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The article is devoted to actual questions of introducing convertibility of the ruble. The structure and definitions of convertibility are considered. On the basis of the international experience the economic essence of convertibility as a source of additional income of the states-emissioners is revealed. The sequence of stages of convertibility in advanced economies is presented, basic problems of introducing convertibility in developing as well as in transition economies are studied. The experience of transition to convertibility of the ruble and corresponding consequences for the Russian economy are analyzed.

Subject. This article examines the evolution of the global financial architecture. Objectives. The article aims to analyze the opportunities of Russia in the context of globalization of the financial system. Methods. For the study, I used general scientific research methods. Results. The article substantiates the narrative of creating a parallel management circuit, namely, informal financial institutions (forums) operating in close coordination with international financial structures and providing soft regulation of financial relations on the basis of standards and codes. The article finds that Russia takes second place within the framework of the international financial architecture. Conclusions. Resuming the discussion on securing the status of international means of payment for certain currencies, including the ruble, is in Russia's interest. New instruments of international settlement should be independent of issuers of reserve currencies.

Subject. This article explores the evolution of the International Monetary Fund's role in the regulation of monetary and credit relations. Objectives. The article aims to analyze the approaches of the International Monetary Fund to the conducting lending transactions and to the formation of the funding base. Methods. For the study, I used general scientific research methods. Results. The article finds that the International Monetary Fund has changed its approach to the formation of the loan portfolio. Major developing countries get increasingly involved in the funding of financial transactions, still, they are not given any ancillary decision-making rights. Conclusions. Russia's participation in financial transactions of the International Monetary Fund does not meet the primary objectives of the country's economic development.