It is always a pleasure to receive a new position. Of course, if only it is about the change for the better. There is a saying that goes like: every dog has its day. It is much about the continuous plummeting of the Russian ruble which now has a cause for joy. Soon, the ruble will acquire the proud status of the reserve currency. That statement was made by the representatives of the Russian Ministry of Finance pledging to speed up this process. Officials were instructed to promptly draft a law on the ruble’s joining the world's largest foreign exchange settlement system, run by CLS Bank International. “There are some legislative regulation issues that do not provide CLS Bank with the necessary level of legal protection”, said the authorities at the Ministry. That is not the first step to the issue’s solution. Thus, the Bank of Russia together with CLS Bank supervise the work of the Russian branch of the International Finance Centre, which in its turn tries its best to include the ruble in the list of the accounting currencies of CLS. During this time, VTB Bank has successfully completed the accession to the CLS international clearing system in July 2011, and Sberbank entered the system in November 2012. In the latter half of 2015, Russia’s central bank plans to start work on implementing international standards of electronic communications. The regulator intends to complete it by 2017. However, in addition to development of adequate legislation, the government has to overcome inflation. From the global viewpoint, the majority of reserve currencies, excluding the yuan, have floating exchange rate. The central bank plans to make a gradual transition towards a free floating exchange rate and inflation targeting. At the same time, most international experts say that the ruble has already taken on the role as the world's reserve currency.
