Russian gold

Bibliographic data

Monograph

Identifikator:: 1772009490

URN:: urn:nbn:de:zbw-retromon-156190

Document type:: Monograph

Title:: Russian gold

Place of publication:: [New York]

Publisher:: Amtorg Trading Corporation, Information Department

Year of publication:: 1928

Scope:: 72 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

The Gold Reserve of the State Bank of the U. S. S. R. The State Bank of the U. S. S. R. (originally named the State Bank of the R. S. F. S. R.) was established October 12, 1921, after the introduction of the New Economic Policy in the Soviet Union. Its foundation capital, received from the government, consisted of two trillion paper rubles. One of the principal functions assigned to the Bank was to accumulate a gold reserve in order to prepare for the currency reform which was effected at the end of 1922 by the issue of the new banknotes—the Chervonetz. In its initial period the State Bank resorted to four principal methods of building up a gold reserve. (1) With the advent of the New Economic Policy and the return of private trade and industry the State Bank entered the open market and purchased the old gold coins which had been hoard- ed by the population, and the small’ quantities of alloyed gold bul- lion which had been obtained by prospectors in the years following the revolution. In the same way the State Bank purchased on the market foreign currency, principally pounds sterling and American dollars. (2) The State Bank bought up as much as possible of the gold that was being mined since 1921. (3) The State Bank financed exports, principally of timber and fax, making advances in paper money and receiving in return the proceeds of these export operations. This was the main channel for building up a gold reserve. (4) Foreign currency transferred to friends and relatives if the U.S. S. R. from abroad, principally from the United States, was deposited to the credit of the State Bank or its correspondent banks abroad, and the recipients of the money were paid out in the U.S.S.R. in Russian currency at the rate of the day. By January 1, 1923, about a month after the issue of the Chervonetz, the reserve of the State Bank in precious metals and foreign valuta amounted to 27,900,000 rubles. With the stabilization of the currency and the improvement in commerce and industry, particularly with the increase of exports, the State Bank began to make steady progress in accumulating a gold reserve, as may be seen from the tables below. 2 5

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