Tuesday, April 4, 2023

Czech National Bank

Česká národní banka, (ČNB), is Czechland's central bank it supervises the country's financial market.  It's primary objective is price stability by setting monetary policy, it issues the koruna, manages the payments and transfers between banks, and oversees the banking sector, capital markets, pension funds, the insurance industry, and foreign exchanges.  It holds reserves of more than $62,5 million and tries to stabilise inflation to around 2% per year.  The headquarters are in Prague.

The Austro-Hungarian Bank was the central bank of the Habsburg Empire in the 19th and 20th centuries.  Czechoslovakia didn't have a central bank for the first six years of independence.  The country's ministry of finance was responsible for all central banking functions.

Národní banka Československa was the central bank from 1926 to 1939 during the First Republic.  From 1939 to 1945, during the Protectorate of Bohemia and Moravia, there was the Národní banka pro Čechy a Moravu v Praze.

The national bank was re-established after WWII and in 1950 it was renamed to Státní banka Československá.

Following the Velvet Divorce, the State Bank of Czechoslovakia was replaced on 1 January 1993 by the Czech National Bank.

Slovakia has the National Bank of Slovakia (NBS).

Here's a short video, in Czech, about the ČNB that I found on YouTube.

©Česká národní banka

So this January was the 30th anniversary of the Czech National Bank (and Slovakia's too).  

To commemorate both the 30th anniversary of the ČNB and the Czech currency, the bank is issuing a special 1000 Kč banknote.  

Here's a short video about the commemorative bank note.

©Česká národní banka

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