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On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. [3] In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins ...
However, the exchange rate of the mark against the US dollar steadily devalued from 4.2 to 7.9 marks per dollar between 1914 and 1918, a preliminary warning of the extreme postwar inflation. [ 2 ] This strategy failed as Germany lost the war, which left the new Weimar Republic saddled with massive war debts that it could not afford: the ...
The Reichsmark was replaced by the Deutsche Mark at a rate of 10:1 (1:1 for cash and current accounts) in June 1948 in the Trizone [5] and later in the same year by the East German mark in the Soviet Occupation Zone (colloquially also "Ostmark", since 1968 officially "Mark der DDR").
The German mark was replaced by the euro, first as an accounting currency on 1 January 1999, at a conversion rate of 1.95583 marks per euro. Thereafter, the mark-denominated notes and coins represented the euro at that conversion rate, and remained legal tender until 1 January 2002, when they were replaced by euro notes and coins.
Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
The currency exchange rates no longer were governments' principal means of administering monetary policy. Under the floating rate system, during the 1970s, the dollar plunged by a third. Further, the Nixon shock unleashed enormous speculation against the dollar. The German Mark appreciated significantly after it was allowed to float in May 1971.
The introduction of the German mark in 1873 was the culmination of decades-long efforts to unify the various currencies used by the German Confederation. [2] The Zollverein unified in 1838 the Prussian and South German currencies at a fixed rate of 1 Prussian thaler = 1 + 3 ⁄ 4 South German gulden = 16.704 g fine silver.
On the black market, the exchange rate was about 5 to 10 Mark der DDR to one Deutsche Mark. In the mid-1980s, one could easily visit foreign currency exchange offices in West Berlin and purchase East German banknotes (in denominations of 50 and 100 Mark der DDR) at the rate of M 5 (East) = DM 1 (West).