Gosbank, the State Bank of the USSR, re-established on 3 October 1921 and starting operations on 16 November[1].
The record calls it the payments and clearing system for the Five-Year Plans.
By 1932, Gosbank provided 97% of all short-term credit. Its main job was running payments and clearing to match the Five-Year Plans. Transactions between enterprises, and between enterprises and the state, were carried out by moving deposits held at Gosbank. Planning targets were cleared against the bank's monitoring of plan fulfilment. The Party used the central bank, the Ministry of Finance and the central planning bureaucracy as a means of administrative control. The record does not establish that Gosbank issued orders to Gosplan or set the targets, and does not establish that the two were a single institution.
It shows how a bank can be presented as a bank while working as the accounting and control arm of a plan.