The Federative Union of the Transcaucasian Socialist Federative Soviet Republic was established on 12 March 1922. The TSSR was included to the Union of Soviet Socialist Republics (USSR) on 30 December 1922. TSSR moved to a single monetary system at the Decree of the Board of Union of the TSSR of 10 January 1923, which terminated the emission activity of the Azerbaijan State Bank. By the decree of the Council of People’s Commissariat of Azerbaijan dated 3 July 1923 the Azerbaijan State Bank was renamed the Azerbaijan State Agricultural Bank and its central banking functions were terminated. Initially, the Azerbaijan State Agricultural Bank both assisted in the development of agriculture and regulated the money circulation and commodity turnover.