Russia has embarked on a difficult transition from a monopolized command economy to a market economy. A necessary condition for a successful transition to an efficient market economy is the development of banking and financial markets. A crucial aspect of the development of Russia’s domestic banking and financial markets is the payment system, which is used by enterprises and individuals to discharge obligations incurred in a market economy.

Proceedings of a Conference held in Washington, D.C., June 10-11, 1993