Dear Americans, A Useful Tip From Aunt Russia: Finding "Federal Reserve System" Too Long? Feel Free To Use "GOSBANK" For Short.Submitted by Cyril on Wed, 03/20/2013 - 03:04
Gosbank, noun :
"Gosbank (Russian: Госбанк, Государственный банк СССР, Gosudarstvenny bank SSSR—the USSR State Bank) was the central bank of the Soviet Union and the only bank whatsoever in the entire Union from the 1930s until the year 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.
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."
(emphasis mine on both the essence of the design intent AND the purposes)