Currency facts
History of the Czech Koruna
The Czech Koruna is one of the youngest currencies of the European continent. The history of the CZK dates back to the period when the Czechoslovak Koruna was in circulation, and even to the times of the Austro-Hungarian Crown. At the beginning of 1919, a new state – Czechoslovakia – was created on the territory of the Czech Republic and Slovakia, but the Austro-Hungarian currency was used there. This situation was not accepted by the then authorities, by virtue of which the country’s border was closed for over a week. Austro-Hungarian banknotes were renamed Czechoslovak crowns at this time. The currency of the Czech Republic and Slovakia was still in force in 1992, when both countries were still connected by a monetary union and used the old currency. After the separation of Czechoslovakia, both countries began to conduct their own monetary policy.
What does the Czech Koruna exchange rate depend on?
The exchange rate of the Czech Koruna depends mainly on the economic situation of the Czech Republic, which is one of the most stable in Europe. Small fluctuations in the quotation of the Czech currency are due to the fact that the export of Czech products and their prices are kept at a constant high level. The Czech authorities have committed to adopting the European currency, but citizens are highly skeptical about this move.
Denominations of Czech Koruna banknotes and coins
The Czech Koruna bears the currency code CZK and the symbol Kč , and the following coin denominations are in circulation: 1, 2, 5, 10, 20, 50 crowns. The Czech currency is an example that does not have coins corresponding to Polish pennies. In the past, hellers were used, which were withdrawn due to the high cost of production. In addition to CZK coins, it has the following banknotes: 100, 200, 500, 1000, 2000, 5000 crowns.
