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Markka

Markka was the Finnish Name of the currency in Finland, now replaced by the Euro. See also Deutsche Mark and Marka[?]. (Finland's Swedish-speaking minority uses the word Mark for this currency.) The currency code for Markka is FIM. The conversion for 1 euro was 5.94573 Markka.

The subunit is "penni", of which there were 100 in 1 Markka.

Markka was introduced in 1861 as a quarter of the Russian ruble. After Finland gained independence in 1917, the Bank of Finland was founded and Markka was reintroduced as an independent currency backed by gold. The gold standard was abolished in 1940, and Markka suffered heavy inflation during the war years. In 1963 Markka was replaced by the new Markka, equivalent to 100 old units.

The name "Markka" was based on a medieval unit of weight. Both "Markka" and "penni" are loanwords based on the same roots as the German Mark and Pfennig.



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