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Russian Trade Bank
The Foreign Trade Bank of the USSR (russian: Банк для внешней торговли СССР, 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 (russian: Банк внешнеэкономической деятельности СССР) 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 establish ... [...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 manifest 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 of ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Commissariat Of Foreign Trade
The Ministry of Foreign Trade (russian: Министерство внешней торговли СССР; 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forum Check
Forum checks (german: Forumscheck) were a form of hard currency in East Germany. From April 1979, all East Germans were required by law to convert any Deutsche Marks (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 Pfennigs and the highest was for 500 West German Deutsche Mark. Forum checks were accepted in Intershops as payment for western consumer goods and other products which were available in these shops only. Foreign citizens could use western currencies in these shops. See also * Foreign exchange certificate * Bon Towarowy PeKaO Bon towarowy PeKaO (or simply Bon PeKaO) cheques were substitute legal tender ( complementary currency) used in the People's Republic of Poland. The Polish government, needing hard foreign currency, introduced them in 1960. Citizens of Poland ... External links *Neue Währung i ... [...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 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 Authority in the 1980s implemented what it calls a ... [...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. *Debt of developing countries The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Moscow Bank
AO UniCredit Bank is a Russian bank headquartered in Moscow. It was a wholly owned subsidiary of Italy-based UniCredit Group. History ZAO International Moscow Bank (IMB) was founded on 19 October 1989. In 2005, Bank Austria along with its parent company HypoVereinsbank was acquired by UniCredit Group. (Bank Austria remained as the direct parent company of the Russian bank until September 2016) In 2007, IMB was renamed as ZAO UniCredit Bank. In May 2013, the bank merged its own ATM network with the Raiffeisenbank ATM network. In 2014, the bank was registered as AO UniCredit Bank. In March 2019, UniCredit Bank topped the list of the most reliable banks in Russia according to Forbes experts, ahead of 99 other banks, including Raiffeisenbank. The Owners Until October 2016, 100% of the bank's voting shares belonged to UniCredit Bank Austria AG (Vienna, Austria), which is part of the Italian group UniCredit UniCredit S.p.A. is an international banking group headquartered in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint-stock Company
A joint-stock company 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 companies. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat
Fiat Automobiles S.p.A. (, , ; originally FIAT, it, Fabbrica Italiana Automobili di Torino, lit=Italian Automobiles Factory of Turin) is an Italian automobile manufacturer, formerly part of Fiat Chrysler Automobiles, and since 2021 a subsidiary of Stellantis through its Italian division Stellantis Italy. 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 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 seventh in the world, while FCA was the world's eighth-largest automaker. In 1970, Fiat Automobiles empl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Istanbul
Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, cultural and historic hub. The city straddles the Bosporus strait, lying in both Europe and Asia, and has a population of over 15 million residents, comprising 19% of the population of Turkey. Istanbul is the list of European cities by population within city limits, most populous European city, and the world's List of largest cities, 15th-largest city. The city was founded as Byzantium ( grc-gre, Βυζάντιον, ) in the 7th century BCE by Ancient Greece, Greek settlers from Megara. In 330 CE, the Roman emperor Constantine the Great made it his imperial capital, renaming it first as New Rome ( grc-gre, Νέα Ῥώμη, ; la, Nova Roma) and then as Constantinople () after himself. The city grew in size and influence, eventually becom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samara
Samara ( rus, Сама́ра, p=sɐˈmarə), known from 1935 to 1991 as Kuybyshev (; ), is the largest city and administrative centre of Samara Oblast. The city is located at the confluence of the Volga and the 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 eighth-largest city in Russia and tenth agglomeration, the 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 Volga River, which has not only served as the main commercial thoroughfare of Rus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies of World War II, Allies and the Axis powers. World War II was a total war that directly involved more than 100 million Military personnel, personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Air warfare of World War II, Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the Atomic bombings of Hiroshima and Nagasaki, only two nuclear weapons ever used in war. World War II was by far the List of wars by death toll, deadliest conflict in hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
