Money And Banking : Germany

The unit of currency in the Federal Republic of Germany is the Deutsche Mark (DM 1 = 100 Pfennigs). It is freely convertible, i.e. it can be exchanged for any other currency at any time at the going rate. There are no restrictions on capital transactions with other countries. The Deutsche Mark has for decades been one of the most stable currencies in the world. It is the anchor of the European Monetary System, and it is the second most important reserve currency after the American dollar.