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Business NewsEarly euro adoption may mean economic slowdown, inflation and high unemployment
Czech politcians have been discussing the possibilities of adopting the
single European currency between 2006 and 2010. At least two years before
that, the country would have to join the ERM-2 exchange rate mechanism and
fix the currency in a relatively narrow fluctuation band. The Czech
National Bank has urged the government to stay out of the ERM-2 as long as
possible so that the economy has enough time to ready for such a step.
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Business NewsBusiness News
Czech government faces another arbitration. New calls for privatisation of
remaining state assets. Parliament passes law to speed up energy market
liberalisation. Pilsner Urquell brewery found guilty of
compeititon-blocking practices. Government would like mobile operators to
pay for UMTS licences as soon as possible. Central Bank intercepts an
increasing number of forged euros. Consumer confidence has been on the
rise. Czech foreign debt decreases.
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Current AffairsMonetary separation sealed split of Czechoslovakia ten years ago
Less than six weeks after Czechoslovakia split up on the 1st of January,
1993, two new currencies emerged, replacing the Czechoslovak crown which
had existed since 1919. The two countries divided their monetary assets,
liabilities and reserves according to a ratio of two to one in favour of
the Czech Republic. After monetary separation was publicly announced, all
payments between the two new countries stopped and border controls were
stepped up to prevent transfers of cash. The new currencies became valid
on February 8, ten years ago.
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Current AffairsSome important events Czech Republic can expect in 2003
Only one day remains until the end of 2002, a year which has brought events
both good and not so positive for the Czech Republic. In August,
devastating floods hit parts of the country causing damage worth tens of
billions of crowns. In November the Czech Republic hosted a historic NATO
summit during which the Alliance invited seven East European states, and a
month later, the country was invited to join the European Union, together
with nine other countries, at the EU summit in Copenhagen. And what can
the Czech Republic expect in 2003, after ten years of its existence?
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Letter from Prague How I helped to kill the hellers
As of next year our wallets are going to get a lot lighter. Not because of
the January sales but because, as of March 1st ,the amount of small change
in our purses and wallets should be reduced by the absence of 10 and 20
heller coins. The Central Bank has decided to take them out of circulation
- for the simple reason that they don't circulate.
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Current AffairsCNB proposes removing ten and twenty heller coins from circulation
The Czech National Bank said this week it would be removing ten and twenty
heller coins from circulation within a year. The move is being welcomed by
most ordinary Czechs who believe that the tiny aluminium coins do nothing
but take up space in wallets. But are they really useless? Dita Asiedu
reports:
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