Czech Koruna_flag

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

Did you know?

Czech Republic's Monetary Policy

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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.

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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.

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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.

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All Czech koruna banknotes feature prominent Czechs on one side and abstract works on the other.

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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.

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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.

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Important information

Payments in CZK to the Czech Republic

Key considerations to bear in mind

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Payment instructions should contain the beneficiary's IBAN, name, and address.

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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.

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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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Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

iBanFirst S.A. is duly authorised and regulated by the National Bank of Belgium (under CBE number 0849.872.824) as a payment institution. It is a direct member of the SWIFT network and is certified to make payments throughout the SEPA zone. As a payment institution, iBanFirst S.A. only offers hedging solutions (forward, flexible forward and dynamic forward) connected to underlying payment transactions. iBanFirst S.A. does not offer options or any other financial instruments for investment or speculative purposes.