AmericanInPrague.EU  
  Food in Prague Beer in Prague Tours of Prague Travel to Prague  
  Money in Prague  
 

 

2017 Exchange Rate: $1.00 USD = 24.824 Kč

If you trade dollars for Czech Crowns at a shop you will only get about 22Kč for $1.00

(the exchange rate is inflated from: $1.00 USD = 18.751 Kč in 2010)

€1 Euro = 27.025 Kč

 

The Czech Crown (Koruna) is the money of Prague, Czech Republic. You can exchange paper Dollars and Euros for Crowns, but foreign coins are worthless in Prague. There are many moneychangers in Prague (watch the rates & fees), including at the airport; the most popular is probably Western Union. Most prices in Prague's city center are TRIPLED across the board during the Christmas & New Years holidays!

$1.00 USD is worth about 25 Kč (at the bank). A small lunch costs about 100Kč ($4), a beer costs about 25Kč ($1), and cigarettes cost about 80Kč ($3). Generally technology items like iPhones are very expensive

 

100Kc King Charles
Czech Banknotes CZK

The Czech Crown (Currency)

The koruna (sign: ; 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genitive plural: haléřů – used with numbers higher or equal to 5 – e.g. 3 haléře, 8 haléřů), but haléře have been withdrawn, and the smallest unit of currency is 1 Kč.

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.

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.

History of the Crown

In 1892, the Austro-Hungarian Krone (crown) replaced the Gulden, at the rate 1 Gulden = 2 crowns (that's also the reason why the 10-crown 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 crown, was Czechoslovakia. In the late 1920s, the Czechoslovak crown 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 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. In late 2016, the CNB 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 floor on a special monetary meeting on April 6th, 2017. Avoiding significant volatility, the koruna gradually strengthened 1.55% on that day.

 

Czech 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 October 31, 2003, and the 50 haléřů coins were withdrawn from circulation on 31 August 2008 due to their diminishing purchasing power and circulation. 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.

1 CZK 2 CZK
5 CZK 10 CZK
20 CZK 50 CZK

 

European Union's "Euro" €

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 favor of replacing the koruna with euro. As reported by an April 2016 survey by CVVM, (Public Opinion Research Center), this value has remained at nearly identical levels over the past two years, with merely 17% of the Czech population above 15 years old supporting euro adoption.

 

Czech Republic Economy

The Czech Republic possesses a developed, high-income economy with a per capita GDP rate that is 87% of the European Union average. The most stable and prosperous of the post-Communist states, the Czech Republic saw growth of over 6% annually in the three years before the outbreak of the recent global economic crisis. Growth has been led by exports to the European Union, especially Germany, and foreign investment, while domestic demand is reviving.

Most of the economy has been privatized, including the banks and telecommunications. A 2009 survey in cooperation with the Czech Economic Association found that the majority of Czech economists favor continued liberalization in most sectors of the economy. Dividends worth CZK 300 billion were paid to foreign owners in 2013.

The Czech Republic has been a member of the Schengen Area since 1 May 2004, having abolished border controls, completely opening its borders with all of its neighbours (Germany, Austria, Poland and Slovakia) on 21 December 2007. The Czech Republic became a member of the World Trade Organization on 1 January 1995. In 2012, Nearly 80% of Czech exports went to, and more than 65% of Czech imports came from, other European Union member states. The Czech Republic would become the 49th largest economy in the world by 2050 with a GDP of US$ $342 billion.

Monetary policy is conducted by the Czech National Bank, whose independence is guaranteed by the Constitution. The official currency is the Czech koruna. In November 2013, the Czech National Bank started to intervene to weaken the exchange rate of Czech koruna through a monetary stimulus in order to stop the currency from excessive strengthening and to fight against deflation. In late 2016, the CNB stated that the return to conventional monetary policy was planned for mid-2017. When it joined EU, the Czech Republic obligated itself to adopt the euro, but the date of adoption has not been determined. The Programme for International Student Assessment, coordinated by the OECD, currently ranks the Czech education system as the 15th best in the world, higher than the OECD average. The Czech Republic is ranked 24th in the 2015 Index of Economic Freedom. In December 2016, Czech GDP growth was 1.9%, giving the Czech economy the average growth in the European Union. The unemployment rate is 3.5%, giving the Czech Republic the lowest unemployment rate in the European Union.

The Czech economy gets a substantial income from tourism. Prague is the 5th most visited city in Europe after London, Paris, Istanbul, and Rome. In 2001, the total earnings from tourism reached 118 billion CZK, making up 5.5% of GNP and 9% of overall export earnings. The industry employs more than 110,000 people – over 1% of the population.

 

Czech Coins NOT in Circulation (Inflation)

10h = 0.10 CZK
20h = 0.20 CZK
50h = 0.50 CZK

 

Americans in Prague on Google Plus Americans in Prague on FaceBook Americans in Prague on Twitter Americans in Prague on Pinterest Watch Americans in Prague Videos on YouTube Americans in Prague Blog Blog with RSS Feed