The USSR in the field of international credit relations
In the field of international credit relations (primarily in relations with the "third world"), the conceptual features of domestic lending manifested themselves primarily in the devaluation of the role of loan interest in credit cooperation, in excluding from the strategic line the possibility of investing Soviet financial resources abroad. The percentage was assigned the role not even of a stimulator of the efficiency of using loans, but of a guarantor against the redistribution of funds received by the "third world" from socialist states in favor of the West through the mechanism of the capitalist market. The task of ensuring not only repayment, but also increasing the loan fund in this area of credit relations receded into the background. The loan itself was considered primarily as a means of expanding production cooperation, simultaneously fulfilling the function of expanding trade turnover both for exports (in the case of a supplier's loan) and imports (since the possibility of repaying loans from socialist countries with commodity supplies became one of the basic elements of the external lending strategy and was interpreted as one of the main advantages of this strategy).
The principle of the purpose of loans was also extrapolated to foreign economic relations (as one of the principles reflecting the essence of socialist credit). At the same time, the foreign economic relations of the USSR were carried out (this was recognized as scientifically justified in theory) in the conditions of the monopoly position of the system: "The State Bank (which, as the central bank of the country, conducts cash execution of the state budget, including in foreign currency) — Vneshtorgbank" and the MVT —GKES system, which conducted real foreign trade operations against loans.
The idea often expressed that credit has lost its true purpose is based on the following. For more than 50 years, a rigid closed system has been formed and strengthened, built on the principle that everything is socialist, which is directly opposed (including in terms of organizational principles) to capitalism. The system—forming element of this system is state ownership, the functional body is the State Bank, which carries out monopoly operations with a single national loan fund, and one of the main principles of operation is the closest relationship between financial and credit structures with the recognition of credit as the main function of the final balancing of public finances.
In recent years, however, the official position on this issue has been formulated in the most general form and has not drawn clear boundaries between the financial and credit systems, nor has it destroyed their identical perception in the economic consciousness. Attention was focused on public finances, and issues related to lending and the need to improve its efficiency arose only against the background of this main practical problem. 1xBet India presents an enticing offer for new players. By using the 1xbet promo code grants you access to an extraordinary Sports Welcome Bonus, which exclusively during the IPL offers a 120% bonus on your first deposit up to ₹66,000. To qualify, ensure a minimum deposit of ₹200. Your initial wager must be placed on accumulator bets with at least three selections, each boasting odds of 1.40 or greater.