History of the Main Operations of the Verny Branch of the Russo-Asiatic Commercial Bank

Research аrticle

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Authors

B. Alimdzhanov Institute of Anthropology, Academy of Sciences of the Republic of Uzbekistan, Tashkent, Uzbekistan Author https://orcid.org/0000-0002-8251-0201

Keywords:

Verny, Semirechye, bank, credit, deposit, economy, war, inflation, merchants, modernization

Abstract

The subject of this study is the activities of the Verny branch of the Russo-Asiatic Commercial Bank in the socio-economic space of the Semirechye region in the early 20th century. In Soviet historiography, banks were understood as instruments of "colonialists," both Western and Russian. The author, unlike Soviet and post-Soviet researchers, believes that banks did not become "monopolists" in the economies of Central Asia. The author believes that the main reason is the bank's adaptation to the existing economic relations in the Turkestan and Steppe Governorates. The topic of the work is the analysis of the financial, economic, credit and deposit activities of a banking institution in the context of economic growth, natural disasters and the transformations caused by the First World War. The purpose of the study is to identify the operating features of the Verny branch, determine its role in the development of the regional economy, and analyze the dynamics of active and passive transactions, the structure of the client base and financial results in 1911-1916. Since these aspects are not fully reflected in the title of the work, their disclosure seems methodologically necessary. The methodological basis of the study consists of historical and economic analysis, systematization of archival statistical data, and a comparative analysis of the bank's annual financial indicators. The use of quantitative analysis of bank statements made it possible to identify trends in changes in turnover, deposits, loans and profits in the context of wartime and inflation. In interpreting the materials, the author relies on Eisenstadt’s theory of “multiple modernizations”. The study established that the Verny branch played a key role in servicing the region's commercial and industrial operations, financing merchants, resellers, agricultural exporters, and livestock breeders. This study concludes that the Verny branch made a significant contribution to the development of commodity-money relations and the financial infrastructure of the Semirechye region. These findings allow us to consider the branch's activities as an important factor in the economic modernization of the region, up until the nationalization of the banking system in 1918.

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Author Biography

B. Alimdzhanov, Institute of Anthropology, Academy of Sciences of the Republic of Uzbekistan, Tashkent, Uzbekistan

PhD in History, Senior Researcher

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