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.