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Anniversary of the State Bank of the RSFSR foundation

4 October 1921

October 4, 1921 V. I. Lenin signed a decree of the Council of People's Commissars on the establishment of the State Bank of the RSFSR. October 7, 1921 the decree was approved by the 4th Session of the Central Executive Committee.

The State Bank was established in Russia in 1860, according to the decree of Alexander II as a result of the reorganization of the State commercial bank. After the October Revolution, 14 (27) December 1917 under a decree of the Central Executive Committee "On the nationalization of banks" in the country was introduced the state monopoly on banking. Private lending institutions were nationalized and merged with the State Bank, which a month later was renamed to the People's Bank of the Russian Republic (later the People's Bank of the RSFSR). During 1918 and 1919 all other types of pre-revolutionary credit institutions (land banks, city banks, mutual credit societies) were also eliminated.

However, in 1919, under War Communism, due to the naturalization of economic life, the introduction of non-monetary transactions between state enterprises and institutions, and the depreciation of money, banking functions of the People's Bank of the RSFSR were simplified and reduced to a minimum. In late 1919 the Bank's branches were reorganized into sub-sections of provincial and district financial authorities, and January 19, 1920 the People's Bank of the RSFSR was abolished. Its assets and liabilities were transferred to the Central Payments & Accounting Office under the People's Commissariat of Finance.

With the transition to the New Economic Policy (NEP), the preconditions necessary for the development of the banking industry formed. June 30, 1921 was issued a decree of the Council of People's Commissars on the abolition of restrictions regarding monetary circulation and on measures for the development of deposit and conversion operations.   In October 1921, under the resolutions of the CPC and the Central Executive Committee the bank was rebuilt under the name of "The State Bank of the RSFSR."

According to the Regulations of the State Bank of the RSFSR, adopted by the Central Executive Committee October 13, 1921, it was a business organization established "to contribute by credit and other banking operations to the development of industry, agriculture and trade, as well as to concentrate money circulation and use other measures designed to establish the proper circulation of money." It had the right to grant loans to industrial and commercial enterprises of various ownership forms, as well as agriculture and artisans only "provided that they are secure and economically viable." The State Bank was a part of the People's Commissariat of Finance and reported directly to the People's Commissar of Finance.

During the first year of its operation the State Bank executed only credit and settlement operations; it was granted the exclusive right to conduct operations with foreign currency and currency values​​, it also had to set the official rate of precious metals and foreign currency, regulating private transactions, authorized in 1922 , of buying and selling of gold, silver, foreign currencies, as well as checks and bills of exchange drawn in foreign currency at the Stock Exchange.

Under a decree of the CPC October 11, 1922 the State Bank was granted the right to issue bank notes. The State Bank was also charged with issuance of treasury bills and coins.

In 1923, the State Bank of the RSFSR was transformed into the State Bank of the USSR.

During the period of the NEP, were used such types of bank credits as discounting bills, loan demand from special current accounts, secured by promissory notes and term loans secured by promissory notes. In addition to these loans, the bank, three years after its creation, started to provide a goal-oriented crediting. In October 1924, was first prepared a consolidated credit plan of the State Bank for all offices.

December 20, 1991 the State Bank of the USSR was disbanded and all its assets and liabilities, as well as property in the territory of the RSFSR were transferred to the Central Bank of the RSFSR. A few months later the bank was renamed to the Central Bank of the Russian Federation (Bank of Russia).

Lit.: Денежное обращение и кредитная система Союза ССР за 20 лет: Сб. важнейших законодательных материалов. М., 1939; Первый год деятельности. [отчёт Гос. Банка]. М., 1922; Развитие Государственного банка СССР. М., 1958; Четыре года существования Государственного банка СССР 1921—1925. Самара, 1925.