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Upon adoption of the Deutsche Mark in East Germany on 1 July 1990, the East German Mark was converted at par for wages, prices and basic savings (up to a limit of M 4,000 per person, except a smaller number for children and a larger number for pensioners). Larger amounts of savings, company debts and housing loans were converted at a 2:1 rate ...
It was introduced as the official currency of East Germany in July 1990, replacing the East German mark (Mark der DDR), in preparation for unification on 3 October 1990. East German marks were exchanged for Deutsche Marks at a rate of 1:1 for the first M 4,000 and 2:1 for larger amounts. Before reunification, each citizen of East Germany coming ...
This is a list of current and historical currency of Germany. ... 1990 (unified) 1948 (West Germany) 2002 East German mark East Germany: 1948 1990 Saar franc: Saarland:
The economy of the German Democratic Republic (East Germany; GDR, DDR) was a command economy following the model of the Soviet Union based on the principles of Marxism-Leninism. Sharing many characteristics with fellow COMECON member states — the East German economy stood in stark contrast to the market and mixed economies of Western Europe ...
On 2 December 1964 East Germany, always short of hard currency, decreed that every Western visitor had to buy a minimum of 5 Eastern Mark der Deutschen Notenbank per day (MDN, [69] 1964–1968 the official name of the East German mark, to distinguish it from the West Deutsche Mark) at the still held arbitrary compulsory rate of 1:1. The 5 marks ...
Hundreds of East Germans queue outside a post office in Skalitzer Straße, Kreuzberg, West Berlin, to collect their "Welcome money", 11 November 1989. Begrüßungsgeld (English: "Welcome money") was, from 1970 until 29 December 1989, a gift from the government of the Federal Republic of Germany (West Germany) to visitors from the German Democratic Republic (GDR - East Germany).
Putin’s five-year sojourn in Dresden, which abruptly ended in 1990, has come under renewed scrutiny as the 70-year-old Russian president prosecutes an increasingly brutal and bloody war in ...
Intershop was a chain of government-owned and operated retail stores in the German Democratic Republic (GDR, East Germany) in which only hard currencies (and later Forum checks) could be used to purchase high-quality goods, usually from or associated with Western countries. The East German mark was not accepted as payment. Intershop was ...