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Gosbank

State Bank of the USSR
Государственный банк СССР
Coat of arms of the Soviet Union 1.svg
Headquarters12 Neglinnaya str., Moscow, Soviet Union
Established1922 (1922)
Central bank of Soviet Union
CurrencySoviet ruble
SUR (ISO 4217)
Preceded byState Bank of the Russian Empire (1860–1917/1922)
Succeeded byBank of Russia (1991–present)

Gosbank (Russian: Госбанк, Государственный банк СССР, Gosudarstvenny bank SSSR—the State Bank of the USSR) was the central bank of the Soviet Union and the only bank whatsoever in the entire Union from the 1930s to 1987. Gosbank was one of the three Soviet economic authorities, the other two being "Gosplan" (the State Planning Committee) and "Gossnab" (the State Committee for Material Technical Supply). The Gosbank closely collaborated with the Ministry of Finance of the USSR to prepare the national state budget.

Exchange rate between the Soviet ruble and major world currencies, February 1985

Foundation

The foundation of the bank was part of the implementation of the New Economic Policy. 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 February 1922 Lenin described the State Bank as a "a bureaucratic paper game", comparing it to a Potemkin village in a letter to Aron Sheinman whom he accused of "Communist-mandarin childishness".[1] In 1923 it was transformed into the State Bank of the USSR. It was placed under the jurisdiction of Narkomfin.[2] 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 Five-Year Plans and directives. Gosbank did not act as a commercial bank 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.[3]

In 1931 Boris Berlatsky, a senior official of the State Bank was put on trial for wrecking as part of the 1931 Menshevik Trial.[4]

Perestroika

As part of Mikhail Gorbachev's perestroika program, other banks were formed, including; "Promstroybank" (USSR Bank of Industrial Construction), "Zhilstoybank" (USSR Bank of Residential Construction), "Agrobank" (USSR Agricultural Bank), "Vneshekonombank" (USSR Internal Trade Bank), and "Sberbank" (USSR Savings Bank). "Sberbank" continues to this day as one of Russia's largest banks, retaining senior ex-Gosbank personnel and most of the present Russian government's banking business.

Senior executives

This is the list of the Chairmen of the Board of the State Bank.[2][5]

The Chairman was appointed by the Premier of the Soviet Union.

Name (governor) Photo Term of office Appointed by
Start of term End of term
1 Aron Sheinman[2] Coat of arms of the Soviet Union 1.svg 1921 1924 Vladimir Lenin
LeninEnSuizaMarzo1916--barbaroussovietr00mcbr.png
2 Nikolai Tumanov Coat of arms of the Soviet Union 1.svg March 5, 1924 January 16, 1926 Alexei Rykov
Alexei Rykov.jpg
3 Georgy Pyatakov Pyatakov GL.jpg April 19, 1929 October 18, 1930
4 Moissei Kalmanovich Coat of arms of the Soviet Union 1.svg October 18, 1930 April 4, 1934 Vyacheslav Molotov
Vyacheslav Molotov Anefo2.jpg
5 Lev Maryasin Coat of arms of the Soviet Union 1.svg April 4, 1934 July 14, 1936
6 Solomon Kruglikov Coat of arms of the Soviet Union 1.svg July 14, 1936 September 15, 1937
7 Alexey Grichmanov А.П.Гричманов.jpg September 15, 1937 July 16, 1938
8 Nikolai Bulganin Bundesarchiv Bild 183-29921-0001, Bulganin, Nikolai Alexandrowitsch.jpg October 2, 1938 April 17, 1940
9 Nikolai K. Sokolov Coat of arms of the Soviet Union 1.svg April 17, 1940 October 12, 1940
10 N. Bulganin Bundesarchiv Bild 183-29921-0001, Bulganin, Nikolai Alexandrowitsch.jpg October 12, 1940 May 23, 1945 Joseph Stalin
Stalin office.jpg
11 Yakov Golev Coat of arms of the Soviet Union 1.svg May 23, 1945 March 23, 1948
12 Vasily Popov Coat of arms of the Soviet Union 1.svg March 23, 1948 March 31, 1958 Georgy Malenkov and Nikolai Bulganin
Georgy Malenkov 1964.jpg
Nikolai Bulganin 1955.jpg
13 N. Bulganin Nikolai Bulganin 1955.jpg March 31, 1958 August 15, 1958 Nikita Khrushchev
Bundesarchiv Bild 183-B0628-0015-035, Nikita S. Chruschtschow.jpg
14 Alexander Korovushkin Coat of arms of the Soviet Union 1.svg August 15, 1958 August 14, 1963
15 Alexey Poskonov Coat of arms of the Soviet Union 1.svg 1963 1969 Alexei Kosygin
A. Kosygin 1967.jpg
16 Miefodiy Svieshnikov Coat of arms of the Soviet Union 1.svg 1969 1976
17 Vladimir Alkhimov Coat of arms of the Soviet Union 1.svg October 11, 1976 January 10, 1986 Nikolai Tikhonov
18 Viktor Dementsev Coat of arms of the Soviet Union 1.svg January 10, 1986 August 22, 1987 Nikolai Ryzhkov
Nikolay Ryzhkov2.jpg
19 Nikolai Garetovsky Coat of arms of the Soviet Union 1.svg August 22, 1987 June 7, 1989
20 Viktor Gerashchenko Viktor Gerashchenko3.jpg June 7, 1989 August 26, 1991 Valentin Pavlov
21 Andrei Zverev Coat of arms of the Soviet Union 1.svg August 26, 1991 December 20, 1991 Ivan Silayev

See also

References

  1. ^ Lenin, Vladimir (1922). Letter to A. L. Sheinman. Progress Publishers. Retrieved 26 May 2015.
  2. ^ a b c "The State Bank of the USSR". Bank of Russia Today. Bank of Russia. Retrieved 26 May 2015.
  3. ^ Russia's Road To Corruption
  4. ^ Jasny, Naum (1972). Soviet Economists of the Twenties. London: Cambridge University Press.
  5. ^ "ГОСУДАРСТВЕННЫЙ БАНК СССР" [State Bank of the USSR]. СОВНАРКОМ, СОВМИН, КАБМИН СССР 1923-1991 гг. (SOVNARKOM, SOVMIN, CABMIN of the USSR 1923-1991) (in Russian). Archived from the original on 14 April 2016. Retrieved 24 January 2020.

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