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Money
Currency: Deutschmark
(DM) = 100 pfennigs. Notes are in denominations of DM1000,
500, 200, 100, 50, 20 and 10. Coins are in denominations
of DM5, 2 and 1, and 50, 10, 5, 2 and 1 pfennigs.
Single European currency
(Euro): The Euro is now
the official currency of 12 EU member states (including
Germany), although it is currently only used as ?written
money' (cheques, bank transactions, credit cards, etc).
The first Euro coins and notes will be introduced in
January 2002; the German Deutschmark will still be in
circulation until December 31 2001, but in line with
the 'Joint Declaration' the use of Deutschmark notes
and coins is permitted until February 28 2002, when
it will be completely replaced by the Euro. 1 Euro =
DM1.95583.
Currency exchange: Foreign
currencies and travellers cheques can be exchanged at
banks, bureaux de change, post offices, airports, railway
stations, ports and major hotels at the official exchange
rates.
Credit & debit cards:
These are accepted in
approximately 60% of all shops, petrol stations, restaurants
and hotels. Nationals of other Western European countries,
Canada and the USA will find less credit card availability
than they are used to in their own countries and it
is advisable to carry cash, Eurocheques or a Eurocheque
card as well. All major credit cards are accepted. Check
with your credit card company for details of merchant
acceptability and other services which may be available.
Eurocheques: are
accepted up to a value of DM400. They can be exchanged
in building societies, banks and post offices.
Note: As
from the end of 2001, Eurocheques will cease to be guaranteed
and can no longer be accepted for encashments. However,
they may still be useable for payments without the guarantee
in certain places.
Travellers cheques: Generally
provide the best rate of exchange. To avoid additional
exchange rate charges, travellers are advised to take
travellers cheques in Euros, Pounds Sterling or US Dollars.
Exchange rate indicators
The following figures are included
as a guide to the movements of the Deutschmark against
Sterling and the US Dollar:
| Date |
Aug '00 |
Nov '00 |
Feb '01 |
May '01 |
| £1.00= |
3.17 |
3.30 |
3.11 |
3.17 |
| $1.00= |
2.11 |
2.28 |
2.13 |
2.23 |
The following figures are included as a guide to the movements
of the Euro against Sterling and the US Dollar:
| Date |
Aug '00 |
Nov '00 |
Feb '01 |
May '01 |
| 1 Euro= |
£0.62 |
£0.59 |
£0.62 |
£0.62 |
| 1 Euro= |
$0.93 |
$0.86 |
$0.92 |
$0.88 |
Currency restrictions:
There are no restrictions
on the import or export of either local or foreign currency.
Banking hours: Generally
Mon, Tues, Wed and Fri 0830-1300 and 1430-1600; Thurs
0830-1300 and 1430-1800 in main cities. Main branches
do not close for lunch.
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