During the culmination in 1923 of the Hyperinflation crisis Urbig served as chairman of the Currency Committee of the Central Association of German Banks and Bank Businesses. At the same time he was a board member at the , the Berlin-based national bank set up that year to deal with the currency crisis. He was centrally involved in the introduction, in November 1923, of the German Rentenmark, a new currency which would indeed prove more stable than the old. He had been invited to accept the position of "National Currency Commissioner", but his response that his appointment should involve both repudiation of the burdensome reparations imposed at Versailles and the selective unwinding of the "excessively progressive" social reforms introduced since 1919 evidently led those responsible to conclude that Urbig, despite his financial expertise and experience, would not, after all, be an appropriate currency commissioner. The job instead went to Hjalmar Schacht, formerly of the Dresdner Bank. while the implementation of the Dawes Plan, at around the same time as the currency reforms took effect, went a long way to address the reparations issue. In 1924 Franz Urbig was one of seven German nationals appointed to the newly formed General Council of the Reichsbank (German central bank) (The other seven members were non-Germans, nominated by representatives of the creditor nations.) The creation of this General Council was part of a broader reconfiguration of the Reichsbank constitution which had been agreed under pressure from creditors as a pre-condition for the Dawes Plan in the so-called "London agreement" (which also contained a number of more overtly political provisions), signed off on 29 August 1924.