East german officer

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East German Marks: Black Market Conversion Rates ( back to top )

  • I haven't been able to find any dates as to WHEN the various black market rates were in effect, but...
    • The "Mark der DDR" commonly called Ostmark , "Eastern mark", was intended for internal use only, and was never freely convertible with foreign currencies ("valuta" was used for that instead).
    • It was always officially valued by the East German government at 1:1 with the West Deutsche Mark . Visitors to East Germany were required to exchange Deutsche Marks with Ostmarks at 1:1.
    • On the black market the exchange rate was about 5 to 10 East Ms for a DM (when travel was permitted, . in the 1970s); the East German government credited exports at a rate of :1DM.
    • For more information, see the German wikipedia article "Mark der DDR" (in German).
    • In 1989 black market rates were about - Ostmark to 1 DM.
      See Manfred Wegner, Bankrott und Aufbau: Ostdeutsche Erfahrungen (Baden-Baden, 1995), p. 50.
      (Wegner was the founding president of the Institut für Wirtschaftsforschung in Halle in 1992-1993.)
    • This book (I haven't seen it myself) may have more information:
      Zatlin, Jonathan R., The Currency of Socialism: Money and Political Culture in East Germany . (Cambridge University Press 200), 398 pages. ( searchable at amazon ; Rezension auf Sehepunkte )
Converting Value-then to Value-now: Inflation Calculators ( back to top )

East german officer

east german officer

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