East-West Trade: Russia's Sterling Success

It could have been the annual meeting of any successful London bank. The chairman reported that its total transactions increased 105% in 1962 to $31 billion, and that profits rose 33% to more than $1,000,000. But there was something different about this bank: it was the Moscow Narodny Bank, owned and operated by the Soviet government, in the heart of London's City.

Founded there in 1919, the Narodny Bank was only another agency to finance East-West trade until it began to go capitalist and expanded into a full-fledged merchant bank in the late...

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