12.06.

1860: The First Governor of the State Bank of the Russian Empire was a Jewish Baron

1860: The First Governor of the State Bank of the Russian Empire was a Jewish Baron
Photo Credit To Wikipedia Commons

Story Highlights

  • Historical event:
  • 12 June 1860
  • Baron Alexander von Stieglitz owned a large private bank that he inherited from his father. His father was already called the "Petersburg Rothschild".

On this day in 1860, the first State Bank of the Russian Empire was founded – the first official institution of central banking in Russia.

As such, the State Bank of the Russian Empire was the precursor of today’s Central Bank of the Russian Federation (the banking institution which today issues Russian money and manages the Russian monetary system).

Interestingly, the first governor of the State Bank of the Russian Empire was Baron Alexander von Stieglitz. He was of Jewish descent and owned a large private bank that he had inherited from his father. Von Stieglitz was responsible for securing financing for large projects in the Russian Empire, for example the important St. Petersburg-Moscow railway.

Due to the influence of the von Stieglitz banking family, already his father was called the “Petersburg Rothschild”. Just to note, Stieglitz family came from the German region of Waldeck – north of Frankfurt and west of Kassel.

State Bank of the Russian Empire was, after the October Revolution of 1917, transformed by the Bolsheviks into the People’s Bank of the RSFSR. Not until 1991, after the collapse of the Soviet Union, the bank was renamed the Central Bank of the Russian Federation.

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