foreign currency in the Bank of Tiflis and carry out exchange of pound sterling, franc, Georgian and Azerbaijani currency by Armenian checks in all central towns of the Republic of Armenia in exchange of the said currency. In spite of all efforts of the Government the population, the Moslem part in particular, had no confidence in Armenian banknotes, and basically Transcaucasia bonds were used in trade. The Armenian Government attempted to negotiate with the Georgian Government for destruction of the Transcaucasia bonds. Before the establishment of the Soviet regime, there were 6 banks (branches) operating in Armenia, 340 million Transcaucasia bonds and Armenian checks worth more than 11 billion rubles were in circulation with nominal value of only 353 thousand pre-war rubles. Money was completely devalued. Issue proceeds and other income were channeled to the Ministry of Internal Affairs and military needs. The key component of the monetary system, the state budget, was missing. On December 28, 1920, the Order No. 5 of the People's Commissariat of Finance renamed the Yerevan branch of Russian State Bank into the State Bank of the SSRA and into the People's Bank of the SSRA the next day, with Vladislav Moravski appointed as Governor of the Bank. In August 1921 the People's Bank terminated activities and its power was assigned to the PCF. On March 20, 1922, the State Bank of SSRA was established. The first Governor was Martin Sahakyan who held this position until 1924. In 1924 the Yerevan branch of the State Bank of the SSRA was renamed into the Yerevan branch of the State Bank of the Soviet Union, with Grigor Jaghetyan as Governor of the Bank. On April 15, 1924, the state decree endorsed a decision to replace all types of banknotes in circulation in Transcaucasia with the Soviet Union banknotes. In 1929, in response to architect and academic Alexander Tamanyan's proposal, a land parcel was provided for a new building of the Armenia branch of the State Bank. Designed by Nikolai Bayev, the construction started in 1930 and was completed in 1933. In 1930–1932, a credit reform was carried out to transform specialized banks to long-term lender institutions while the branch network was assigned to the competence of the Armenia branch of the State Bank. Specialized banks were functioning through the branch offices of the State Bank. As at January 1, 1930, there have been 7 branch offices; in