Time Period: 1919-1939

Currency: 1st Czechoslovak Crown


Timeline

  • 25.02.1919
  • Law [No. 84] on the nationalization (overprinting) of the paper money of the Austro-Hungarian Bank; implemented 03.03.-09.03.1919 (until 12.03.1919 in Slovakia):
    - 50% of the presented cash were withdrawn and converted into a non-transferable 1% state bond; the procedure was subject to a 10% "exchange tax".
    - Notes of 1000, 100, 50, 20, 10 Crowns were stamped; notes of 200, 25 Crowns were not stamped but could be presented for conversion; notes of 10000 Crowns were not accepted at all (notes of 2, 1 Crowns were exempted for practical reasons).
  • 25.02.1919
  • Ordinance [No. 119] on the establishment of the Banking Office of the Ministry of Finance to take over central bank functions; effective upon constitution of the office on 11.03.1919
  • 10.04.1919
  • Law [No. 187] on the creation of the national currency; effective 15.04.1919
  • 12.12.1919
  • Start of currency exchange:
    - 12.12.1919: Start of issuance of the new banknotes and coins
    - 31.08.1920: Demonetization of the overprinted Austro-Hungarian banknotes (originally on 31.07.1920).
  • 14.04.1920
  • Law [No. 347] on the establishment of the Czechoslovak National Bank, amended by law [No. 102] of 23.04.1925; effective upon constitution of the bank on 01.04.1926 (nominally retroactive for 01.01.1926)
  • Oct-Nov 1938
  • Annexation of Czechoslovak borderlands by neighbouring countries and currency exchange:
    - 10.10.1938: Sudetenland (annexed to Germany), currency exchange at 12 German Reichsmark = 100 Czechoslovak Crowns until 31.10.1938.
    - 11.10.1938: Olza region - Cieszyn/Těšín (annexed to Poland), currency exchange at 16 Polish Zloty (1924) = 100 Czechoslovak Crowns until 31.10.1938 (?).
    - 02.11.1938: Slovak border areas and Carpathian Ukraine (annexed to Hungary), currency exchange at 1 Hungarian Pengö = 7 Czechoslovak Crowns until 30.11.1938 (?).

Valuation Regimes

  • 1919-1929
  • Variable rate
  • 1929-1939
  • Fixed rate against gold (suspended 1931-1934)

Rate Arrangements

  • 15.04.1919
  • Variable
  • initially: [Gold parity] 304.88mg AU fine
  • 27.11.1929
  • Fixed
  • [Gold parity] 44.58mg AU fine
  • -
  • 15.07.1931
  • Variable
  • initially: US Dollar at 1 : 33.75
  • ±0.0%
  • 17.02.1934
  • Fixed
  • [Gold parity] 37.15mg AU fine
  • -
  • 09.10.1936
  • Fixed
  • [Gold parity] 31.21mg AU fine
  • -16.0%


Time Period: 1945-1953

Currency: 2nd Czechoslovak Crown


Timeline

  • 12.11.1944
  • Presidential decree [No. 16] of the government-in-exile (London) on the establishment of the Czechoslovak Monetary Authority as interim institute, substituting the National Bank (liquidated on 31.03.1939 during the German occupation); effective immediately.
    - Activities began end-1944 in the liberated territory of Carpathian Ukraine (city of Chust). In January, the seat was transferred to Slovakia (cities of Trebišov and Košice), and in May 1945 to Prague.
    - After the restoration of the Czechoslovak National Bank the authority was liquidated on 31.12.1946 (but the dissolution took until 22.06.1948).
  • Mar-May 1945
  • Reclaim of annexed territories and currency exchange:
    - 19.03.1945: Slovak borderlands, currency exchange at 1 Slovak Crown = 2 Hungarian Pengö until 25.06.1945
    - 10.05.1945: Sudetenland and other German annexations, currency exchange at 10 Bohemian-Moravian Crowns = 1 German Reichsmark until 14.06.1945 (extended to 31.07.1945 in Sudetenland).
  • 19.10.1945
  • Presidential decree [No. 139] on the restoration of the Czechoslovak National Bank; effective upon the (re-)constitution of the bank on 02.10.1945.
    - 26.11.1945: Integration of the Slovak National Bank into the Czechoslovak National Bank.
    - 11.03.1948: Law [No. 38] on the nationalization of the National Bank; effective 15.10.1948.
  • 19.10.1945
  • Presidential decree [No. 91] re-introduction of the Czechoslovak currency and exchange of the wartime currencies; effective 01.11.1945.
    - 20.10.1945: Presidential decree [No. 95] on the registration of all monetary deposits and other monetary receivables; effective 15.11.1945.
  • 01.11.1945
  • Start of post-war currency exchange:
    - 01.11.1945: Start of issuance of the new banknotes and coins.
    - At the currency exchange, cash up to a maximum of 500 Czechoslovak Crowns was paid out, exceeding amounts had to be deposited in a blocked account.
    - 04.11.1945: End of exchange period and demonetization of Demonetization of the Bohemian-Moravian and Slovak currencies.
    - 30.11.1945: End of registration period for monetary deposits.
  • 09.03.1950
  • Law [No. 31] on the establishment of the Czechoslovak State Bank as combined central and state commercial bank (monobank in the Socialist model); effective upon constitution of the bank on 01.07.1950
  • 15.11.1989
  • Law [No. 130] on the transformation of the Czechoslovak State Bank into a pure central bank (the commercial bank part was extracted into the Commercial Bank and General Credit Bank); effective upon constitution of the bank on 01.01.1990

Valuation Regimes

  • 1945-1953
  • Fixed rate against US Dollar

Rate Arrangements

  • 01.11.1945
  • Fixed
  • US Dollar at 1 : 50 - [Gold parity (18.12.1946)] 17.77mg AU fine
  • -


Time Period: 1953-1992

Currency: 3rd Czechoslovak Crown


Timeline

  • 30.05.1953
  • Law [No. 41] on the currency reform, implementing a Central Committee resolution of the same day; effective 01.06.1953
  • 01.06.1953
  • Start of currency exchange:
    - 01.06.1953: Start of issuance of the new banknotes and coins
    - Cash up to 300 Crowns (1945) was exchanged at a rate of 1 : 5, higher amounts at 1 : 50.
    - Deposits up to 5'000 Crowns (1945) were converted at a rate of 1 : 5, next up to 10'000 Crowns (1945) at 1 : 6.25, next up to 20'000 Crowns (1945) at 1 : 10, next up to 50'000 Crowns (1945) at 1 : 20, higher amounts at 1 : 30.
    - Salaries and pensions were converted at a rate of 1 : 5.
    - 04.06.1953: End of exchange period and demonetization of the former currency.

Valuation Regimes

  • 1953-1960
  • Fixed rate against Soviet Ruble (1947), since 1957 non-commercial (tourist) rates plus commercial rates for vouchers usable in the Tuzex (Tuzemský export) stores.
  • 1961-1988
  • Fixed rate against Soviet Ruble (1961), additional commercial and non-commercial rates
  • 1989-1992
  • Variable rate, suspension of the official rate and the multi-tier rate structure

Rate Arrangements

  • 01.06.1953
  • Fixed
  • Soviet Ruble (1947) at 1 : 1.80
  • +38.9%
  • 01.01.1961
  • Fixed
  • Soviet Ruble (1961) at 1 : 8
  • ±0.0%
  • 01.01.1989
  • Variable
  • initially: US Dollar at 1 : 14.50
  • -58.8%


End-year Forex Rates (Units per US Dollar)