Ostmark

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Ostmark

 

A border province along the central Danube River, established by Charlemagne in the early ninth century after the defeat of the Avars. In the early tenth century, the Hungarians conquered it, and in the second half of the tenth century, after the defeat of the Hungarians (955), the new so-called Bavarian Ostmark was established. In 976 the Babenbergs became the margraves of the Bavarian Ostmark, and this territory became the historical nucleus of Austria.

(2) The so-called Saxon Ostmark was established in the second half of the tenth century on a part of the lands of the Lusatian Sorbs that had been conquered by German feudal lords. Later it became part of the territory of the German principality of Saxony.

References in periodicals archive ?
On 6 February 1990, Chancellor Kohl decreed that West Germany would exchange the DM for the ostmark at a ratio of one to one, which compared with a free market exchange rate of 7 to 1 (Marsh 1992, 178).
The decision to exchange ostmarks for deutsche marks at a rate of one for one was a source of controversy.
That eastern Germans held 16 percent of M3 balances while producing only 7 1/2 percent of all German output reflects the exchange rate used to convert ostmarks to deutsche marks at the time of unification and the greater fraction of wealth held as money balances (due to the underdevelopment of financial markets in the east).
Others, including most prominently the Bundesbank and the market, where the rate was between 7 and 10 ostmarks per DM, had the actual exchange grossly overvaluing the ostmark.
After the election, FRG banking interests whittled Kohl's promise down to a 1:1 exchange for the first 4000 ostmarks of individual adult savings and a 1:2 on everything in excess of 4000, including corporate assets.
Economic and monetary union between the two parts of Germany fuelled demand in the western Lander, particularly as the conversion rate of Ostmarks into D-Mark was favourable to east German consumers.
There were American-printed deutschmarks for the west and ostmarks for the east - phased out after reunification in 1990.
The terms of the union have been set to allow East German adults to convert 4,000 Ostmarks into D-Mark at a one-for-one exchange rate.