|
Staatsbank Nürnberg
250px, Headquarters of the East German Central Bank The State Bank of the GDR (german: Staatsbank der DDR) was the central bank of East Germany. It was established on 1 January 1968 from the and took over the majority of the same tasks. The State Bank of the GDR was responsible for the administration of the internal account settlement and banking system, the issue of money and control of money circulation within the GDR, administration of the exchange control regulations and settlement of foreign currency accounts with overseas companies and governments (Zahlungsverkehr by transfer). In addition, the bank bought and sold financial securities and administered the purchase, sale and holding of precious metals for foreign exchange purposes. The state bank was also responsible for the account processing of the state institutions and state enterprises, ( Volkseigener Betrieb), having at least one main branch in each of the 15 administrative subdivisions of the German Democratic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hard Currency
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank. Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion. Conversely, a weak or soft currency is one which is expected to fluctuate erratically or depreciate against other currencies. Softness is typically the result of weak legal institutions and/or political or fiscal instability. History The paper currencies of some developed countries have earned recognition as har ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Germany
West Germany is the colloquial term used to indicate the Federal Republic of Germany (FRG; german: Bundesrepublik Deutschland , BRD) between its formation on 23 May 1949 and the German reunification through the accession of East Germany on 3 October 1990. During the Cold War, the western portion of Germany and the associated territory of West Berlin were parts of the Western Bloc. West Germany was formed as a political entity during the Allied occupation of Germany after World War II, established from eleven states formed in the three Allied zones of occupation held by the United States, the United Kingdom, and France. The FRG's provisional capital was the city of Bonn, and the Cold War era country is retrospectively designated as the Bonn Republic. At the onset of the Cold War, Europe was divided between the Western and Eastern blocs. Germany was divided into the two countries. Initially, West Germany claimed an exclusive mandate for all of Germany, representing itself ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Democratic Republic
German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Germanic peoples (Roman times) * German language **any of the Germanic languages * German cuisine, traditional foods of Germany People * German (given name) * German (surname) * Germán, a Spanish name Places * German (parish), Isle of Man * German, Albania, or Gërmej * German, Bulgaria * German, Iran * German, North Macedonia * German, New York, U.S. * Agios Germanos, Greece Other uses * German (mythology), a South Slavic mythological being * Germans (band), a Canadian rock band * "German" (song), a 2019 song by No Money Enterprise * ''The German'', a 2008 short film * "The Germans", an episode of ''Fawlty Towers'' * ''The German'', a nickname for Congolese rebel André Kisase Ngandu See also * Germanic (disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of East Germany
The Council of Ministers (German: ''Ministerrat der Deutschen Demokratischen Republik'') was the cabinet and executive branch of the German Democratic Republic from November 1950 until the country was reunified on 3 October 1990.Starcevi, Nesha (8 November 1989East German Government Resigns, Pro-Reform Marches Continuein AP News. Retrieved 30 August 2019. Originally formed as a body of 18 members, by 1989 the council consisted of 44 members. Under the Constitution of East Germany, the Council of Ministers was formally defined as the government of East Germany. The same Constitution, however, officially confirmed the leading role of the Socialist Unity Party (SED). Hence, for most of the GDR's existence, the Council of Ministers was not the highest authority in the country, but was charged with implementing the SED's policies into practical administration. In particular, ministers were subordinate to the secretary of the Central Committee responsible for their portfolio, and, at l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clearing (finance)
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (for example, in the form of a cheque or electronic payment request) into the actual movement of money from one account to another. Clearing houses were formed to facilitate such transactions among banks. Description In trading, clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction. It involves the management of post-trading, pre-settlement credit exposures to ensure that trades are settled in accordance with market rules, even if a buyer or seller should become insolvent prior to settlement. Processes included in clearing are reporting/monitoring, risk margining, netting of trades to single positions, tax handling, and failure handling. Systemically important payment systems (SIPS) are payment systems which have the characteristic t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giro (banking)
A giro transfer, often shortened to giro (), is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the Automated Clearing House) and Canada (e.g., Interac e-transfer), it is not possible to perform third-party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA), which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area. Name The word "giro" is borrowed from Dutch "''giro''" and/or German "''giro''", which are both from the Italian "''giro''" meaning "circulation of money". The Italian term comes via the Latin "''gyrus''" meaning "gyre" from the Greek "''gyros''" meaning "circle". History and concept Giro systems date back at least to Ptolemaic Egypt in the 4th century BC. State gra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for or that will be exchanged for ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating, pegged (fixed), or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There is no agreement in the ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East German
East Germany, officially the German Democratic Republic (GDR; german: Deutsche Demokratische Republik, , DDR, ), was a country that existed from its creation on 7 October 1949 until its dissolution on 3 October 1990. In these years the state was a part of the Eastern Bloc in the Cold War. Commonly described as a communist state, it described itself as a socialist "workers' and peasants' state".Patrick Major, Jonathan Osmond, ''The Workers' and Peasants' State: Communism and Society in East Germany Under Ulbricht 1945–71'', Manchester University Press, 2002, Its territory was administered and occupied by Soviet forces following the end of World War II—the Soviet occupation zone of the Potsdam Agreement, bounded on the east by the Oder–Neisse line. The Soviet zone surrounded West Berlin but did not include it and West Berlin remained outside the jurisdiction of the GDR. Most scholars and academics describe the GDR as a totalitarian dictatorship. The GDR was esta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duty-free
A duty-free shop (or store) is a retail outlet whose goods are exempt from the payment of certain local or national taxes and duties, on the requirement that the goods sold will be sold to travelers who will take them out of the country, who will then pay duties and taxes in their destination country (depending on its personal exemption limits and tariff regime). Which products can be sold duty-free vary by jurisdiction, as well as how they can be sold, and the process of calculating the duty or refunding the duty component. Tax Free World Association (TFWA) announced that in 2011 Asia-Pacific, with 35 percent of global duty-free and travel retail sales, has more duty free than Europe and Americas, with these regions accounting for 34 percent and 23 percent respectively. 31 percent of sales came from the fragrances and cosmetics category, followed by the wine and spirit category with 17 percent and then comes tobacco products. However, some countries impose duty on goods b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intershop
Intershop was a chain of government-owned and operated retail stores in the German Democratic Republic (GDR, East Germany) in which only hard currencies (and later Forum checks) could be used to purchase high-quality goods, usually from or associated with Western countries. The East German mark was not accepted as payment. Intershop was originally oriented towards visitors from Western countries, and later became an outlet where East Germans could purchase goods they could not otherwise obtain. An unintended consequence was that ordinary East Germans had some insight into the selection of goods available in the West, which they could then compare with the rather limited offerings available in their own country. Product offerings Intershops sold imported products such as cigarettes, liquor, appliances and even car accessories. It even sold quality East German products that were exported and then re-imported. Those items were sometimes sold at a lower price than the same produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Exchange Rate")
