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The State Bank of the USSR (Russian: Государственный банк СССР, romanized: Gosudarstvennyy bank SSSR), from 1921 to 1923 State Bank of the RSFSR and commonly referred to as Gosbank (Russian: Госбанк), was the central bank and main component of the single-tier banking system of the Soviet Union from 1922 to 1991.
In order to financially assist Communist Parties, anti-imperialism, and pro national liberation movements worldwide, these banks acted as subsidiaries or "daughters" to the "mother" bank or Gosbank, which was the central bank of Russian Soviet Federative Socialist Republic (Russia) from 1921 to 1922 and the Soviet Union from 1923 to 1991.
A soviet passbook with the words "savings booklet" in the USSR's 15 official languages. The system of State Labor Savings Banks of the USSR (Russian: Государственные трудовые сберегательные кассы СССР, shorthand Gostrudsberkassy) was the main retail bank of the Soviet Union, which in some respects perpetuated the prior operations of savings banks ...
The Soviet Union used the bank to manage Spain's gold reserves during the Spanish Civil War. [5] After the fall of the Soviet Union, many persons involved with BCEN-Eurobank became leaders in Russian economy, banking, and finance. [6] The 1993 established Moscow bank "Evrofinance" was a subsidiary of Eurobank. [7]
A comprehensive central bank statute was passed in December 1990 and the bank adopted a charter in June 1991. A remnant of the State Bank continued to operate alongside it until it was dissolved along with the Soviet Union in December 1991, and the Bank of Russia assumed its remaining business. [12]
The Soviet Union's relatively medium consumer sector accounted for just 60% of the country's GDP in 1990 while the industrial and agricultural sectors contributed 22% and 20% respectively in 1991. Agriculture was the predominant occupation in the Soviet Union before the massive industrialization under Soviet general secretary Joseph Stalin.
In 1927, negotiations were held with the Berliner Handels-Gesellschaft to secure foreign loans, but in May of that year the Soviet Council of People's Commissars granted Gosbank extensive control over Vneshtorgbank in order to centralise its foreign trade activities, putting an end to its autonomous decision-making.
A year later, at the end of 1944, at a meeting of the Politburo of the Central Committee of the All-Union Communist Party of Bolsheviks, the first results were reported. At the end of the war, objective prerequisites for improving monetary circulation appeared: the budget deficit was eliminated, and the turnover of state and cooperative trade ...