Bread instead of percent and speculation on Chervonians: How did the exchange in the NEP era worked

After the establishment of Soviet power in 1917, commercial banks were

After coming to power the Bolsheviks

However, after the First World and Civil Wars, the country was in a catastrophic situation: the volume of industrial production

The first Soviet stock exchanges

Network exchange rapidly

Prices for goods determined quotation committees. They

Exchange were universal, but sometimes they opened specialized departments. For example, stock — in Moscow such

Interesting Exchange Know House of the Soviet Government

This is how this tool was arranged. People bought interest-free bonds for money, and when they were repaying, after 8 months, a strictly defined amount of bread was obtained. With strong inflation, this has protected investors from losses. Were

Parallel

In 1924, the state began to produce peasant winning loans, in 1925 voluntary short-term loans. They were freely sold and bought on the stock exchange, they were deposited on loans. Implemented bonds through subscription credit institutions. It was very popular with a 5% loan totaling 100 million rubles: in just six days a subscription to bonds

How and in

Ilyinka, and currency transactions were held in one of the premises of the GUM. There were «Private Deltsi gathered for their frauds, they recognized the commercial news from each other, concluded agreements and sold whatever currency, gold, platinum, valuable fur, precious stones … There was also a buying for cancelled securities of pre-revolutionary time. As a result of the promotion and bonds, which in 1919-1920 met even in the bazaar, as wrapper, now disappeared and found themselves abroad, «-

However, not only in the Soviet press

Therefore, gradually, with the coagulation of NEP, the extermination of the exchange began: they began to close under the pretext of low profitability, and already by March 1927

What else to read: