The Kazakstani banking system, its youthfulness notwithstanding, is developing rapidly. In 1987 before the initiation of economic reforms, the banking system of Kazakstan was represented by two banks: the Gosbank (State Bank) and Stroibank (Construction Bank). In 1987 three sector banks were created based on the Stroibank: Promstroi Bank (now Turan Bank), Agroprom Bank (Agricultural Industry Bank), and Zhilstroi Bank (Housing Construction Bank). In early 1990 a branch of the USSR Vnesheconombank (Foreign Trade Bank) was created in Kazakstan. Upon its establishment, Kazakstani banks started for the first time to serve foreign trade transactions (earlier foreign trade was fully centralized in Moscow).