Czech crown freely convertible for 20 years

The Czech crown has been a freely convertible currency for exactly 20 years. An amendment to the Foreign Exchange Act that came into effect on October 1, 1995 allowed Czechs to convert any amount of crowns into other currencies for the first time. The domestic currency had been partly convertible since 1990. Then prime minister Václav Klaus said in 1995 that the concept of exchanging crowns in Paris, New York or Frankfurt had previously been virtually unimaginable to the vast majority of Czechs.

Author: Ian Willoughby