Payment systems in Russia

October 2003

Foreword

The Committee on Payment and Settlement Systems (CPSS) periodically publishes - under the aegis of the Bank for International Settlements (BIS) - reference works on payment systems in various countries, widely known as Red Books. As part of this series, the present volume, the first edition of the Red Book for Russia, is a further important step towards increasing our understanding of the way payment systems work in different countries.

Properly functioning payment systems enhance the stability of the financial system, reduce transaction costs in the economy, promote the efficient use of financial resources, improve financial market liquidity and facilitate the conduct of monetary policy. In recent years, issues relating to the financial risks and efficiency of all types of payment systems have come to the fore. Central banks have a strong interest in promoting safety and improving efficiency in payment systems as part of their responsibilities towards the currency (facilitating its use as means of exchange) and given their overall concern with financial stability and efficiency. Because of this, central banks are influential in improving public understanding of the payment and settlement arrangements in their countries. They also play an important role in domestic payment system development and, in many cases, central banks themselves operate key payment systems.

We hope this volume will contribute to the general understanding and awareness of payment systems in Russia, both domestically and internationally.

Tommaso Padoa-Schioppa, Sergey M Ignatiev
Chairman, Committee on Chairman
Payment and Settlement Systems Bank of Russia