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The history of the Andijan branch of the State Bank

Vol. 25, Iss. 3, MARCH 2019

Received: 26 November 2018

Received in revised form: 12 December 2018

Accepted: 26 December 2018

Available online: 29 March 2019

Subject Heading: Banking

JEL Classification: N15, N25, N45, N55, N65

Pages: 553–564

https://doi.org/10.24891/fc.25.3.553

Alimdzhanov B.A. Independent researcher, Tashkent, Republic of Uzbekistan
felix_1985@mail.ru

https://orcid.org/0000-0002-8251-0201

This article examines and discusses the activities and functions of the Andijan Branch of the State bank. The Soviet historiography considered banks as a tool of Western and Russian "colonialism". Based on archival data, the author proves that the financial institutions of the Russian Empire took into account local specifics and encouraged the export-oriented production. The author uses inter-bank correspondence, annual reports of the Branch director, as well as the materials of the Andijan Branch audit. For the first time in historiography, the bank's active and passive operations and expenses and profits are investigated and analyzed. Unlike Soviet and post-Soviet researchers, the author believes that banks did not become "monopolists" in the economy of Central Asia. The State bank tried to regulate economic processes in Turkestan and as a result, it partially managed to become a regulator of financial life of the region. The "colonial" periphery seemed to be an attractive area for investing 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 cleared the way for the Soviet experiment.

Keywords: Andijan, National Bank, Turkestan, Empire, capitalism, modernization

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