УПРАВЛЕНИЕ ЛИКВИДНОСТЬЮ И РИСКАМИ В СИСТЕМЕ КАЗНАЧЕЙСКИХ ПЛАТЕЖЕЙ РОССИЙСКОЙ ФЕДЕРАЦИИ

E-MANAGEMENT. 2025. Т. 8. № 2. С. 32–44.

Kosov M.

The article is devoted to the analysis of the current state and development prospects of the treasury payment system in the Russian Federation (hereinafter referred to as RF). It plays a key role in optimising public finances and ensuring the stability of the economy. The article considers the reform of the Treasury, including reduction in the number of settlement accounts from 44 thousand to 89 thousand and introduction of the state information system “Electronic Treasury”, which allowed to accelerate the processing of payments and increase the transparency of budget expenditures. The article raises topical issues related to liquidity management on the single treasury account and to risk management of placement of free funds, and discusses possible ways to improve risk and liquidity management tools. Attention is paid to the expansion of the powers of the Russian Treasury and establishment of its external similarity in functions with the RF Central Bank as well as to the analysis of similarities and differences between the national payment system and treasury payment system. The study applies system analysis, deductive method, and institutional approach, which allows us to examine the Treasury as a single mechanism considering its functions and tasks. The article is based on the works of Russian scientists and programme documents, such as strategic map of the Treasury for 2022-2030. The practical significance of the work lies in the proposal of directions for the development of risk and liquidity management mechanisms, which can contribute to further development of the treasury payments system in the conditions of digitalisation and changing economic realities.

Keywords: бюджетные средства, казначейство, бюджетный процесс, финансовый контроль, financial control, управление государственными финансами, national payment system, национальная платежная система, денежные потоки, cash flows, treasury, budget process, public finance management, финансовые реформы, budget funds, treasury payment system, система казначейских платежей, FINANCIAL REFORMS