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in which the central bank had equal status in credit allocation as the other existing banks, including the state banks that had been established in 1946 in each of the occupation zone's five provinces. The early GDR banking system also included a savings bank, a cooperative bank, the Soviet
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fostered the creation of a German central bank. An agreement on that concept was reached among the three
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were established in May 1947 in each of the zone's five
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was placed under joint Allied custodianship pending its liquidation. in the
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