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Suspension of the gold encashment obligation

Picture: After the first news of the outbreak of war on August 1 people queued outside the Nationalbank to convert their notes to gold

After the first news of the outbreak of war on August 1 people queued outside Danmarks Nationalbank to convert their notes to gold. On August 2 an act was passed in all haste to suspend the gold encashment obligation temporarily, so that Danmarks Nationalbank would no longer be obliged to redeem notes with gold. At that time the bank had already encashed notes with gold for a value of kr. 5 million, out of a note circulation of kr. 156 million. A few days later the suspension of the gold encashment obligation was followed up by a ban on the export of gold.

Last update: 05/13/2011

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