Deutsche Aussenhandelsbank

Deutsche Aussenhandelsbank

 

the bank that awards foreign trade credits, performs currency transactions, and maintains commodity export and import accounts in the German Democratic Republic. It was established in Berlin in 1966 with a statutory capital of 300 million marks.

The bank settles international commercial and noncommercial accounts and extends credit to the country’s foreign trade organizations and enterprises for periods of up to one year. It maintains close working ties with the International Bank for Economic Cooperation, with which it conducts transactions in transfer rubles and other currencies. On commission from the Deutsche Aussenhandelsbank, 35 branches of the Industrial-Commercial Bank of the GDR can also settle accounts related to the country’s export transactions. However, since these branches lack correspondent accounts in foreign banks, all supervision of the receipt of foreign currency must be carried out through special accounts at the Deutsche Aussenhandelsbank. The bank also has a branch in the city of Rostock.

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