken into account. In view of the Russian Federation present-day foreign trade development outside of the use of freely convertible currency, the author offers a methodology to determine the new account settlement unit “Uniclear,” which diminishes the distance between currency exchange rates and their purchasing power parity – a unit to be used within the frames of currency clearing. The article presents calculations of currency exchange rates of 148 countries over the period between 2010 and 2020 on the basis of the developed methodology. | Key words: international monetary settlements, currency, currency rate, nominal rate, purchasing power parity, clearing, settlement unit, uniclear | Pages: 97 - 107 |
|
| |
|
|
|