Czech koruna


Czech koruna
Czech koruna
koruna česká (Czech)
ISO 4217 code CZK
User(s)  Czech Republic
Inflation 2.4%
Source Czech National Bank, October 2008
Method CPI
Subunit
1/100 haléř
Symbol
haléř h
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms. See article.
Coins
Freq. used 1, 2, 5, 10, 20, 50 Kč
Banknotes
Freq. used 100, 200, 500, 1000, 2000, 5000 Kč
Central bank Czech National Bank
Website www.cnb.cz

The Czech koruna or Czech crown (sign: ; code: CZK) has been the currency of the Czech Republic since 8 February 1993 when, together with its Slovak counterpart, it replaced the Czechoslovak koruna at par.

The official name in Czech is koruna česká (plural koruny české, though the zero-grade genitive plural form korun českých is used on banknotes and coins of value 5kč or higher). The ISO 4217 code is CZK and the local acronym is Kč, which is placed after the numeric value (e.g., "50 Kč"). One koruna equals 100 haléřů (abbreviated as "h", singular: haléř, nominative plural: haléře, genitive plural: haléřů - used with numbers higher or equal to 5 - e.g. 3 haléře, 8 haléřů).

The Czech Republic planned to adopt the euro in 2012, but its government suspended that plan in 2007.[1] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[2] According to a survey conducted in January 2011, only 22% of the Czech population was in favor of replacing koruna with euro.[3]

Contents

History

The Czech koruna replaced the Czechoslovak koruna when it was introduced in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20, 50, 100, 500, and 1000 Czechoslovak koruna banknotes, but a new series was properly introduced in 1993.

The currency was on a record exchange rate run in 2008.[4][5][6][7]

Coins

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů, 1, 2, 5, 10, 20 and 50 korun. The haléře (hallers) denominations were struck in aluminium, the 1, 2 and 5 korun in nickel-plated steel, the 10 korun in copper-plated steel, the 20 korun in brass-plated steel and the 50 korun with a brass-plated steel centre and a copper-plated steel ring. The 10 and 20 haléřů coins were taken out of circulation by 31 October 2003, and the 50 haléřů coins were withdrawn from circulation on 31 August 2008 due to their diminishing purchasing power and circulation.[8] Coins are currently in circulation are the 1, 2, 5, 10, 20 and 50 korun. The coins all feature the Czech lion on the obverse, with the reverse featuring the value.

Since 1997, sets for collectors are also issued yearly with proof quality coins. In 2000, the 10 and 20 korun coins were minted with different obverses to commemorate the Millennium. In the beginning coins were minted in Winnipeg and Hamburg (in 1993 & 1994) then in the Czech Republic. There's also a tradition of issuing commemorative coins - including silver and gold coins - for numismatic purposes.

Banknotes

The first Czech banknotes issued in 1993 consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100, 500 and 1000 korun denominations were overstamped, the lower denominations circulated unchanged during this transitional period. The former circulated until end-August, the latter until end-July.

A newly designed series of banknotes of denominations 20, 50, 100, 200, 500, 1000 and 5000 korun were introduced later in 1993 and were still in use as of 2006 - except for the first versions of 1000 and 5000 korun notes, since the security features of these notes were upgraded in the subsequent issues (The 2000 korun note, which has been introduced in 1996, is still valid in all versions, with and without the new security features). These banknotes feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

The 20 korun note ceased to be valid on 31 August 2008 and the 50 korun has been discontinued on 1 April 2011.

Inflation

Inflation by Consumer price index
Year CPI increase[9]
1993 30.8[10]
1994 10.0
1995 9.1
1996 8.8
1997 8.5
1998 10.7
1999 2.1
2000 3.9
2001 4.7
2002 1.8
2003 0.1
2004 2.8
2005 1.9
2006 2.5
2007 2.8
2008 6.3
2009 1.0
2010 1.5
Current CZK exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From OzForex: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

  1. ^ "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha. http://www.radio.cz/en/news/94849. Retrieved 22 December 2008. 
  2. ^ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 2008-08-05. https://www.sparkasse.at/sPortal/sportal.portal;jsessionid=qhHSJ0FRvFSBNdNpZkKJVhvhHLJD4v1T2d1BG3Gcyj82vJYTDKm3!76983841?_nfpb=true&_windowLabel=LABEL_MAIN&_urlType=action&LABEL_MAIN_sh=181fe8bb390eeff395532e7956f3e368&LABEL_MAIN_action=content.main&LABEL_MAIN_OVERRULEREFRESHBACK=true&LABEL_MAIN_event=changeMain&LABEL_MAIN_chronicleId=%2Febgroup_en_0196%2FChannels%2FPress%2F2008%2F2.QU%2Feb_pi_en_20080508_next_main_Images.akp&LABEL_MAIN_zz=41235.36447435065&LABEL_MAIN_pc=1&_pageLabel=GRID02&cci=09002ee2805dab70&desk=ebgroup_en_0196&navigationId=012130649753268001119092&. Retrieved 2008-12-21. 
  3. ^ "Zavedení eura v ČR" (in Czech) (Press release). Středisko empirických výzkumů. 2011-01-31. http://stem.cz/clanek/2114. Retrieved 2011-06-28. 
  4. ^ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/07/afx5188524.html. 
  5. ^ "Czech Republic - Factors To Watch on July 15". Reuters. 15 July 2008. http://www.reuters.com/article/rbssEnergyNews/idUSCZECH20080715. 
  6. ^ http://www.praguemonitor.com/en/380/czech_business/25569/
  7. ^ http://www.praguemonitor.com/en/379/czech_business/25523/
  8. ^ http://www.cnb.cz/en/public/media_service/press_releases_cnb/2007/070802_50heller.html Accessed 2008/01/20
  9. ^ Inflation rate | ČSÚ
  10. ^ IMF World Economic Outlook, May 1998-Statistical Appendix

External links


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