Keyword: «mechanism for forming exchange rates»

The article examines a set of problems associated with regulating the exchange rate of na-tional currencies. To the greatest extent, their essence was manifested in the collapse of the generally accepted assertion that the stability of the exchange rate of all currencies can and should be ensured by highly liquid reserves in dollars and euros, which are stored in various accounts of state banks. The purpose of preparing the article is to clarify the understanding of such economic categories as “money” and “exchange rate”, and also, based on our interpretation of their essence, to determine the essence of the mechanism for forming the value of some currencies in relation to others. Having achieved this goal and carried out a brief study, it became possible to draw a number of conclusions, including the desirability of freeing ourselves from the misconception that the exchange rate is something independent of the will and actions of people, the importance of first reducing and then completely abandoning from transactions with currencies that have extremely little backing with quickly realizable assets, about the need, with the participation of interested states, to develop and undertake specific efforts to restore all five main functions of money and, on this basis, create a more objective pricing of national currencies. The article may be of interest to economists who both carry out practical activities on the formation of exchange rates and study theoretical issues of this process.