Czech koruna

"CZK" redirects here. For other uses, see CZK (disambiguation).
For the monarchist party, see Koruna Česká (party).
Czech koruna
koruna česká  (Czech)

koruna banknotes as of 2014
ISO 4217
Code CZK
Denominations
Subunit
 1/100 haléř (defunct)
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol Kč
 haléř (defunct) h
Banknotes
 Freq. used 100, 200, 500, 1000, 2000 Kč
 Rarely used 5000 Kč
Coins
 Freq. used 1, 2, 5, 10, 20, 50 Kč
Demographics
User(s)  Czech Republic
Issuance
Central bank Czech National Bank
 Website www.cnb.cz
Valuation
Inflation 0.4%
 Source Czech Statistical Office, January 2014
 Method CPI

The koruna (sign: Kč; code: CZK) is the currency of the Czech Republic since 1993, and in English it is sometimes referred to as Czech crown. The koruna is one of European Union's 11 currencies, and the Czech Republic is legally bound to adopt the euro currency 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"). 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genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but haléře have been withdrawn, and the smallest unit of currency is 1 kč.

History

Crown of Saint Wenceslas, crown jewel of the Kingdom of Bohemia

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.

In November 2013, the Czech National Bank has intervened to weaken the exchange rate of the koruna through a monetary stimulus in order to stop the currency from excessive strengthening.[1] In late 2016, the CNB stated that the return to conventional monetary policy was planned for mid-2017.[2][3]

Euro adoption discussion

EUR–CZK exchange rate since 1999

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005.[4] Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic.[5] According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with euro.[6] According to a spring 2015 flash Euro-barometer public opinion is 70% against euro-adoption vs 29% for euro-adoption.[7]

Coins

In 1993, coins were introduced in denominations of 10, 20 and 50 haléřů, 1, 2, 5, 10, 20 and 50 korun. 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]

In 2000, the 10 and 20 korun coins were minted with different obverses to commemorate the Millennium. In 1993 & 1994 coins were minted in Winnipeg and Hamburg, then in the Czech Republic. All circulation coins were designed by Ladislav Kozak (1934–2007).

Since 1997, sets for collectors are also issued yearly with proof quality coins. There's also a tradition 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[9]
Image Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue withdrawal
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
20 h 17 mm 0.74 g Milled Value, linden leaf 1993 1993 2003
50 h 19 mm 0.9 g Alternately plain and milled Value 1993 1993 2008
1 Kč 20 mm 1.85 mm 3.6 g Nickel plated steel Milled Value, St. Wenceslas crown 1993 1993 Current
2 Kč 21.5 mm,
11-sided		 3.7 g Rounded, plain Value, a Great Moravian button-jewel 1993 1993 Current
5 Kč 23 mm 4.8 g Plain Value, Charles Bridge, Vltava, linden leaf 1993 1993 Current
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 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 Kč 27.5 mm
center: 17 mm		 9.7 g Ring: copper plated steel
Center: brass plated steel		 Plain "PRAGA MATER URBIUM" ("Prague, the Mother of Towns"), view of Prague 1993 1993 Current

Banknotes

The first Czech banknotes issued on 8 February 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. Each stamp bears a Roman and Arabic number 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-korun note replaced the adhesive stamp with a printed image of same.[10]

A newly designed series of banknotes of denominations 20, 50, 100, 200, 500, 1000 and 5000 korun were introduced later in 1993 and are still in use at present – except for 20, 50 and the first versions of 1000 and 5000 korun notes, since the security features of 1000 and 5000 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.

Stamped Czechoslovak banknotes

Value Dimensions Main Colour Language Description Date of
Obverse Reverse printing issue withdrawal
Czechoslovak banknotes
10 Kčs 133 × 67 mm Brown Slovak Pavol Országh-Hviezdoslav Orava scene 1986 7 February 1993 31 July 1993
20 Kčs 138 × 67 mm Blue Czech Comenius Illustration related to culture and education 1988 7 February 1993 31 July 1993
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 Kč 165 × 81 mm Green Czech Peasant couple View of Prague with the castle and the Charles Bridge 1961 7 February 1993 31 August 1993
500 Kč 153 × 67 mm Brown Slovak Partisans of the SNP 1944 Devín Castle 1973 7 February 1993 31 August 1993
1000 Kč 158 × 67 mm Blue Czech Bedřich Smetana View of the Vltava at Vyšehrad 1985 7 February 1993 31 August 1993

Original Czech banknotes

The Coat of arms of the Czech Republic can be found on the reverse side of all denominations.

Value Dimensions Main Colour Description Date of
Obverse Reverse printing issue withdrawal lapse
First original (second 1993) series
20 Kč 128 × 64 mm Blue Přemysl Otakar I and his seal Crown 1994 20 April 1994 31 August 2008 31 August 2014[11]
50 Kč 134 × 64 mm Red Saint Agnes of Bohemia and the Sacred Heart St. Salvator's Church ceiling (part of Convent of St. Agnes of Bohemia in Prague) and ornamental letter A 1993 6 October 1993 31 January 2007 31 March 2017[12]
1994 21 December 1994 31 March 2011
1997 10 September 1997 31 March 2011
100 Kč 140 × 69 mm Green, pink Charles IV Seal of Charles University 1993 30 June 1993 31 January 2007 until further notice
1995 21 June 1995 current
1997 15 October 1997 current
200 Kč 146 × 69 mm Brown, orange John Amos Comenius Orbis Pictus, an adult's hand passing to a child's hand 1993 8 February 1993 31 January 2007 until further notice
1996 14 August 1996 current
1998 6 January 1999 current
500 Kč 152 × 69 mm Brown, pink Božena Němcová and rose Laureate woman symbolizing all woman characters in Němcová's books 1993 21 July 1993 31 January 2007 until further notice
1995 27 December 1995 current
1997 18 March 1998 current
2009 1 April 2009 current
1000 Kč 158 × 74 mm Violet František Palacký, uprooted tree Eagle spread its wings over the Archbishop's Castle in Kroměříž, where a constitution preparing parliament of Austrian Empire was held in 1848 1993 12 May 1993 30 June 2001 until further notice
1996 6 December 1996 current
2008 1 April 2008 current
2000 Kč 164 × 74 mm Green Emmy Destinn Euterpe and musical motifs like violin 1996 1 October 1996 current
1999 1 December 1999 current
2007 2 July 2007 current
5000 Kč 170 × 74 mm Dark blue, violet Tomáš Garrigue Masaryk Gothic and Baroque buildings in Prague, in centre dominating St. Vitus Cathedral 1993 15 December 1993 30 June 2001 until further notice
1999 8 September 1999 current
2009 1 December 2009 current

Current exchange rates

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 XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

The currency was on a record exchange rate run in 2008.[13]

Historic rates

Most traded currencies (from 31 December 2010):

Year United States USD European Union EUR United Kingdom GBP Switzerland CHF Japan JPY
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

Sources: Czech currency exchange rates from Czech banks and exchange offices

See also

References

  1. ↑ https://www.bloomberg.com/news/articles/2015-07-08/czech-koruna-approaches-euro-cap-intervention-policy-explained
  2. ↑ https://www.bloomberg.com/news/articles/2016-09-29/czechs-hold-rates-confirm-koruna-cap-as-focus-shifts-to-exit
  3. ↑ https://www.bloomberg.com/news/articles/2016-09-13/czech-central-bank-chief-dampens-bets-on-earlier-koruna-cap-exit
  4. ↑ "Finance Ministry backtracks on joining the Euro by 2012". Radio Praha. Retrieved 22 December 2008.
  5. ↑ "Euros in the wallets of the Slovaks, but who will be next?" (Press release). Sparkasse.at. 5 August 2008. Retrieved 2008-12-21.
  6. ↑ http://ec.europa.eu/public_opinion/flash/fl_400_en.pdf
  7. ↑ European Commission (May 2015). "Introduction of the euro in the member states that have not yet adopted the common currency". Flash Eurobarometer (418): 65. doi:10.2765/556232.
  8. ↑ "The CNB decides 50-heller coins will cease to be legal tender". Retrieved 20 January 2008.
  9. ↑ Czech national bank. Available at: http://www.cnb.cz/cs/platidla/mince/
  10. ↑ "Platidla ČR (1993-20..) – Papírová platidla, bankovky". Papirovaplatidla.cz. Retrieved 2014-08-19.
  11. ↑ Czech National Bank
  12. ↑ 50 Koruna
  13. ↑ "Czech crown extends record run, eyes on CPI". Forbes. 7 July 2008. Archived from the original on 24 May 2011.
Wikimedia Commons has media related to Czech koruna.
Czech Republic articles
History
Geography
Politics
Economy
Society
Culture
  • Category
  • Portal
Currency units named crown or similar
Circulating
Obsolete
Proposed
As a denomination
Circulating
Historic
Currencies of Europe
European Union
Eastern
Southern
Western
This article is issued from Wikipedia - version of the 12/1/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.