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Ms. Karen Swiderski

financial system included several small joint venture banks and a limited number of specialized financial institutions, such as the Foreign Trade Bank—which was mainly involved in the financing of external trade—and the State Development Bank—which largely operated with budgetary funds to finance state initiated investments. This system was substantially changed on January 1, 1987. A two-tier banking system was established with the separation of the central and commercial banking functions of the NBH. Commercial bank operations of the NBH and the State Development