(Gosudarustvennyi Bank SSSR: the State bank of the Soviet Union), which combined the roles of a central bank and a commercial bank, dominated the Soviet monetary economy.
He said: "I find it absolutely bewildering because RBS occupies the same status in the economy as Gosbank
did in the Soviet Union: it's a state-owned bank.
Either it could step in and provide an enormous amount of credit directly to households and firms (much like Gosbank
, the Soviet Union's central bank), or it could stand by idly while GDP falls 20-30 percent - the magnitude of decline that we have seen in modern economies when credit suddenly dries up.
The former head of Gosbank
, the Soviet central bank, Gerashchenko has vowed to keep the printing presses rolling, pumping billions more rubles into Russia's already inflated economy.
This is followed by an article by Rutgaizer, Shmarov and Kirichenko and with an interview with the Chairman of the USSR State Committee for Prices and the Board Chairman of Gosbank
Victor Gerashchenko, former chairman of the Gosbank
(the central bank of the USSR) was likewise seen as confirming earlier moves to ease somewhat the attempted credit squeeze on industry.
Several of the Soviet Republics, for example, are seeking greater control over intrare-public operations of Gosbank
(the Soviet central bank).
Credit in rubles may be obtained from the Bank for Foreign Economic Affairs or Gosbank
He worked as Chief Expert at the Central Bank of Russia in 1992, and was Chief Expert at Gosbank
of the USSR from 1991 to 1992.
16) In discussing the possibility of liberalising (decentralising) small-scale investment, a GOSBANK
official noted it would mean 'disruption of proportions in confirmed plans, amendment of plans, diversion of budget funds, .
The Central Bank of Russia (CBR), which in late November 1991 was authorized by the Russian parliament to take over the State Bank of the USSR (Gosbank
) as of January 1, 1992, continued to ship USSR ruble notes and coins to the central banks of the other fourteen countries which had formerly been the main branches of Gosbank
in the union republics.
In particular, the Central Bank of Russia and Gosbank
were issuing money in competition with one another (Johnson 2000).