History of Namangan Agency of Volga-Kama Commercial Bank

The article considers the activity and function of the Namangan branch of the Volga-Kama commercial Bank. In Soviet historiography, banks were understood as an instrument of colonialism both Western and Russian. On the basis of archival data the author proves that the financial institutions of the Russian Empire took into account local specifics and encouraged the production of export-oriented products. The author actively uses interbank correspondence, annual reports of the director, as well as audit materials of the Namangan subsidiary. The active and passive operations of the Bank were investigated, the Banks expenses and profits were analyzed, and the staff of the bank was studied. The modernization of the Central Asian economy in financial sphere involved the financing of export crops and mediation between the metropolis and the periphery. Colonial periphery at first glance seemed to be an attractive area for investment and obtaining super profits, but the speculative nature of the Turkestan economy prevented the normal development of banks. As a result, the economic modernization of Central Asia slowed down and opened the way for the Soviet experiment.

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