Czech Republic

The landlocked nation of the Czech Republic, which was once part of Czechoslovakia, is set in Central Europe. It is enclosed by Austria, Germany, Poland, and Slovakia. Composed mostly of hilly terrains, the Czech Republic is about 78, 671 square kilometers and has an oceanic and continental climate.

Czech Republic’s stable and booming economy is an effect of a healthy financial system and an export-oriented market industry, regulated by EU laws and regulations. With Czech’s economy dependent on the economic performance of its neighboring export markets, its numbers plunged when Western Europe and Germany had an economic downturn in 2008.

In 2009, the country’s real GDP plummeted to 4.1% but eventually recovered in 2010, with the auto industry along with the production of auto supplies, improving and comprising as much as 20% of Czech’s production. In fact, the country manufactured more than a million cars in 2010 and exported 80% of which to other parts of the world.

Some challenges that the country may face in the long run are corruption, coming up with a solution for an aging population, pension, and health care system funding, and moving toward a service-based economy.

Although a member of the European Union, Czech Republic uses the Czech koruna instead of the euro for its legal tender. Koruna banknotes were first released by the Czech National Bank on February 8, 1993, which were Czechoslovak banknotes overprinted with the value in Roman
and Arabic. Later on that same year, a set of notes specifically for the Czech Republic was introduced, bearing a portrait of a prominent personality and the national emblem. These paper bills were printed by Thomas De La Rue and Company Limited and carried intaglio features necessary for sight-impaired individuals.

The Czech National Bank issued another family of notes between 1996 and 1999 with an added 6-mm long orange fibers and a revised registration device. Its 2007 - 2009 issues had enhanced security features such as added Omron rings, iridescent stripes, and windowed security thread with demetalized characters. Additionally, the 2018 issues bear a 3-mm wide windowed security thread that switches from puce to green when tilted and has various demetalized text. An electrotype element was also added to the paper bills’ watermark design, as well as an orange and green fluorescent ink.

In commemoration of the 100th year of the Czechoslovak koruna, the bank released a 100-korun banknote in 2019.

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