The Occupation Authorities in the American, British and French Zones kept the economic policies of the Nazis in place. There were price controls, rent controls, wage controls and extensive general regulation of the economy. The net result was an economic disaster and the creation of near-famine conditions. But the loosening up of controls brought up the problem of the past excessive expansion of the money supply. Inflation had been suppressed during the Nazi years by price controls. With the removal of price controls came inflation.
The long anticipated currency reform came in June of 1948. The old Reichsmark was replaced with the new Deutschemark. The conversion was as follows: