On August 13, 1931, the Central Asian Institute of Finance and Economics was founded on the foundation of Turkestan State University’s Faculty of Economics and Social Sciences, based on the locations of the former Council of People’s Commissars of the Union. This was done in response to the growing demand for economists. The Tashkent Institute of Finance and Economics was established as a result to train personnel for the Central Asian countries’ financial and credit systems.
In Uzbekistan, this was the country’s inaugural economic training phase. The first bell at the institute rung on September 1, 1931, signaling the start of classes.
