With a fixed rate the central bank often sets the various courses on individual transactions – treatment of multiple exchange rates. Fixed exchange rate regime is usually installed in countries with rigid exchange restrictions and non-convertible currency.

Mode of the «floating» or floating its currency

This mode is typical for countries where currency restrictions are absent or insignificant. Under such a regime exchange rate changes with relative ease under the influence of supply and demand for the currency. «Demand creates supply», the well-known position, but in complex systems is possible by introducing a second level of innovation in the process, it becomes the source of his self-control and random evolutionary dynamics[34].

Mode «floating» exchange rate does not preclude holding the Central Bank of various measures aimed at regulating the exchange rate. In March 1973 the country switched to floating exchange rates. However, the dominant state-controlled swimming rates.

Intermediate versions of exchange rate regime

For intermediate between a fixed and «floating» exchange rate regime options are:

– Mode «sliding lock», in which the Central Bank sets the exchange rate daily based on certain factors: inflation, balance of payments, changes in the value of official gold reserves, etc.;

– Mode of «currency corridor» in which the central bank sets the upper and lower limits of the exchange rate variations. Mode «currency corridor» as a mode called «soft commit» (if set narrow limits of variation) and the mode of «managed float» (if the corridor is wide enough). The wider «corridor», the more the movement of the exchange rate corresponds to the actual ratio of market supply and demand for currency[35];

– The mode of «co» or «collective diving» rates, which rates countries – members of the group supported the currency in relation to each other within the «currency corridor» and «swim together» around the office, outside the group.

The development of the exchange rate regime of the ruble in Russia. After the entry of Russia in 1992, the IMF, the Central Bank refused treatment of multiple exchange rates and imposed a regime of «floating» exchange rate. Since mid-1995 mode of the «floating» exchange rate regime was replaced by «currency corridor». In 1995-1997 The Bank of Russia established the absolute values of the upper and lower bounds on the exchange rate variations, and later introduced «horizontal trading band» with a central rate of the ruble to the U.S. dollar to possible deviations from it within certain limits. This «corridor» has been extended August 17, 1998, and since September 1998 exchange rate is set to «free float».

Exchange rates – defining the proportions of exchange, that is, the mobile market rates of the day. They depend on the condition of the course yesterday, before closing, and on major international stock exchanges – from Tokyo to New York, what are the views of market conditions, foreign exchange potential of the banks. Full quotation includes the selling rate (usually higher) and buying (lower). The difference (margin) account fees.

Turnover on international stock exchanges, as well as short-term play money capital in order to profit from the difference in interest rates and exchange rates in the hundreds of times higher than world trade[36].

Exchange rates (currency quotation) – To identify and exchange rate chosen on the basis of market mechanisms[37].

In the currency market are two methods of currency quotes: direct and indirect (inverse). In most countries (including Russia) applied direct quotation, in which the rate of one unit of foreign currency expressed in domestic currency. In the indirect quotation exchange rate of national currency units expressed in a certain amount of foreign currency. Indirect quotation applied in the UK and since 1987 in the USA.