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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.
Following the re-establishment of the State Bank of the USSR (Gosbank) in October 1921, [1]: 27 the Soviet banking system again took shape as part of the New Economic Policy (NEP). Following the NEP, the Soviet system relied on several specialized financial institutions, which were reorganized in waves of reform following major leadership ...
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 modern Russian Federation inherited the Russian and central operations of the banking system of the Soviet Union, with a few big state banks (like Sberbank, Vnesheconombank, and VTB Bank). 1998 financial crisis
The Soviet Union was the first jurisdiction to implement a single-tier banking system, which took shape as part of the New Economic Policy in the early 1920s following the financial dislocation of the first few years following the Russian Revolution, during which all banks' assets were nationalized and liabilities canceled in late 1917 and banking was declared a state monopoly.
Following a decision in December 1923, the People's Commissariat of Foreign Trade proposed transforming the Russian Commercial Bank into a special foreign trade bank. Thus Vneshtorgbank was created on 7 April 1924, initially with seven branches in the Union republics.
Soviet Union The Construction Bank of the USSR ( Russian : Всесоюзный банк финансирования капитальных вложений ), in shorthand Stroybank (sometimes Stroibank), was a Soviet development bank that was a significant part of the Soviet banking system .
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]