The German Central Bank, headquartered in the banking centre Frankfurt am Main, is celebrating its 60th anniversary.
Almost 13 billion German marks (DM) are still in circulation – one of the reasons is because many Germans are still hanging on to the coins or notes from the old currency as a souvenir. The cash can still be exchanged in the branches of the Deutsche Bundesbank, an institution that has watched over the stability of the DM as the monetary watchdog for decades.
With the introduction of the euro as German currency, this responsibility has passed into the hands of the European Central Bank (ECB). But the Bundesbank and its almost 10,000 employees continue to supply banks with fresh cash, sort out counterfeit money, process payment transactions both at home and abroad and supervise the activities of most of the banks in Germany. It also holds and manages the country’s gold reserves.
The Deutsche Bundesbank is celebrating its 60th anniversary this year, and to mark this jubilee it has recorded everything one needs to know about its inception and development in brief yet informative little films. On the Deutsche Bundesbank website, anyone interested can also find key dates, facts and figures about the central bank and has the chance to view a range of historical photos and film footage.
Picture credit: Deutsche Bundesbank