Контрольная работа по "Английскому языку"

Министерство образования и науки  Российской Федерации

Федеральное государственное бюджетное образовательное учреждение высшего профессионального образования

«Рязанский Государственный Радиотехнический Университет»

Кафедра Иностранных языков

Контрольная работа

по Английскому языку

Выполнила:

                                                                            Студент гр.6071

                                                                 Горбунова А.М.

                                                        Проверила:

                                                                    Ст. преп. Томина Е.В.

Рязань 2018 г.

Doing business and investing in the Russian Federation

Financial system

Currency

Under Russian currency control legislation, currency transactions between residents (subject to certain exceptions set under Article 9 of the Federal law No. 173-FZ "On currency regulation and currency control" dated 10 December 2003) are prohibited. Thus, settlements between Russian residents are generally carried out exclusively in Russian roubles.

With respect to currency transactions between residents and non-residents, such transactions may be carried out without any restrictions and in any currency. However, when carrying out currency transactions, residents must comply with the requirements set under Russian currency control legislation.

For instance, Russia’s currency control legislation establishes certain rules with respect to using foreign bank accounts (including specific regime of a foreign bank account usage by residents) as well as repatriation and reporting requirements, for residents when carrying out settlements with non-residents under foreign trade contracts.

The Federal Service for Financial and Budgetary Supervision (Rosfinnadzor) was the federal executive body responsible for currency control since 2004. However, in February 2016 the Decree of the President of the Russian Federation on abolition of the Rosfinnadzor was signed and afterwards its regulatory functions were transferred to the Federal Tax Service and the Federal Customs Service.

Importantly in 2016 it has seen a considerable number of amendments to Russian currency control legislation, with several relevant bills currently under consideration. In 2016 there have been significant fluctuations in the official Central Bank of Russia (CBR) exchange rates for the Russian rouble (RUB) to the US dollar (USD) and the euro (EUR). The official exchange rates can be tracked on the CBR’s official website. It is the CBR’s sole prerogative to set exchange rates. Exchange rate fluctuations are not regulated by Russian law and are driven exclusively by economic and political factors.

Central Bank of Russia (CBR) 

The Central Bank of Russia (CBR), formally known as the Central Bank of the Russian Federation or Bank of Russia, is the government body with the exclusive prerogative to issue Russia’s national currency, the rouble. It is legally obligated to protect the rouble and ensure its stability.

The CBR’s main func tions are 8 :

• protecting the rouble and ensuring its stability;

• setting monetary policy;

• issuing money and overseeing currency turnover; • setting official exchange rates;

• acting as the lender of last resort and organising refinancing for credit institutions;

• setting settlement rules and regulations for conducting banking operations;

• regulating the national payment system;

• managing government budget accounts and the CBR’s international reserves;

• supervising and registering financial organisations (non-state pension funds, credit institutions, insurance companies, etc.).

Banking sector 

According to the CBR, during the first nine months of 2016 the Russian banking sector posted considerable earnings amounting to RUB 714 billion, representing a four-fold year-on-year increase.

The overall growth trend in individual bank deposits has remained steady. In the first ten months of the year, deposits increased by 0.7%.

As of October 2016, Russia’s banking sector demonstrated both an increase in the number of loans and improved loan quality.

As of 1 November 2016, 643 credit organisations were operating in Russia (which includes 594 banks and 49 non-banking credit organisations) compared to 834 active credit organisations as of 1 January 2015. In terms of assets, the country’s largest banks are Sberbank, VTB, Gazprombank and Russian Agricultural Bank.

Insurance 

As of October 2016, 388 subjects of insurance activities, 263 registered insurance companies and 12 mutual insurance societies 11 were active in Russia.

According to the CBR 12, the second quarter of 2016 saw the first growth in demand for insurance services during the past year. Also in 2Q 2016, the number of insurance contracts grew by 8.5% year on year, mostly due to property insurance. In contrast, 1Q 2016 saw a contraction of 4.9%, whereas the decline in the same period a year earlier was fully 9.4%

Importantly, growth has been driven mainly by private consumer demand, with the number of individual insurance policies taken out increasing by 9.2% year on year, whereas the number of insurance policies issues to legal entities and sole proprietors declined by 19.7%.

Life insurance and compulsory motor third-party liability (CMTPL) insurance (commonly known by the Russian acronym OSAGO) still remain the key market drivers.

Life insurance demonstrated the highest level of annual growth in premiums (58.1% as of 2Q 2016) with the total amount of premiums collected equalling RUB 47.4 billion.