Czech Koruna
The official currency of the Czech Republic is the Czech Koruna, commonly abbreviated as CZK. The Czech National Bank (CNB) manages it. The currency code is CZK, and the symbol is Kč.
The Czech Koruna was introduced on February 8, 1993, as part of the dissolution of Czechoslovakia into the Czech Republic and Slovakia. It replaced the Czechoslovak koruna at par.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
The Czech National Bank (ČNB) is the central bank of the Czech Republic. Its objective is to maintain the noninflationary growth of the economy, as well as the supervision of the country’s banks.
Price setting method: the floating exchange rate is described as «supervised». The ČNB reserves the right to intervene in a targeted way in the foreign exchange market.
Key Features of CZK
The Czech koruna banknote denominations include 100, 200, 500, 2000 and 5000 korun. Regarding coins, denominations of 1, 2, 5, 10, 20 and 50 korun are in circulation.
All Czech koruna banknotes feature prominent Czechs on one side and abstract works on the other.
Expert Opinion
The Czech Koruna's value is influenced by various economic factors, such as interest rates, inflation, political stability, and economic growth. The Czech Republic is an export-oriented economy, with automotive and manufacturing industries playing crucial roles. Therefore, the CZK's value is also impacted by external factors, such as global economic trends and developments in the Eurozone, as the country has strong trade ties with Eurozone countries, particularly Germany.
CZK Regulations
The Czech National Bank regulates the CZK, overseeing monetary policy, ensuring the stability of the financial system, and providing secure, quality banknotes. Financial institutions in the Czech Republic must comply with the CNB's regulatory requirements and the regulations set by the Ministry of Finance, including robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Important information
Payments in CZK to the Czech Republic
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within New Zealand are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
When a holiday falls on a weekend, the next business day becomes a holiday.
01
January
New Year’s Day
01
May
Labour Day
08
May
Liberation Day
05
July
Day of Cyrl and Metodej
06
July
Burning Stake of John Hus
28
September
Statehood Day
28
October
National Day
17
November
Freedom and Democracy Day
25
December
Christmas Day
Easter Monday
Variable
Good Friday
Variable
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