1 January

In an attempt to curb inflation, Finland tries reducing purchasing power by cutting the banknotes of 500, 1,000 and 5,000 Markka physically in two. The left half of the banknote is current money, but its value is halved. The reduction in value applies to cash. The right halves of the banknotes must be taken to a bank where people will be given a receipt of this “compulsory loan” to the state.

21 February

In the war-responsibility trial, sentences are passed. Risto Ryti, who served as President of Finland from December 1940 to early August 1944, receives the hardest sentence, ten years in prison.