Establishing the rate of the national currency and the procedure for its exchange for foreign. The main elements and principles of the functioning of the modern monetary system The procedure for ensuring the banknotes of the Russian Federation
Modern monetary systems are a system within which the individual elements are in a certain unity. The elements of the monetary system are:
· Name of the monetary unit;
· Principles of organization of the monetary system;
· Scale of prices;
· Types and procedures for securing banknotes;
· Emission mechanism;
· The structure of the money supply;
The procedure for forecasting and planning money turnover;
Mechanism of monetary credit regulation;
The procedure for establishing exchange rate;
· Order of cash discipline.
The name of the monetary unit. The formation of the monetary system of any state begins with the establishment of the name of the coins and the definition of the monetary unit. For example, in the US it is the dollar, in the UK - the pound sterling, in the EU countries - the euro, in Russia - the ruble, etc.
Monetary unit - a statutory currency that serves to measure and express the prices of all economic assets(except for the money itself).
As a rule, it is divided into small multiples. All banknotes exclusively issued the central bank, there is legal tender. Legal tender- these are banknotes, which, according to the law, are obligatory to be accepted in repayment of a debt on the territory of a given state. All legal tender is money, but not all money is legal tender. Foreign currency is not considered legal tender. Individual subjects economic relations they may be ready to accept various banknotes in payment of the debt owed, but only banknotes are called legal tender, which they are required to accept in payment by law.
· principle of centralized management of the monetary system... In market conditions, centralized management of the monetary system is based primarily on economic methods based on the motivation of the activities of business entities;
· money planning principle in market conditions based on the preparation of appropriate forecasts;
· the principle of stability and elasticity of money circulation: the monetary system must meet the needs of the economy for Money ah, but not to allow the development of inflationary processes;
· credit principle money issue means that the issue of cash and non-cash money is carried out on the basis of credit operations;
· principle of security of issued money;
· principle of central bank independence from the state in the field of issuing operations, in solving the problem of ensuring the stability of the national currency, the comprehensive use of monetary regulation instruments, and the provision of funds to the government by way of lending;
· principle of supervision and control over money circulation: the state through the banking, financial system, tax authorities must ensure constant supervision and control over the circulation of money and basic cash flows in economics.
The state ensures constant control over the money turnover and its elements: the proportions between the volumes of cash and non-cash turnover.
On the territory of the state, only national currency... The population can freely exchange the national currency for the currency of other countries, but it is allowed to use the currency received during the exchange only for payments abroad.
The state regulates the security of banknotes, in particular, it establishes what types of inventory, precious metals and stones, foreign currency, securities, etc. can serve as security for the issue of money.
The state establishes the structure of the money supply in circulation. On the one hand, this is achieved through the establishment of proportions between cash and non-cash turnover, on the other hand, through the determination of proportions between banknotes different denominations in the entire volume of the money supply.
An important principle is compulsory execution of cash discipline. The order of cash discipline reflects the set general rules, forms of primary cash documents, reporting forms, which should be guided by enterprises, organizations and institutions of all forms of ownership when organizing cash flow passing through their cash desks. Control over compliance with cash discipline is assigned to commercial banks... As the monetary system develops and improves, an increasing place in it is occupied by various forms of non-cash payments, which makes it more transparent for control, flexible, and saves time and material costs.
The state also determines the procedure for establishing the exchange rate of the national currency in relation to foreign currencies.
Then it is determined scale of prices- how choice of currency country and as a means of expressing the value of goods through the weight content of the monetary metal in this selected unit. The scale of prices is set by the state, taking into account the purchasing power of money for domestic market and the existing prices for gold and silver in the world market. Due to the constant decline in the purchasing power of the national currency and the rise in gold prices, the countries - members of the IMF in 1978 refused to determine the official, firmly fixed gold content of the monetary unit. Under these conditions, its definition has lost all meaning.
The state determines types of money and banknotes - signs in circulation and legal tender (credit money, banknotes and coins).
An important element of the monetary system - issue procedure non-exchangeable for gold credit and paper money... The emission mechanism is the procedure for the emission of cash and non-cash money into circulation and their withdrawal.
Different economic and historical preconditions for the emergence and use of credit and paper money predetermined a different procedure for their issue. The issue of credit money was carried out by the issuing bank. Its size was limited. The credit money put into circulation was secured by the gold reserve of the issuing bank, foreign exchange reserves, and promissory notes. The emission of paper money was carried out by the state (state treasury). This money had no special security. They held on to authority state power.
At present, the emission of banknotes that cannot be exchanged for gold is monopolized by the state. Regardless of the type of banknotes, their issue is carried out by emission banks, which organize money circulation in the country and are responsible for its condition. This blurs the lines between credit and paper money, which are legal tender in the domestic market of the country, and some of the currencies - even in the foreign market (convertible currencies). Both those and others act in the form of bank notes. The issue of bank notes is carried out by the issuing bank of the country in the process of lending to commercial banks, the state, operations related to the purchase of foreign currency, government securities. As a result, there is an increase in the money supply due to an increase in the balance of both cash and payment or potentially possible means of payment in the field of non-cash payments.
In economically developed countries more than 90% of money turnover is carried out in the form of non-cash payments. Therefore, the increase in the money supply in circulation occurs mainly not due to the issue of banknotes (cash), but due to the deposit-check issue. The issue of banknotes is associated with the cash services of the national economy - commercial banks, state budget, public debt etc., when it is necessary to increase the cash reserve of cash.
The deposit and check issue is carried out in the process of lending by the issuing bank to commercial banks. In each specific period, the credit relations of the issuing bank with commercial banks are determined by its monetary policy aimed at strengthening the monetary circulation in the country. As a result, there is an increase or decrease in credit investments in the national economy.
The increase in credit investments involves the issue of deposit and check, which leads to an increase in the money supply, both due to an increase in the balances of funds on the accounts of commercial banks, and due to cash in the sphere of circulation. The deposit-check issue is carried out by recording the amount of the loan provided to the correspondent accounts of commercial banks, state budget accounts with the central bank. Since the issuance of a loan in this case is not associated with the preliminary formation of resources, then by its nature it is nothing more than the discovery of an imaginary deposit, on the basis of which some monetary aggregates will increase in the future - M 1, M 2, M 3, etc. etc.
The value of the money supply is also influenced by the operations of commercial banks. First, the amount of the loan issued and the amount credited to the client's account increases monetary aggregate M 2. Secondly, an increase in the balances of funds on the settlement and current accounts of clients increases the credit resources of a commercial bank, thus predetermining the further growth of credit investments. Thirdly, bank bills issued by commercial banks, certificates of deposit can be used as a means of payment, which means an increase in the money supply in circulation.
Determining the elements of the monetary system, the state legislatively provides economic instruments regulation of the money supply in circulation.
The mechanism of monetary regulation is a set of instruments of monetary regulation (direct and indirect), the rights and obligations of monetary authorities.
The Central Bank, as the emission center of the country, constantly studies the state of monetary circulation and improves its organization. It has a whole system of economic and administrative measures to regulate the money supply in circulation.
The most common measures economic regulation monetary circulation include:
· Policy of the discount rate, i.e. regulation of the amount of interest on loans provided by the central bank to commercial banks;
· Operations on the open market associated with the purchase and sale of government and other securities;
· Changes in the ratio of required reserves of commercial banks in the central bank.
Currently, the most common instrument for regulating the money supply in circulation is the operations of the central bank on the open market. So, in order to reduce the money supply, the central bank can intensify the sale of government securities and foreign currency. As a result, part of the cash is withdrawn from circulation, and the balances of funds on the accounts of bank customers are reduced. At the same time, an increase in the supply of government securities by financial market can lead to an increase in their profitability (for buyers), to an increase loan interest and a decrease in demand for credit. Everything is integrated and affects the size and structure of the money supply in circulation.
In countries with developed market economies, an important method of regulating money circulation is the interest rate (or accounting) policy of the central bank. By raising or lowering the official interest rate, the bank stimulates "credit expansion" or "credit restriction", which, in turn, affects the level of market interest. With an increase in credit investments, the money supply increases, with a decrease, it decreases. As already indicated, the regulation of the discount rate is usually carried out in conjunction with operations on the open market.
The amount of credit resources of commercial banks, and, consequently, the volume of credit investments is influenced by such a measure of the central bank as a change in the ratio of the required reserves of commercial banks in the central bank. According to Western economists, this measure is a "rough" instrument for regulating the money supply in circulation. In the United States, the practice of required reserves was introduced back in 1923. Before 1933, the required reserves of commercial banks in the federal backup system has not been revised. Therefore, this measure did not play a role in monetary regulation. Its purpose was to create insurance reserve to pay deposits to clients of commercial banks in the event of their bankruptcy. In 1933 there was a sharp increase excess reserves in the US banking system, which could lead to an inflationary explosion. In this regard, a decision was made on the possibility of changing the norms of compulsory reservation. Minimum reserves began to perform two functions:
· Formation of an insurance reserve;
· Monetary regulation of the money supply in circulation.
In subsequent years, this tool was adopted by many countries, including Germany in 1948, France in 1967, Spain in 1979.
The desire of commercial banks to increase their income makes them follow the path of multiplicative growth of liabilities and the release of their own means of payment. Therefore, attempts by the central bank to influence the value of the money supply by changing the rate of required reserves often do not achieve the goal.
Administrative measures for regulating the money supply in circulation include the restrictions imposed on commercial banks on issuing certain types loan, for example, for issuing consumer credit, credit to stock speculators. In some countries, commercial banks have limits. annual growth bank loan... Such restrictions can be imposed by the central bank and the relevant government authorities.
The procedure for establishing the exchange rate. The exchange rate is determined based on the quotation. Currency quotation allows you to determine the ratio of two currencies offered for exchange. This ratio cannot be constant, since supply and demand for foreign exchange market... The quotations are carried out by central (national) banks and the largest commercial banks. Distinguish between official and free (market) currency quotes.
Currently, the most commonly used quotation method is based on a "basket of currencies", in which the national currency is compared with a number of other national currencies included in the "basket".
The order of cash discipline is a set of general rules, forms of primary cash documents, reporting forms, which should be followed by business entities when organizing cash turnover through their cash desks.
The country's legislation provides for payments for goods and services within the country to be made exclusively in national currency. This does not mean that the population cannot freely exchange the national currency on the territory of the country for the currencies of other countries, but it is allowed to use such currency received during the exchange for payments abroad, as well as placing in the deposits of banks.
1.4 Elements of the monetary system
Like any system, the monetary system consists of a number of elements, which are presented in Figure 2 (Appendix 2).
The elements of the monetary system include:
1. Name of the currency
this element of the monetary system, as a rule, is formed historically, but in some cases the state may establish a new name for the monetary unit. In Russia in the period 1822-1947. there were two names for the monetary unit - "ruble" and "chervonets". After monetary reform 1947 and up to our time in Russia a single name for the national monetary unit - "ruble" has been preserved, which was enshrined in the law "On the monetary system of the Russian Federation" and the law "On the Central Bank of the Russian Federation" adopted by the Parliament of the country.
2. The procedure for securing banknotes.
State legislation establishes that commodity-material values, gold and precious metals, freely convertible currency, securities, insurance policies, guarantees of the Government, banks and others financial institutions... The use of other types of collateral or violation of the basic rules of registration by banks should not be allowed.
3. Emission mechanism
It represents the procedure for the release of money into circulation and their withdrawal from circulation. Non-cash money is issued by commercial banks in the course of their lending operations. When loans are repaid, money is withdrawn from circulation. Cash is issued through cash settlement centers The Central Bank. Withdrawal of cash occurs upon delivery cash commercial banks for settlement - cash banks.
4. The structure of the money supply in circulation
It is considered in two ways. This is either the ratio between cash and non-cash money supply, or the ratio between banknotes of different denominations in the entire volume of the money supply.
5. The order of predictive planning of money turnover
This procedure includes a system for forecasting cash flow plans; the bodies that make up these plans, the set of indicators determined with the help of these plans; tasks solved by each plan.
6. The mechanism of monetary regulation.
This mechanism is a set of monetary regulation instruments, the rights and obligations of the monetary authorities, tasks and objects monetary regulation.
7. Procedure for setting the exchange rate and quotation of currencies
This means the ratio of the currency of a given country expressed in the currencies of another country. Before perestroika, the procedure for establishing the exchange rate was used in Russia based on the gold content of various currencies. However, since at present in no country is the gold content of a monetary unit recorded, a quotation method is now used that takes into account fluctuations in the purchasing power of national currencies, as well as the demand and supply of a particular currency in foreign exchange markets. The most popular quotation method is based on a basket of currencies, in which the national currency is compared with a number of other national currencies included in the basket.
8. The order of cash discipline in the economy
It reflects a set of general rules, forms of primary cash documents, reporting forms that should be followed by enterprises and organizations of all forms of ownership when organizing cash flow passing through their cash desks.
Control over compliance with this procedure is entrusted to commercial banks that carry out cash service farms. Modern monetary systems are not static. They continue to evolve to become more economical and efficient. A general trend for monetary systems different countries is the expansion of the use of modern computing, computer, electronic technology in the organization of monetary circulation. The concept of "electronic money" is more and more widely used, which are no longer records on paper media information, but records in the form of electronic symbols, primarily on magnetic or other media. This makes it possible to significantly increase the share of non-cash turnover in the total money turnover, speed up settlements, ensure better control of banks and tax authorities over money turnover, and achieve significant savings in distribution costs.
2 FEATURES OF THE MONETARY SYSTEM OF THE RUSSIAN FEDERATION
2.1 Legal basis monetary system of the Russian Federation
Monetary system any state is subject to legal regulation.
The leading role of the state in the development of the financial and credit system is ensured by the Central Bank of Russia. Administered Russian Federation there are financial, currency regulation and money issue. These are the most important powers of the state in accordance with Art. 4 of the Federal Law on Amendments and Addenda to the Law of the RSFSR "On the Central Bank of the RSFSR" dated April 26, 1995 are referred to the competence of the Bank of Russia. Monetary emission is carried out exclusively by the Central Bank of the Russian Federation, whose main function is to protect and ensure the stability of the national currency - the ruble. Moreover, the Central Bank of the Russian Federation performs this function independently of other government bodies. Those. It should be noted that the Constitution of the Russian Federation classifies the Bank of Russia as a government body.
Until 1995, the issues of organizing the monetary system were regulated by a separate normative act - the Law of the Russian Federation on the monetary system of the Russian Federation of September 25, 1992, April 26, 1995 with the introduction of the Law on amendments and additions to the Law on the Bank of Russia, the said normative act lost force, and the organization of the monetary system is entrusted by law to the Bank of Russia.
In accordance with the Law of April 26, 1995, the main activities of the Bank of Russia are: protection and ensuring the stability of the ruble, including its purchasing power and exchange rate in relation to foreign currencies; development and strengthening banking system Russian Federation; ensuring the efficient and uninterrupted functioning of the settlement system. In the sphere banking regulation Serious changes are constantly taking place, as this complex system is being formed and adjusted. The federal law that has come into force also contains quite a few articles regulating the activities of commercial banks.
The Constitution of the Russian Federation classifies financial and currency regulation, money issue, federal banks as the jurisdiction of the Russian Federation. Consequently, the monetary system has a constitutional basis, and the norms of the Constitution about it are both norms of constitutional (state) law and norms of financial law.
Financial law sets out in detail the organization of the monetary system of the Russian Federation. In addition, with the help of the norms of financial law on the signs of the solvency of banknotes, on ensuring the procedure for the circulation of cash, the basics of organizing settlements, etc. its normal functioning is ensured.
Norms civil law regulate issues of ownership of money (banknotes), the procedure for settlements in transactions of a civil nature.
Norms administrative law establish responsibility for administrative offenses in the monetary system, mainly in the process of monetary circulation.
Finally, the norms of criminal law provide for criminal liability for the commission of crimes against the monetary system (previously this was mainly counterfeiting - the manufacture or sale of counterfeit money) .
For the first time, the Criminal Code of the Russian Federation introduced liability for "Abuse in the issue of securities (issue)".
Thus, the norms of many branches of law are directly related to the monetary system.
A set of financial and legal rules specifically devoted to the monetary system is contained in Federal law“On the Central Bank of the Russian Federation (Bank of Russia)”. In addition, certain norms related to the monetary system are contained in the Federal Law “On Banks and banking", v Civil Code Russian Federation and some others legislative acts Russian Federation.
Financial and technical issues that ensure the functioning of the monetary system (production of banknotes, rules for their transportation, storage and collection, creation reserve funds banknotes, establishment of signs and order of payment, replacement and destruction of damaged banknotes and others), are regulated regulations Bank of Russia, issued on the basis of legislation.
Monetary regulation of the Russian economy is carried out by the Bank of Russia. In the manner of this regulation, the Bank of Russia determines the norms of required reserves, discount rates on loans, sets economic standards for commercial banks, conducts transactions with securities.
The Bank of Russia, in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy aimed at protecting and ensuring the stability of the ruble.
Currency circulation - the movement of money in cash and cashless forms, serving the circulation of goods, as well as non-commodity payments and settlements.
The right to choose the form of payment - cash or non-cash - belongs to interested enterprises, institutions, other organizations, citizens. Only in cases specially provided for by law should the form of payment be clearly defined. This is, for example, payment wages, scholarships and pensions produced in cash. Emphasizing the closest connection between the circulation of cash and non-cash money, the legislation operates with the category of "money supply". Money supply is banknotes in circulation; funds on accounts and deposits legal entities and citizens; other unconditional monetary obligations banks. The Bank of Russia may establish benchmarks for the growth of one or several indicators of the money supply based on the main directions of the unified state monetary policy.
The procedure for the issue and circulation of banknotes is established by the state by law and is called the emission system. Different economic and historical preconditions for the emergence and use of different types of money predetermined the different order of their emission. Historically, emission operations in the states were carried out by: the central (emission) bank, enjoying the monopoly right to issue bank notes (banknotes), which constitute the overwhelming part of cash circulation; treasury (ministry of finance or other similar executive body) that issues paper signs of small denomination (treasury notes and coins made from cheap types of metal). Currently, the issue of banknotes irredeemable for gold, regardless of their type, is carried out by emission banks, which organize money circulation in the country and are responsible for its condition.
For high-grade and defective money, a different production procedure is established, and the system of free minting is applied to full-value coins, and the system of closed minting is applied to defective ones - metal value signs. The system of free minting assumes the right of everyone to present metal in ingots for re-minting it into coins. In this case, minting is done free of charge, or a small fee is charged for it to cover costs. The economic significance of free coinage is that it provides the currency metal with the opportunity to a) serve not only as a measure of value, but also as a means of circulation and payment; b) thanks to free coinage, the value of the coin cannot exceed the value of the metal contained in it; c) the free transformation of the currency metal from a treasure into a means of circulation and payment allows the treasure to fulfill its role as a spontaneous regulator of the amount of money in circulation.
For small transactions, coins of low value are needed, which cannot be minted from gold. Therefore, to service small-scale circulation, so-called cans are minted, i.e. defective coins from cheaper metals. A closed minting system is applied to defective coins - they are minted by the state only from metal belonging to the treasury. In contrast to the production of actual money, closed coinage makes it possible that the relative value of the defective coin exceeds the actual value of the metal contained in it.
Closed minting, thus, ensures the receipt of monetary income exclusively by the state. The state, in addition, single-handedly determining the ratio of real and defective money, gets at its disposal an instrument for regulating the demand for payments and, consequently, for managing economic situation... This is the economic significance of closed coinage in particular and the issue of defective money in general.
The state can establish a different procedure for circulation for full and defective money. In this case, full-value money is endowed with the power of legal tender on an unlimited scale, i.e. they are required to be accepted by sellers and creditors for any amount. Inadequate money, on the other hand, can be endowed with payment power by the state only to a limited extent. Nevertheless, despite the limited nature of the use of inferior money in the era of their appearance, the growth of production and commodity exchange leads to the further displacement of real money by inferior ones and the expansion of the sphere of functioning of the latter. Therefore, gradually the line between different kinds money is erased, and both become mandatory purchasing and payment means in the domestic market of the country, and some currencies - even in the foreign market (convertible currencies). In conditions market economy banknotes are secured by the commodity and material values in the assets of banks, gold and other precious metals, freely convertible currency, securities and other promissory notes.
Modern monetary systems are a system within which the individual elements are in a certain unity. The elements can be conditionally divided into 3 blocks, which function in indissoluble unity:
1. basic (fundamental);
2. managerial (functional);
3. infrastructural (regulatory framework, legislatures and government).
The elements of the monetary system are:
1st block:
Principles of the organization of the monetary system;
The name of the monetary unit;
Types and procedure for securing banknotes;
Emission mechanism;
2nd block:
The structure of the money supply;
Monetary regulation mechanism;
The procedure for establishing the exchange rate;
Cash discipline procedure;
3rd block:
The procedure for forecasting and planning cash flow.
Principles of the organization of the monetary system:
The principle of centralized management of the monetary system. In market conditions, this principle is based on economic methods based on the motivation of the activities of business entities;
The principle of planning money turnover is based on the preparation of appropriate forecasts;
The principle of stability and elasticity of money turnover: the monetary system should satisfy the economy's needs for money, but not allow the development of inflationary processes;
The principle of the credit character of the issue of money means that the issue of cash and non-cash money is carried out on the basis of credit operations;
The principle of security of the issued money;
The principle of independence of the central bank from the state in the field of issuing operations, in solving the problem of ensuring the stability of the national currency, the comprehensive use of monetary regulation instruments, and the provision of funds to the government by way of lending;
The principle of supervision and control over money turnover: the state through the banking, financial system, tax authorities must ensure constant supervision and control over money turnover and main cash flows in the economy.
Monetary unit name – next item monetary system. Currency unit- a statutory banknote that serves to measure and express the prices of all goods. As a rule, it is divided into small multiples. All banknotes monopoly issued by the central bank are legal tender. Legal tender - these are banknotes, which, according to the law, are obligatory to be accepted in repayment of a debt on the territory of a given state. All legal tender is money, but not all money is legal tender (for example, foreign currency is not legal tender).
Types and procedure for securing banknotes - state legislation establishes what can serve as a guarantee for the emission of banknotes (commodities, gold and precious metals, hard currency, securities, government guarantees, etc.).
Emission mechanism - the procedure for the issue of cash and non-cash money into circulation and their withdrawal.
Money supply structure- is considered either as the ratio between cash and non-cash money supply, or as a purchase structure of the mass of banknotes.
The procedure for predictive planning of cash flow - includes a system of forecast plans, the bodies that make up these plans, a set of indicators determined with the help of these plans, the tasks solved with the help of each plan of money turnover.
Monetary regulation mechanism - a set of instruments of monetary regulation (direct and indirect), the rights and obligations of monetary authorities.
The procedure for establishing the exchange rate or the quotation of currencies - means the ratio of the currency of a given country, expressed in currencies of other countries. Quotation is carried out central banks... It can be official and free (market). Currently, they use a quotation method based on a “basket of currencies”, in which the national currency is compared with a number of other national currencies included in the “basket”.
Cash discipline procedure - it is a set of general rules, forms of primary cash documents, reporting forms, which should be followed by business entities when organizing cash turnover passing through their cash desks.
Any monetary system is a set of elements regulated by state laws.
Modern monetary systems include the following elements.
1. Currency unit as an element of the monetary system, it is a legislatively established banknote, which serves to measure and express the prices of all goods and, as a rule, is divided into small and multiple parts. The monetary unit is legal tender. The name of the monetary unit is formed historically, but in some cases (for example, during revolutions, political upheavals, the division of the country into independent countries, or, conversely, the unification of countries into an economic and political union), the state can establish a new name for the monetary unit.
The types of currency are credit bank notes (banknotes), government paper money (treasury notes) and small change, which are legal tender in the country.
2. Procedure for securing banknotes inventory holdings in the assets of banks, gold, freely convertible currency, securities and other debt obligations.
3. Emission mechanism, which is a legally established procedure for the release of money into circulation and their withdrawal from circulation. Non-cash money is issued by commercial banks in the course of their lending operations. When loans are repaid, money is withdrawn from circulation. Cash is issued through the central bank's cash settlement centers.
Withdrawal of cash occurs when commercial banks donate cash to settlement and cash centers.
4. The structure of the money supply in circulation. It is considered in two ways. This is either the ratio between cash and non-cash money supply, or the ratio between banknotes of different volume in the entire volume of money supply.
5. Monetary regulation mechanism, which is a set of monetary regulation instruments (methods); the rights and obligations of monetary authorities; tasks and objects of monetary regulation.
6. The procedure for establishing the exchange rate, which is determined based on the quotation. Quotation - determination and establishment of the exchange rate of a foreign currency in relation to the national currency. Currency quotation allows you to determine the ratio of two currencies offered for exchange. This ratio cannot be constant, since supply and demand in the foreign exchange market change. The quotations are carried out by central (national) banks and the largest commercial banks. Distinguish official and free (market) currency quotes.
