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Gosbank (Gosudarstvenny bank SSSR—the USSR State Bank) was the central bank of the Soviet Union
Soviet Union

The Union of Soviet Socialist Republics was a Constitution of the Soviet Union socialist state that existed in Eurasia from 1922 to 1991.The name is a translation of the , romanization of Russian Soyuz Sovetskikh Sotsialisticheskikh Respublik, abbreviated ????, SSSR....
 and the only bank whatsoever in the entire Union from the 1930s until the year 1987. Gosbank was one of the three Soviet economic authorities, the other two being "Gosplan
Gosplan

Gosplan or State Planning Committee was the committee responsible for Economy of the Soviet Union. The word "Gosplan" is an ?abbreviation for Gosudarstvennyi Komitet po Planirovaniyu ....
" (the State Planning Committee) and "Gossnab
Gossnab

People's Commissariat for Food Supplies was the Commissariat of the Russian SFSR in charge of food supplies and industrial goods.The Narkomprod was responsible in June 1918 for the attempted organisation of 'committees of the poor' in provincial villages....
" (the State Committee for Material Technical Supply).

foundation of the bank was part of the implementation of the New Economic Policy
New Economic Policy

The New Economic Policy was an economic policy proposed by Vladimir Lenin to prevent the Russian economy from collapsing....
.






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Gosbank (Gosudarstvenny bank SSSR—the USSR State Bank) was the central bank of the Soviet Union
Soviet Union

The Union of Soviet Socialist Republics was a Constitution of the Soviet Union socialist state that existed in Eurasia from 1922 to 1991.The name is a translation of the , romanization of Russian Soyuz Sovetskikh Sotsialisticheskikh Respublik, abbreviated ????, SSSR....
 and the only bank whatsoever in the entire Union from the 1930s until the year 1987. Gosbank was one of the three Soviet economic authorities, the other two being "Gosplan
Gosplan

Gosplan or State Planning Committee was the committee responsible for Economy of the Soviet Union. The word "Gosplan" is an ?abbreviation for Gosudarstvennyi Komitet po Planirovaniyu ....
" (the State Planning Committee) and "Gossnab
Gossnab

People's Commissariat for Food Supplies was the Commissariat of the Russian SFSR in charge of food supplies and industrial goods.The Narkomprod was responsible in June 1918 for the attempted organisation of 'committees of the poor' in provincial villages....
" (the State Committee for Material Technical Supply).

Foundation

The foundation of the bank was part of the implementation of the New Economic Policy
New Economic Policy

The New Economic Policy was an economic policy proposed by Vladimir Lenin to prevent the Russian economy from collapsing....
. On 3 October 1921, the All-Russian Central Executive Committee (VTsIK), passed a resolution for the founding of the State bank of the Russian Soviet Federative Socialist Republic. This was followed by a similar resolution passed by Sovnarkom on 10 October 1921. It began operations on 16 November, 1921. In 1923 it was transformed into the State Bank of the USSR. It was placed under the jurisdiction of Narkomfin.

The Soviet state used Gosbank, primarily, as a tool to impose centralized control upon industry in general, using bank balances and transaction histories to monitor the activity of individual concerns and their compliance with Plans
Five-Year Plan

Five-Year Plan may refer to:*Five-Year Plan *Five-Year Plans of China*Five-year plans of India*Five-year plans of Nepal*Five-year plans of Pakistan...
 and directives. Gosbank did not act as a commercial bank
Commercial bank

A commercial bank is a type of financial intermediary and a type of bank. Commercial banking is also known as business banking. It is a bank that provides checking accounts, savings accounts, and money market accounts and that accepts time deposits....
 in regard to the profit motive. It acted, theoretically, as an instrument of government policy. Instead of independently and impartially assessing the creditworthiness of the borrower, Gosbank would provide loan funds to favored individuals, groups and industries" as directed by the central government.

As the Union neared economic collapse, and also as part of Mikhail Gorbachev
Mikhail Gorbachev

Mikhail Sergeyevich Gorbachev is a Russian politician. He was the last General Secretary of the Communist Party of the Soviet Union, serving from 1985 until 1991, and also the last head of state of the USSR, serving from 1988 until its collapse in 1991....
's perestroika
Perestroika

is the Russian language term for the political and economic reforms introduced in June 1987 by the Soviet Union leader Mikhail Gorbachev. Its literal meaning is "restructuring", referring to the restructuring of the Soviet economy....
 program, other banks were formed, including; "Promstroybank" (USSR Bank of Industrial Construction), "Zhilstoybank"(USSR Bank of Residential Construction), "Agrobank" (USSR Agricultural Bank), "Vneshekonombank" (USSR Foreign Trade Bank), and "Sberbank
Sberbank

Sberbank Rossii is the largest bank in Russia and Eastern Europe. Its headquarters are in Moscow and its history goes back to Georg von Cancrin's financial reform of 1841....
" (USSR Savings Bank). "Sberbank" continues to this day as one of Russia
Russia

Russia , or the Russian Federation , is a list of countries spanning more than one continent country extending over much of northern Eurasia....
's largest banks, retaining senior Gosbank personnel and most of the present Russian government's banking business.

See also


  • Economy of the Soviet Union
    Economy of the Soviet Union

    The economy of the Soviet Union was based on a system of state ownership, administrative planning, socialist competition and free labour. The Soviet Union created the modern world's first centrally planned economy....
  • Sberkassa
    Sberkassa

    Sberkassa in the Soviet Union and modern Russia is a financial institution to store the savings of the population. The term is traditionally translated as "savings bank"; however sberkassas in the Soviet Union were not banks in the usual sense....