Information AboutGosbank |
| CATEGORIES ABOUT GOSBANK | |
| 1921 establishments | |
| 1991 disestablishments | |
| central banks | |
| defunct banks | |
| economy of the soviet union | |
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Gosbank did not act as a commercial bank in the sense understood in the West. In theory it acted as an instrument for government policy. Instead of independently and impartially assessing the creditworthiness of the borrower, Gosbank provided loan funds to "favored individuals, groups and industries" as directed by the central government. {Link without Title} The Soviet state also used Gosbank as a tool to impose central control on industry, using bank balances and transaction histories to monitor the activity of individual concerns and their compliance with Plans and directives. As the Soviet Union neared collapse, and 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 Foreign Trade Bank), and Sberbank (USSR Savings Bank). Sberbank continues to this day as one of Russia's largest banks, retaining senior Gosbank personnel and most government banking business. SEE ALSO |
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