Hurmu Credit Union

The Hurmu Credit Union was established by executive decree on 10.VI.1719 AN by the Minister of Finance and Economic Affairs (Hurmu), Ürimbay Bayböri, to finance the operations of the Executive of Hurmu through the sale of bonds via public subscription. Citizens and international investors alike who purchased bonds from the credit union were promised a fair and sustainable rate of return.

On 9.XI.1719, as the 1719 Hurmu government crisis worsened, a first decree was voted through the Assembly, ordering the issue of 400,000 bond notes, certificates of indebtedness of 5,000 crowns each, with an interest rate of 5%. Debt would be serviced through progressive taxes and the revenues of companies taken into public ownership.