Currency - Czech koruna

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Czech koruna

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 or Czech krone. 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") or sometimes before it (as is seen on the 10-koruna coin). 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genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but haléře have been withdrawn, and the smallest unit of physical currency is 1 Kč.

In 1892, the Austro-Hungarian krone replaced the gulden, at the rate of one gulden equaling two kronen (which is also the reason why the 10-koruna coin is still nicknamed pětka or "the five" by the Czechs). The name "krone" was invented by the emperor, Franz Joseph I of Austria. After Austria-Hungary dissolved in 1918, the only successor state that kept the name of the currency, the koruna, was Czechoslovakia. 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 koruna was restored after the war. It underwent a highly controversial monetary reform in 1953.

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 (ČNB) intervened to weaken the exchange rate of the koruna through a monetary stimulus to stop the currency from excessive strengthening. In late 2016, the ČNB stated that the return to conventional monetary policy was planned for mid-2017. After higher-than-expected inflation and other figures, the national bank removed the cap on 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".

The Czech Republic planned to adopt the euro in 2010, but its government suspended that plan indefinitely in 2005. Although the country is economically well positioned to adopt the euro, there is considerable opposition to the move within the Czech Republic. According to a survey conducted in April 2014, only 16% of the Czech population was in favour of replacing the koruna with the euro. 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.

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, 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 by 31 August 2008 due to their diminishing purchasing power and circulation. 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 transactions are made, the amount is rounded to the nearest integer.

In 2000, the 10- and 20-korun 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- and 50-korun coins were designed by Ladislav Kozák (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.

Country

Czech Republic

The Czech Republic (Česká republika ), also known by its short-form name, Czechia, is a landlocked country in Central Europe bordered by Germany to the west, Austria to the south, Slovakia to the east and Poland to the northeast. The Czech Republic covers an area of 78866 km2 with a mostly temperate continental climate and oceanic climate. It is a unitary parliamentary republic, with million inhabitants; its capital and largest city is Prague, with 1.3 million residents. Other major cities are Brno, Ostrava, Olomouc and Pilsen. The Czech Republic is a member of the European Union (EU), NATO, the OECD, the United Nations, the OSCE, and the Council of Europe.

It is a developed country with an advanced, high income export-oriented social market economy based in services, manufacturing and innovation. The UNDP ranks the country 14th in inequality-adjusted human development. The Czech Republic is a welfare state with a "continental" European social model, a universal health care system, tuition-free university education and is ranked 14th in the Human Capital Index. It ranks as the 6th safest or most peaceful country and is one of the most non-religious countries in the world, while achieving strong performance in democratic governance.

Language

Czech koruna (English)  Corona ceca (Italiano)  Tsjechische kroon (Nederlands)  Couronne tchèque (Français)  Tschechische Krone (Deutsch)  Coroa checa (Português)  Чешская крона (Русский)  Corona checa (Español)  Korona czeska (Polski)  捷克克朗 (中文)  Tjeckisk krona (Svenska)  Coroană cehă (Română)  チェコ・コルナ (日本語)  Чеська крона (Українська)  Чешка крона (Български)  체코 코루나 (한국어)  Tšekin koruna (Suomi)  Koruna Ceko (Bahasa Indonesia)  Čekijos krona (Lietuvių)  Tjekkiske koruna (Dansk)  Koruna česká (Česky)  Çek korunası (Türkçe)  Чешка круна (Српски / Srpski)  Tšehhi kroon (Eesti)  Česká koruna (Slovenčina)  Cseh korona (Magyar)  Češka kruna (Hrvatski)  โครูนาเช็ก (ไทย)  Češka krona (Slovenščina)  Čehijas krona (Latviešu)  Κορόνα Τσεχίας (Ελληνικά)  Koruna Séc (Tiếng Việt) 
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