The Czech Koruna (CZK) is the official currency of the Czech Republic. The symbol for the Koruna is Kč. The subdivision for the koruna is the haléře - 100 haléřů = 1 koruna. The country had planned to replace the Koruna with the Euro in 2012, however strong internal opposition has indefinitely delayed the move.
Economy
The Czech Republic economy is developed; the main focus is industrial.
Most of the GDP income is from the industrial and service industries.
The unemployment rate is 6.5%.
The main industries are glass, machinery, armaments, metallurgy, equipment, and motor vehicles.
Export products are fuel, chemicals, transport and machinery equipment, and raw materials.
The Czech Republic is the first communist country to obtain an investment grade rating from the international credit institution.
History
The first Koruna was introduced in 1892, based on the German Krone.
A new Koruna was issued in 1919, equal in value to the Austro-Hungarian Krone. The first notes were also released in 1919.
In 1922, the first Koruna coins were distributed.
The first Koruna was in circulation until 1939, when the currency was divided into Bohemia, Moravia, and Slovakia.
In 1945, the Czechoslovak Koruna was reintroduced, but due to the war the currency depreciated.
In 1953, a drastic change took place and the country reformed its currency. Printed USSR banknotes were distributed. All insurance stock, commercial papers, and state obligations were demolished and nullified.
In 1993, upon the dissolution of Czechoslovakia, the Czechoslovak Koruna was split into the Slovak Koruna and the Czech Koruna.
