D-Mark, Deutsche Mark, DM, DEM: Official currency of the Federal Republic of Germany since July 20, 1948, replacing the Nazi Reichsmark (suffering hyper-inflation), which in turn replaced the Mark (also suffering hyper-inflation) 25 years earlier.
The D-Mark, supported by the Marshall Plan, the resurrection of a free market and subsequent economic growth and the Bundesbank's structure and politics, earned a high reputation for stability amongst the international banking community. It is now the second (or third) most popular international monetary unit after the US Dollar (and maybe the Yen), and the official currency of KFOR, the NATO forces occupying Kosovo.
Since January 1, 1999 the D-Mark is a sub-currency of the Euro (former ECU), with a fixed exchange rate of EUR 1 = DEM 1.95583. Since January 2002, all cash is being replaced by the new european legal tender. The German Bundesbank transferred its monetary authority to the European Central Bank. |
