Gosbank
Ruble
People's Bank of the Russian Soviet Federative Socialist Republic ( RSFSR )
Central Bank of the Russian Federation
The Gosbank (Russian Госбанк, Государственный банк СССР - State Bank of the USSR) was the central bank of the Soviet Union and between the 1930s and 1987, de facto, their sole bank. She was under the People's Commissariat of Finance ( Narkomfin, later Ministry of Finance ) and was a key instrument of economic policy.
- 2.1 President
Tasks
The Gosbank was responsible for monetary control whether companies were adhering to the plan. She grabbed monetary policy measures, provided the Soviet economy with money and managed the government 's gold reserves. Until 1988 it came under the savings banks in the Union.
Control plan
At the time of Stalinism all cashless payments on the Gosbank had to be settled. These were then - and only then - approved if they were in line with the payments provided for in the plan. As companies among themselves never could pay cash, any payment transaction processing and withholding was below production facilities in the hands of the State Bank. This allowed the Gosbank theoretically a complete overview of the economic events and they played a central role as a check of the company. Further checks were possible, for example, by inspection of the accounting or party officials in the company.
Monetary policy
In its monetary policy by Gosbank was limited due to the system: prices and wages were centrally determined and fixed for political reasons or were allowed to change only very slowly. The money supply resulted directly from the specifications of the Gosplan. Since no independent banking sector existed, an interest rate control was not an option.
History
As a result of the October Revolution put all private banks their business. The staff were indeed further remunerated, but got to reach the case of the Bolshevik system in the hope of thereby the transfer to comply with any more banking activity. However, until the end of the Bolsheviks succeeded to nationalize all banks through military control.