The financial position of the country remained extremely serious. The total national debt (funded debt and floating debt) amounted to 200,000,000,000 marks, that is, £10,000,000,000 sterling at the old prewar rate of exchange. The anticipated revenue for the year 1920–21 was 27,950,000,000 marks, and the anticipated ordinary expenditure was 23,800,000,000 marks. There was, however, also an anticipated extraordinary expenditure of no less than 11,600,000,000 marks. A heavy deficit on the railways was also expected. The exchange value of the mark had fallen disastrously since the armistice, and though it rose towards the end of the year, the mark was still reckoned at over 200 to the pound sterling in December.