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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.
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.
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 ...
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.
How the Soviet Union is Governed. Harvard University Press. ISBN 9780674410305. Communist Party of the Soviet Union (1984). Simons, Williams; White, Stephens (eds.). The Party Statutes of the Communist World. Law in Eastern Europe. Brill Publishers. ISBN 9024729750.
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 ...
The Soviet economic data archive indicates that by 1921, the national monthly inflation rate averaged about 50 per cent and the quantity of currency in the Soviet economy increased by 164.2 times. [6] According to the Soviet Union's 1921 purchasing-power index, 10,000 Soviet sovznaks had the purchasing power of 0.59 1914 chervonets. [7]
Soviet Russia covers 1917–1922 and Soviet Union covers the years 1922 to 1991. After the Russian Civil War (1917–1923), the Bolsheviks took control. They were dedicated to a version of Marxism developed by Vladimir Lenin. It promised the workers would rise, destroy capitalism, and create a socialist society under the leadership of the ...