West German Mark

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Mark, West German


(Deutsche Mark, DM), the currency of the Federal Republic of Germany (FRG), equal to 100 pfennigs. The mark was created in 1948 by Western occupation authorities to replace the currencies then circulating, including reichsmarks, Rentenmarks, and marks of the Allied Control Council. The official rate of exchange of the DM at issue was 3.33 marks for US $1; in 1949 this was lowered to 4.20 marks for $1. From 1960 to 1973 the mark was revaluated several times in relation to the USA dollar. The rate of exchange relating to the dollar on Jan. 1, 1974, was 2.75 DM to $1. At the rate of exchange of the Gosbank (State Bank) of the USSR on Jan. 1, 1974, 100 DM equaled 28 rubles 79 kopeks.

References in periodicals archive ?
Another Schalck-Golodkowski innovation, the hard currency Intershop chain of stores, eventually made some Western products available to the people but only to those lucky few with West German marks.
East German wages, salaries, and pensions have been converted to West German marks at a one-to-one exchange up to 4,000 marks ($2,373) with a maximum of 6,000 marks ($3,600) for those over 60.
Market participants feared that the conversion of East German marks into West German marks would result in a worrisome increase in German monetary aggregates or unleash pent-up demand for German products.

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