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Roskombank
The Foreign Trade Bank of the USSR (, abbreviated Внешторгбанк, Latinized Vneshtorgbank) was the monopoly state credit institution for trade finance in the Soviet Union. It was initially established in 1922 as the Russian Commercial Bank (Рускомбанк / Roskombank) and reorganized as Vneshtorgbank in 1924. In 1988, it was reorganized as the Bank for Foreign Economic Affairs of the USSR () or Vnesheconombank. With the dissolution of the Soviet Union, Vnesheconombank's operations in the post-Soviet states became new institutions such as in Belarus, the Bank of Estonia, Alem Bank in Kazakhstan, or Ukreximbank in Ukraine. The Russian Vnesheconombank defaulted in 1992 and, after multiple restructurings, eventually became VEB.RF. Roskombank The Russian Commercial Bank was the first foreign-trade bank established in the Russian Soviet Republic and was allowed to carry out all common banking transactions, including transactions in foreign currencies and precious ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Finance
Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade. Trade finance manifests itself in the form of letters of credit (LOC), guarantees, or insurance, and is usually provided by intermediaries. Description While a seller (or exporter) can require the purchaser (an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the exporter's bank) providing for payment upon presentation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Commissariat Of Foreign Trade
The Ministry of Foreign Trade (; Minvneshtorg) was a government ministry in the Soviet Union. The foreign trade of the USSR was a government monopoly and was conducted by the Ministry of Foreign Trade. This ministry maintained control over the planning and operation of foreign trade through main administrations for imports and exports and for certain large geographical areas, as well as through foreign-trade corporations holding monopolies for specific commodities or services. Postwar industrialization and an expansion of foreign trade resulted in the proliferation of all-union foreign trade organizations (FTOs), the new name for foreign trade corporations and also known as foreign trade association. History In 1946 the People's Commissariat of Foreign Trade was reorganized into the Ministry of Foreign Trade. The Ministry of Foreign Trade, through its FTOs, retained the exclusive right to negotiate and sign contracts with foreigners and to draft foreign trade plans. The Ministry ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forum Check
Forum checks () were a form of hard currency in East Germany. From April 1979, all East Germans were required by law to convert any Deutsche Marks of West Germany (and other western currencies) they possessed into Forum checks at a branch of the Staatsbank der DDR immediately. A Forum check Mark was worth 1 West German Deutsche Mark, the smallest denomination was 50 Pfennig The pfennig (; . 'pfennigs' or 'pfennige' ; currency symbol, symbol pf or ₰) or penny is a former Germany, German coin or note, which was an official currency from the 9th century until the introduction of the euro in 2002. While a valua ...s and the highest was for 500 West German Deutsche Marks. Forum checks were accepted in Intershops as payment for western consumer goods and other products which were available in these shops only. Forum checks were a type of foreign exchange certificate. Foreign citizens could use western currencies in these shops. Denominations See also * Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In The Soviet Union
The Soviet Union was the first jurisdiction to implement a single-tier banking system, an experience that was subsequently emulated by a number of Communist states. Historical and ideological background The notion of a monopolistic state financial system had longstanding roots in the Russian Empire, where fiat currency had been in use for centuries and dominant public banks were established from the 18th century onwards. Following the disastrous aftermath of the Crimean War, this public banking system had to be entirely rebuilt and expanded to the private sector in the 1860s, with milestones including the establishment of the State Bank of the Russian Empire in 1861 and that of the first private-sector commercial bank in 1866. In the late 19th century, slavophile journalist S. F. Sharapov advocated the creation of a "universal bank" that would fulfil the need of an autarkic Russian economy without having to abide by the constraints of the gold standard. On the eve of the Russian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single-tier Banking System
A single-tier banking system is a policy framework under which all credit institutions coexist without distinction about the quality of their liabilities, or in other words, there is no distinction between central bank money and broad money. This setting is generally associated with communist economic systems. An extreme version of single-tier banking system is the monobank system (a term coined by economist George Garvy) in which a single institution centralizes all financial intermediation. The alternative to a single-tier system is a two-tier banking system, in which the central bank is singled out and entrusted with monetary policy, as is presently the case in nearly all of the world's jurisdictions. The move from single-tier to two-tier banking systems has been a key feature of post-communist transitions or, in the case of China, post-Mao economic reform. References to tiering in the banking sector also exist in other contexts. For example, the Hong Kong Monetary Authori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London Club
The London Club is an informal group of private creditors on the international stage, and is similar to the Paris Club of public lenders. The London Club is not the only informal group of private payables. The first meeting of the London Club took place in 1976 in response to Zaire's debt payment problems. The London Club of commercial banks has been responsible for rescheduling countries debt payments to commercial banks.Richard P. C. Brown and Timothy J. BulmanThe Clubs: Their Roles in the Management of International Debt.INTERNATIONAL ECONOMICS, FINANCE AND TRADE – Vol. I. UNESCO – EOLSS sample chapter, 4pp A meeting of the London Club took place in 1976 in response to Zaire's debt payment problems. See also * Paris Club of public lenders another informal group of private payables. * Coffee Club *Debt of developing countries The debt of developing countries usually refers to the external debt incurred by governments of developing country, developing countries. There ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Moscow Bank
AO UniCredit Bank, known from 1989 to 2007 as the International Moscow Bank (, IMB), is a Russian bank headquartered in Moscow. It is a wholly owned subsidiary of Milan-based UniCredit. History International Moscow Bank was founded in October 1989 and capitalized with the hard currency reserves of Vnesheconombank, with the aim that IMB may eventually replace the troubled Vnesheconombank. The founding shareholders were three state-owned Soviet banks together holding 40 percent of total equity (Vnesheconombank for 20 percent, Promstroybank for 10 percent, and Sberbank for 10 percent), and five international banks together holding 60 percent (Bayerische Vereinsbank, Creditanstalt-Bankverein, Banca Commerciale Italiana, Credit Lyonnais, and Kansallis-Osake-Pankki). As such, IMB was the first majority-foreign-owned bank in the Soviet Union. In the 1990s and early 2000s, IMB developed lending and banking services first to larger Russian companies, then to smaller firms and retail cli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint-stock Company
A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law, the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies. Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat
Fiat Automobiles S.p.A., commonly known as simply Fiat ( , ; ), is an Italian automobile manufacturer. It became a part of Fiat Chrysler Automobiles in 2014 and, in 2021, became a subsidiary of Stellantis through its Italian division, Stellantis Europe. Fiat Automobiles was formed in January 2007 when Fiat S.p.A. reorganized its automobile business, and traces its history back to 1899, when the first Fiat automobile, the Fiat 4 HP, was produced. Fiat Automobiles is the largest automobile manufacturer in Italy. During its more than century-long history, it remained the largest automobile manufacturer in Europe and the third in the world after General Motors and Ford Motor Company, Ford for over 20 years, until the car industry crisis in the late 1980s. In 2013, Fiat S.p.A. was the second-largest European automaker by volumes produced and the Automotive industry, seventh in the world, while FCA was the world's eighth-largest automaker. In 1970, Fiat Automobiles employed more th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Istanbul
Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics of Turkey, population of Turkey. Istanbul is among the List of European cities by population within city limits, largest cities in Europe and List of cities proper by population, in the world by population. It is a city on two continents; about two-thirds of its population live in Europe and the rest in Asia. Istanbul straddles the Bosphorus—one of the world's busiest waterways—in northwestern Turkey, between the Sea of Marmara and the Black Sea. Its area of is coterminous with Istanbul Province. Istanbul's climate is Mediterranean climate, Mediterranean. The city now known as Istanbul developed to become one of the most significant cities in history. Byzantium was founded on the Sarayburnu promontory by Greek colonisation, Greek col ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samara
Samara, formerly known as Kuybyshev (1935–1991), is the largest city and administrative centre of Samara Oblast in Russia. The city is located at the confluence of the Volga and the Samara (Volga), Samara rivers, with a population of over 1.14 million residents, up to 1.22 million residents in the urban agglomeration, not including Novokuybyshevsk, which is not conurbated. The city covers an area of , and is the List of cities and towns in Russia by population, eighth-largest city in Russia and tenth agglomeration, the Volga#Biggest cities on the shores of the Volga, third-most populous city on the Volga, as well as the Volga Federal District. Formerly a closed city, Samara is now a large and important social, political, economic, industrial, and cultural centre in Russia and hosted the European Union—Russia Summit in May 2007. It has a continental climate characterised by hot summers and cold winters. The life of Samara's citizens has always been intrinsically linked to the V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the world's countries participated, with many nations mobilising all resources in pursuit of total war. Tanks in World War II, Tanks and Air warfare of World War II, aircraft played major roles, enabling the strategic bombing of cities and delivery of the Atomic bombings of Hiroshima and Nagasaki, first and only nuclear weapons ever used in war. World War II is the List of wars by death toll, deadliest conflict in history, causing World War II casualties, the death of 70 to 85 million people, more than half of whom were civilians. Millions died in genocides, including the Holocaust, and by massacres, starvation, and disease. After the Allied victory, Allied-occupied Germany, Germany, Allied-occupied Austria, Austria, Occupation of Japan, Japan, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
