Finance:Czech koruna

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Short description: Currency of the Czech Republic
Czech koruna
koruna česká (Czech)
CZK Banknotes 2014.png 50 CZK.png
Czech banknotes50 Kč coin
ISO 4217
CodeCZK (numeric: 203)
Subunit0.01
Unit
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
SymbolKč‎
Denominations
Subunit
 ​1⁄100haléřa
Symbol
 haléřah
Banknotes
 Freq. used100 Kč, 200 Kč, 500 Kč, 1,000 Kč, 2,000 Kč
 Rarely used5,000 Kč
Coins
 Freq. used1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč, 50 Kč
Demographics
User(s) Czech Republic
Issuance
Central bankCzech National Bank
 Websitewww.cnb.cz
MintČeská mincovna
 Websiteceskamincovna.cz
Valuation
Inflation12.7%
 SourceCzech Statistical Office, March 2022
 MethodCPI
a) The haléř is still used for accounting purposes (e.g., financial reports).

The koruna, or crown (sign: Kč; code: CZK, Czech: koruna česká), has been the currency of the Czech Republic since 1993. The koruna is one of the European Union's eight currencies, and the Czech Republic is legally bound to adopt the euro in the future.

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 5 Kč 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") or sometimes before it (as is seen on the 10-koruna coin). One crown is made up of 100 hellers (abbreviated as "h", official name in Czech: singular: haléř, nominative plural: haléře, genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but hellers have now been withdrawn from circulation, and the smallest unit of physical currency is 1 Kč.

History

In 1892, the Austro-Hungarian krone replaced the gulden at the rate of two kronen to one gulden (which is also the reason why the 10 Kč coin had been nicknamed pětka or "fiver" - and has been in use in informal conversation up until nowadays). The name was suggested by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, Czechoslovakia was the only successor state to retain the name of its imperial-era currency. In the late 1920s, the Czechoslovak koruna was the hardest currency in Europe. During the Second World War, the currency on the occupied Czech territory was artificially weakened. The Czechoslovak crown was restored after the war. It underwent a highly controversial monetary reform in 1953.

The Czech koruna replaced the Czechoslovak koruna in 1993 after the dissolution of Czechoslovakia. It first consisted of overstamped 20 Kčs, 50 Kčs, 100 Kčs, 500 Kčs, and 1,000 Kčs banknotes, and a new series was properly introduced in 1993.

In November 2013, the Czech National Bank (ČNB) intervened to weaken the exchange rate of the koruna through a monetary stimulus to stop the currency from excessive strengthening.[1] This was meant to support the Czech economy, mainly focused on export, but people were unhappy about this step because it was set up before Christmas, which led to raising the prices of imported goods. In late 2016, the ČNB stated that the return to conventional monetary policy was planned for mid-2017.[2][3] After higher-than-expected inflation and other figures, the national bank removed the cap at a special monetary meeting on April 6, 2017. The koruna avoided significant volatility and City Index Group stated: "If you want to drop a currency peg, then the ČNB can show you how to do it".[4]

Euro adoption discussion

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005.[5] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[6] According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with the euro.[7] As reported by an April 2018 survey by CVVM (Public Opinion Research Center), this value has remained at nearly identical levels over the past four years, with only 20% of the Czech population above 15 years old supporting euro adoption.[8]

Coins

10 Kč coin series 2000
10 Kč coin series 2000
20 Kč coin series 2000
20 Kč coin series 2000
20 Kč coins series 2018
Series 2018 I, portrait of Tomáš Garrigue Masaryk
Series 2018 I, portrait of Tomáš Garrigue Masaryk
Series 2018 II, portrait of Milan Rastislav Štefánik
Series 2018 II, portrait of Milan Rastislav Štefánik
Series 2018 III, portrait of Edvard Beneš
Series 2018 III, portrait of Edvard Beneš
20 Kč coins series 2019
Series 2019 I, portrait of Alois Rašín
Series 2019 I, portrait of Alois Rašín
Series 2019 II, portrait of Vilém Pospíšil
Series 2019 II, portrait of Vilém Pospíšil
Series 2019 III, portrait of Karel Engliš
Series 2019 III, portrait of Karel Engliš

The coins of the Czech koruna increase in size and weight with value.

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů (h), 1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč and 50 Kč. The 10 h and 20 h coins were taken out of circulation by 31 October 2003 and the 50 h coins by 31 August 2008 due to their diminishing purchasing power and circulation.[9] However, financial amounts are still written with the accuracy of 1-haléř (CZK 0.01); prices in retail shops are usually multiples of CZK 0.10. When cash transactions are made, the amount is rounded to the nearest integer.

In 2000, the 10 Kč and 20 Kč coins were minted with different obverses to commemorate the millennium. In 1993 and 1994, coins were minted in Winnipeg and Hamburg, then in the Czech Republic. The 10 Kč and 50 Kč coins were designed by Ladislav Kozák (cs) (1934–2007).

Since 1997, sets for collectors are also issued yearly with proof-quality coins. Also, a tradition exists of issuing commemorative coins – including silver and gold coins – for numismatic purposes.

For a complete listing, see Commemorative coins of the Czech Republic.

Circulation coins[10]
Image Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue withdrawal 10h CZK.png 10 h 15.5 mm 1.7 mm 0.6 g 99% aluminium
1% magnesium 		Plain "ČESKÁ REPUBLIKA", the Czech lion, year of minting Value, stylized river 1993 1993 2003 20h CZK.png 20 h 17 mm 0.74 g Milled Value, linden leaf 1993 1993 2003 50h CZK.png 50 h 19 mm 0.9 g Alternately plain and milled Value 1993 1993 2008 1 CZK.png 1 Kč 20 mm 1.85 mm 3.6 g Nickel-plated steel Milled Value, St. Wenceslas crown 1993 1993 Current 2 CZK.png 2 Kč 21.5 mm,
11-sided 		3.7 g Rounded, plain Value, a Great Moravian button-jewel 1993 1993 Current 5 CZK.png 5 Kč 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf 1993 1993 Current
10 CZK.png 10 Kč 24.5 mm 2.55 mm 7.62 g Copper-plated steel Milled Value, Cathedral of St. Peter and Paul at Petrov monument in Brno 1993 1993 Current
20 CZK.png 20 Kč 26 mm,
13-sided 		8.43 g Brass-plated steel Rounded, plain Value, the St. Wenceslas monument on Wenceslas Square, inscription from the monument:
"SVATÝ VÁCLAVE NEDEJ ZAHYNOUT NÁM I BUDOUCÍM" 		1993 1993 Current
50 CZK.png 50 Kč 27.5 mm
center: 17 mm 		9.7 g Outer ring: Copper-plated steel
Center plug: Brass-plated steel 		Plain "PRAGA MATER URBIUM" (Prague, the Mother of Towns), view of Prague 1993 1993 Current

Banknotes

The first Czech banknotes were issued on 8 February 1993 and consisted of Czechoslovak notes with adhesive stamps affixed to them. Only the 100 Kčs, 500 Kčs and 1,000 Kčs notes were overstamped, the lower denominations circulated unchanged during this transitional period. Each stamp bears a Roman and Arabic numeral identifying the denomination of the banknote to which it is affixed (C and 100, D and 500, M and 1,000). Subsequent issues of the 1,000 Kč note replaced the adhesive stamp with a printed image of same.[11]

A newly designed series of banknotes in denominations of 20 Kč, 50 Kč, 100 Kč, 200 Kč, 500 Kč, 1,000 Kč and 5,000 Kč were introduced later in 1993 and are still in use at present – except for 20 Kč, 50 Kč and the first versions of 1,000 Kč and 5,000 Kč notes, since the security features of 1,000 Kč and 5,000 Kč notes were upgraded in the subsequent issues (The 2,000 Kč note, which was introduced in 1996, is still valid in all versions, with and without the new security features). These banknotes, designed by Oldřich Kulhánek, feature renowned Czech persons on the obverse and abstract compositions on the reverse. Modern protective elements can be found on all banknotes.

In 2007, the Czech National Bank started issuing new upgraded banknotes with upgraded security features. These include a new colour-shifting security thread, additional watermarks and EURion constellations. The first denomination to be issued with the new features was the 2,000 Kč, followed by the 1,000 Kč in 2008, the 500 Kč and 5,000 Kč in 2009 and finally ending with the issuance of the 100 Kč and 200 Kč notes in 2018.

Stamped banknotes

Image Value Dimensions Main colour Language Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal
Czechoslovak banknotes
10 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 10 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 10 Kčs 133 × 67 mm Brown Slovak Pavol Országh-Hviezdoslav Orava scene 1986 7 February 1993 31 July 1993
20 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 20 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 20 Kčs 138 × 67 mm Blue Czech Comenius Illustration related to culture and education 1988 7 February 1993 31 July 1993
50 Czechoslovakan koruna 1985-1989 Issue Obverse.jpg 50 Czechoslovakan koruna 1985-1989 Issue Reverse.jpg 50 Kčs 143 × 67 mm Red Slovak Ľudovít Štúr View of Bratislava with the castle (from the restaurant on the top of the pylon of the Nový Most) 1987 7 February 1993 31 July 1993
Overstamped Czechoslovak banknotes
100 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 100 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 100 Kč 165 × 81 mm Green Czech Peasant and worker View of Prague with the castle and the Charles Bridge 1961 7 February 1993 31 August 1993
500 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 500 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 500 Kč 153 × 67 mm Brown Slovak Partisans of the SNP 1944 Devín Castle 1973 7 February 1993 31 August 1993
1000 Czechoslovakan koruna 1993 Provisional Issue Obverse.jpg 1000 Czechoslovakan koruna 1993 Provisional Issue Reverse.jpg 1,000 Kč 158 × 67 mm Blue Czech Bedřich Smetana View of the Vltava at Vyšehrad 1985 7 February 1993 31 August 1993

Current banknotes

1993 series
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
20CZK obverse.jpg 20 Czech koruna Reverse.jpg 20 Kč 128 × 64 mm Blue Přemysl Otakar I Ottokar's crown
Seal of the Golden Bull of Sicily 		1994 20 April 1994 31 August 2008 31 August 2014[12]
50CZK obverse.jpg 50 Czech koruna Reverse.jpg 50 Kč 134 × 64 mm Red Saint Agnes of Bohemia Vault of St. Salvator's church
Convent of Saint Agnes 		1993 6 October 1993 31 January 2007 31 March 2017[13]
1994 21 December 1994 31 March 2011
1997 10 September 1997 31 March 2011
100CZK obverse.jpg 100 Czech koruna Reverse.jpg 100 Kč 140 × 69 mm Turquoise Charles IV Seal of Charles University 1993 30 June 1993 31 January 2007 1 July 2022[14]
1995 21 June 1995 current
1997 15 October 1997 current
200CZK obverse.jpg 200 Czech koruna Reverse.jpg 200 Kč 146 × 69 mm Orange John Amos Comenius Orbis Pictus
Joined hands of an adult and a child 		1993 8 February 1993 31 January 2007 1 July 2022[14]
1996 14 August 1996 current
1998 6 January 1999 current
500CZK obverse.jpg 500 Czech koruna Reverse.jpg 500 Kč 152 × 69 mm Brown Božena Němcová Laureate woman 1993 21 July 1993 31 January 2007 1 July 2022[14]
1995 27 December 1995 current
1997 18 March 1998 current
1000CZK obverse.jpg 1000 Czech koruna Reverse.jpg 1000 Kč 158 × 74 mm Violet František Palacký Eagle
Archbishop's Castle in Kroměříž 		1993 12 May 1993 30 June 2001 1 July 2022[14]
1996 6 December 1996 current
2000CZK obverse.jpg 2000 CZK reverse.jpg 2000 Kč 164 × 74 mm Green Emmy Destinn Euterpe, violin and cello 1996 1 October 1996 current
1999 1 December 1999 current
5000CZK obverse.jpg 5000CZK reverse.jpg 5000 Kč 170 × 74 mm Grey Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague
St. Vitus Cathedral 		1993 15 December 1993 30 June 2001 1 July 2022[14]
1999 8 September 1999 current

Upgraded banknotes

1993 (upgraded) series
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue
100 Czech koruna Obverse.jpg 100 Czech koruna Reverse.jpg 100 Kč 140 × 69 mm Turquoise Charles IV Seal of Charles University 2018 5 September 2018[15]
200 Czech koruna Obverse.jpg 200 Czech koruna Reverse.jpg 200 Kč 146 × 69 mm Orange John Amos Comenius Orbis Pictus
Joined hands of an adult and a child. 		2018 5 September 2018[15]
500 Czech koruna Obverse.jpg 500 Czech koruna Reverse.jpg 500 Kč 152 × 69 mm Brown Božena Němcová Laureate woman 2009 1 April 2009[16]
1000 Czech koruna Obverse.jpg 1000 Czech koruna Reverse.jpg 1000 Kč 158 × 74 mm Violet František Palacký Eagle
Archbishop's Castle in Kroměříž 		2008 1 April 2008[17]
2000 Czech koruna Obverse.jpg 2000 Czech koruna Reverse.jpg 2000 Kč 164 × 74 mm Green Emmy Destinn Euterpe, violin and cello 2007 2 July 2007[18]
5000 Czech koruna Obverse.jpg 5000 Czech koruna Reverse.jpg 5000 Kč 170 × 74 mm Grey Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague
St. Vitus Cathedral 		2009 1 December 2009[19]

Commemorative banknotes

Commemorative banknote series[20]
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue
100 CZK obverse (with additional print 2019).jpg 100 Czech koruna Reverse.jpg 100 Kč 140 × 69 mm Turquoise Charles IV, overprint on watermark area Seal of Charles University 2019 30 January 2019
100 CZK obverse (2019).jpg 100 CZK reverse (2019).jpg 100 Kč 194 × 84 mm Gold Alois Rašín Czech National Bank building 2019 31 January 2019
100 CZK obverse (2022).jpg 100 CZK reverse (2022).jpg 100 Kč 194 × 84 mm Olive green Karel Engliš Clam-Gallas Palace 2022 30 March 2022
1000 Czech koruna Reverse.jpg 1000 Kč 158 × 74 mm Violet František Palacký, overprint on watermark area Eagle
Archbishop's Castle in Kroměříž 		2008 8 February 2023[21]

Exchange rates

Historic rates

EUR–CZK exchange rate since 1999

The currency had a record exchange rate run in 2008.[22]

Most traded currencies (since 31 December 2008):

Year United States United States dollar Europe Euro United Kingdom Sterling Switzerland Swiss franc Japan Yen
2008 19.346 26.930 28.270 18.132 0.21348
2009 18.368 26.465 29.798 17.837 0.19875
2010 18.751 25.060 29.108 20.043 0.23058
2011 19.940 25.800 30.886 21.220 0.25754
2012 19.055 25.140 30.812 20.831 0.22130
2013 19.894 27.425 32.911 22.344 0.18957
2014 22.834 27.725 35.591 23.058 0.19090
2015 24.824 27.025 36.822 24.930 0.20619
2016 25.639 27.020 31.586 25.166 0.21907
2017 21.291 25.540 28.786 21.824 0.18915
2018 22.466 25.725 28.762 22.827 0.20447
2019 22.621 25.410 29.866 23.416 0.20844
2020 21.381 26.245 29.190 24.298 0.20747
2021 21.951 24.860 29.585 24.066 0.19069
2022 22.616 24.115 27.200 24.496 0.17152
Source: Czech National Bank exchange rates[23]

Current rates

See also

References

  1. ↑ "Czech Koruna Approaches Euro Cap: Intervention Policy Explained". Bloomberg.com. 8 July 2015. https://www.bloomberg.com/news/articles/2015-07-08/czech-koruna-approaches-euro-cap-intervention-policy-explained. 
  2. ↑ "Czech Central Bank Zeros In on Ending Koruna Cap in Mid-2017". Bloomberg.com. 29 September 2016. https://www.bloomberg.com/news/articles/2016-09-29/czechs-hold-rates-confirm-koruna-cap-as-focus-shifts-to-exit. 
  3. ↑ "Czech Central Banker Quashes Bets on Earlier Koruna Cap Exit". Bloomberg.com. 13 September 2016. https://www.bloomberg.com/news/articles/2016-09-13/czech-central-bank-chief-dampens-bets-on-earlier-koruna-cap-exit. 
  4. ↑ "Czechs Trigger Long-Awaited Koruna Float Without Swiss Shock". Bloomberg.com. 6 April 2017. https://www.bloomberg.com/news/articles/2017-04-06/czech-central-bank-ends-currency-cap-to-let-koruna-float-again. 
  5. ↑ "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha. http://www.radio.cz/en/news/94849. 
  6. ↑ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 5 August 2008. Archived from the original on 4 September 2006. Retrieved 21 December 2008.
  7. ↑ "Introduction of the euro in the more recently acceded member states". http://ec.europa.eu/public_opinion/flash/fl_400_en.pdf. 
  8. ↑ "Občané ČR o budoucnosti EU a přijetí eura". https://cvvm.soc.cas.cz/media/com_form2content/documents/c2/a4616/f9/pm180514b.pdf. 
  9. ↑ "The CNB decides 50-heller coins will cease to be legal tender". http://www.cnb.cz/en/public/media_service/press_releases_cnb/2007/070802_50heller.html. 
  10. ↑ Czech national bank. Available at: "České mince - Česká národní banka". http://www.cnb.cz/cs/platidla/mince/. 
  11. ↑ "Platidla ČR (1993–20..) – Papírová platidla, bankovky". Papirovaplatidla.cz. http://www.papirovaplatidla.cz/bankovky/platidla-cr. 
  12. ↑ "ČNB". http://www.cnb.cz/en/public/media_service/press_releases_cnb/2008/080201_czk_20.html. 
  13. ↑ "Czech Republic to replace 50-koruna note with coin 01.04.2011 - Banknote News". http://banknotenews.com/files/dcbd41b58fc6bec2c6ffc1313b6e6517-1314.php. 
  14. ↑ 14.0 14.1 14.2 14.3 14.4 "ČNB za rok ukončí platnost starších bankovek 100 Kč – 2 000 Kč s úzkým stříbřitým proužkem, staré postupně mizí z oběhu (The CNB will terminate the validity of older CZK 100 - CZK 2,000 banknotes with a narrow silver stripe in a year, the old ones will gradually disappear from circulation)". https://www.cnb.cz/cs/cnb-news/tiskove-zpravy/CNB-za-rok-ukonci-platnost-starsich-bankovek-100Kc-2000Kc-suzkym-stribritym-prouzkem-stare-postupne-mizi-zobehu/. 
  15. ↑ 15.0 15.1 "CNB issues new versions of the CZK 100 and 200 banknotes". https://www.cnb.cz/en/cnb-news/press-releases/CNB-issues-new-versions-of-the-CZK-100-and-CZK-200-banknotes/. 
  16. ↑ "The CNB puts into circulation a new version of the CZK 500 banknote". https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-puts-into-circulation-a-new-version-of-the-CZK-500-banknote-00001/. 
  17. ↑ "The CNB puts into circulation a new version of the CZK 1000 banknote". https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-puts-into-circulation-a-new-version-of-the-CZK-1000-banknote-00001/. 
  18. ↑ "The CNB puts into circulation a new version of the CZK 2000 banknote". https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-puts-into-circulation-a-new-version-of-the-CZK-2000-banknote-00001/. 
  19. ↑ "The CNB puts into circulation a new version of the CZK 5000 banknote". https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-puts-into-circulation-a-new-version-of-the-CZK-5000-banknote-00001/. 
  20. ↑ "Rašín Alois". zlate-mince.cz. Zlatemince.cz. https://www.zlate-mince.cz/Bankovka_Rasin.htm. 
  21. ↑ "CZK 1000 version 2008 with an additional print "The 30th anniversary of the CNB and the Czech currency"". Czech National Bank. https://www.cnb.cz/en/banknotes-and-coins/banknotes/czk-1000-additional-print/. 
  22. ↑ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. https://www.forbes.com/afxnewslimited/feeds/afx/2008/07/07/afx5188524.html. 
  23. ↑ Czech national bank exchange rate fixing. Available at: "Exchange rates – yearly history". https://www.cnb.cz/en/financial-markets/foreign-exchange-market/central-bank-exchange-rate-fixing/central-bank-exchange-rate-fixing/year_form.html. 

External links



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