The first Russian state institution of a bank nature was established by Peter I to mint coins. This office later proceeded to offer banking services and even loans on securities such as gold and silver at an amount not exceeding 75% of their total cost and at the rate of 8% per annum with the right to postpone payment for 3 years. While these services existed, only courts enjoyed money changing services for many years before the services were offered to the greater public.
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