The Military Governors and Commanders-in-Chief of the British, United States and French Zones of Occupation have agreed on the terms of legislation for the reform of currency in Land Niedersachsen, Land Nordrhein–Westfalen, Land Schleswig-Holstein, Hansestadt Hamburg, Land Bayern, Land Bremen, Land Wuerttemberg–Baden, Land Hessen, Land Rhein–Pfalz, Land Wuerttemberg–Hohenzollern, and Land Baden (hereinafter referred to as ‘the specified area’) in order to eliminate the consequences of the destruction of the currency caused by National Socialism.
The Military Governor and Commander-in-Chief of the United States Zone is promulgating Law No. 61 and the Military Governor and Commander-in-Chief of the French Zone is promulgating Ordinance No. 158 to give effect to this agreement.
The present Laws replace the Reichsmark currency by a new currency, require the surrender of the means of payment which are invalidated, and the reporting of Reichsmark accounts with financial institutions, and provide for the preliminary supply to the population, the economy and public authorities of new money.
Further legislation will provide for the conversion of Reichsmark holdings which exist in the specified area, including those belonging to persons outside that area, the reorganization in this connection of the balances of financial institutions, the question of public and private Reichsmark debts, and other questions arising out of the monetary reform, including the revision of taxation.
The task of equalising burdens is laid on the appropriate German legislative bodies as one of the greatest urgency to be accomplished by 31st December, 1948.
IT IS THEREFORE ORDERED AS FOLLOWS:—