In the early 20th century, Azerbaijan declared its independence and established the Azerbaijan People’s Republic on 28 May 1918. Initially, Transcaucasian bonds were widely used in the independent republic along with Russian money and Baku bonds, issued to circulation by the Baku City Administration and the Municipal service of the Baku Soviet in January 1918 at the decision of the Baku Council of People’s Commissars. At the same time, the Baku branch of the former State Bank of Russia also continued its activity. The Government of the Azerbaijan People's Republic took a decision on the establishment of the Azerbaijan State Bank (central bank) on 7 March 1919. On 16 September of the same year, the Parliament of the Azerbaijan People's Republic adopted the Charter of the Azerbaijan State Bank and the Bank started functioning with the solemn opening ceremony on 30 September 1919.