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By O. Kuschpèta

It's a excitement to introduce Dr. Kusehpeta's examine of the USSR banking and eredit process with a few degree of enthusiasm, for the subjeet is one approximately which there's, as but, no longer mueh literature on hand within the Western ecu languages and this learn approaehes the subjeet from the view-point of sourees taken from in the Soviet Union itself. regardless of how progressive the ehange, a few ties with the prior nonetheless stay and it's for that reason that the writer has paid preliminary consciousness to the banking approach of the Tsars and proceeds to de al with the advance of the banking procedure sine e the Revolution of 1917. whereas historical past has made the Communist Civil battle, the hot Eeonomie Poliey and the Khrushehev reforms to be generic to us, the effeets of those occasions at the banking and financial method have, up to now, by no means been absolutely researched. subsequent, the writer offers generally with the prevailing banking- and eredit approach. This subjeet isn't effortless to appreciate, beeause we're obliged to beeome conversant in different eoeepts than these governing the combined eeonomic process of the Western international. I, for my part, am struek by means of the pointy separation among the eurreney and the 'deposit' or 'transfer' mone y cireulation.

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3. Unexchanged oId rubles were declared invalid 54. 4. Savings deposits and credit balances in the Gosbank were revalued as follows: a. the first 3,000 rubles at the rate of one to one; b. 3,001 to 10,000 rubles at the rate of 3 to 2; c. amounts above 10,000 rubles at the rate of 2 to 1. 5. The validity and the value of coin remained unchanged. 6. bank deposits of the co-operations and kolchoz were revalued at the rate of 5 : 4. 7. Tax obligations and debts/claims of the enterprises remained unchanged.

It extended only short-term credit. However, the 'Volksbank' lost the credit side of its activity when the economy changed over to central financing by means ofthe State Budget. As early as 1919 the 'Volksbank' had in faet become the clearing- and currency agency of the state budget. 3. Denezhnoe obrashehenie i kredit SSSR, op. , pp. 10-11. Moseow 1970 4. This quotation from Lenin is taken from Prof. V. V. Ikonnikov, and uthers, op. ei!. p. 136. 26 THE BIRTH aF THE BANKING AND CREDIT SYSTEM This de facto situation was officially confirmed by the Decree of 19 January 1920 by virtue of which the 'Volksbank' was grafted into the Commissariat (Ministry) of Finance s.

It was executed as follows: 1. On the 16th of December 1947 new bank notes dated 1947 were put into circulation. 2. From 16 to 29 December 1947 old rubles could be exchanged against new ones at the rate of 10 to 1. 3. Unexchanged oId rubles were declared invalid 54. 4. Savings deposits and credit balances in the Gosbank were revalued as follows: a. the first 3,000 rubles at the rate of one to one; b. 3,001 to 10,000 rubles at the rate of 3 to 2; c. amounts above 10,000 rubles at the rate of 2 to 1.

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