In January 1921, the total sum due was decided by an Inter-Allied Reparations Commission and was set at 132 billion gold marks, about £6.6 billion or $33 billion (roughly $393.6 billion US dollars as of 2005). This was a sum that many economists believed to be too much. Later that year, the amount was reduced to 132 billion marks, which still seemed too much for most German observers, both because of the amount itself as well as the terms.