Guardians of Grail

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Most important factor supporting a currency is its position on the open market and currency exchange rates comparing to other important currencies. Czech Koruna has only seen a steady appreciation over [link widoczny dla zalogowanych] last 20 years against all major currencies. When the Euro came to the market first time, the rate was 36 Korunas to 1 Euro. In 2011, it is 24.50 Korunas for one Euro, or 42% appreciation. Koruna has appreciated 97% against US Dollar, 100.7% against British Pound, 30.8% against the Swiss Franc. Koruna has also gained 30.8% against Swedish Koruna, 38.3% with Japanese Yen and 62% against Chinese Yuen. Judging by these parameters, there is no currency in the world showing similar appreciation. Citizens [link widoczny dla zalogowanych] and residents have always taken Koruna for granted. Giving it up for the sake of Euro, it might look like a worse nightmare. “Why fix it if it ain’t broke?” The Koruna is a backbone of economy and prosperity. It is unlikely to see a change to Euro anytime soon, until there are some fundamental changes with Euro, but [link widoczny dla zalogowanych] not with Koruna. If you plan to visit Czech Republic soon, you have an answer to a question that you might be asking.
Let’s look at some reasons, why Czechs do not like Euro! If you ask ordinary Czechs with no economic background, why they do not like Euro, most can’t rationalize their negative opinion in the economic terms. They are simply certain, that Euro has lots of built-in uncertainty [link widoczny dla zalogowanych] they are concerned about. With the Czech Koruna, everything is certain. The currency enjoys large degree of confidence among the local population, also among knowledgeable international money managers and investors. Many economic statistics document the behavior and support this attitude. Unlike, for example, with the Polish Zloty, Hungarian Forint or Lithuanian Litas, where citizens of those countries have their currency, yet large number of their population conduct important financial transactions in [link widoczny dla zalogowanych] Swiss Franc or Euro. It is well documented with statistics for mortgages and savings in those countries.
An agency that conducts opinion polls in the Czech Republic has conducted research polls on the subject since 2005. Last in January 2001 was added to the table attached. The polling among representatives of [link widoczny dla zalogowanych] all classes of population, older than 18 years of age, has shown that in 2011 support for Euro is only among 6% of the population, it has been dropping steadily since 2005. 70% of population [link widoczny dla zalogowanych] oppose Euro and believe [link widoczny dla zalogowanych] to the local, economical justifications of Koruna as a better currency than Euro. Koruna has had last 20 years to prove itself. Result of stable and floating currency, inflation is lower than in Eurozone countries and interest rates are also lower. Today’s strong currency has a precedent in the lands known today as Czech Republic, in the medieval times. The name Dollar was derived for that reason from the name of strong silver currency minted in silver mining town Jachymov, since 1520.
Tourists and business [link widoczny dla zalogowanych] people who arrive to the Czech Republic always ask about, when will the Euro become their currency of choice! Local currency is called Koruna or a Crown in English, and the locals hope that they will never have to give it up. Czech Government has made a promise that they will work toward joining of Eurozone, but Premier Necas recently stated that his Government does not have any timetable to introduce Euro. His position is supported by 66% of the population. General opinion is that Euro should only come, when benefits will outweigh the costs of having Koruna.
It is an unheard of to have such a economic habit in the Czech Republic, where Koruna and local banks enjoy the highest degree of citizens’ confidence. Even if, local saving accounts earn less interest than in countries of Eurozone, but no ordinary citizens would think of opening bank accounts in other countries. It makes a sense for corporations and businesses, engaged in international trade, to maintain Eurocurrency accounts for the sake of efficiency, and many do. A poll among the members of Czech-German Chamber of Commerce indicated that their members would like to see Euro introduced as soon as is possible. Many Canadian corporations maintain US $ currency [link widoczny dla zalogowanych] accounts, for the same reasons, but not for the lack of confidence [link widoczny dla zalogowanych] in Canadian currency. During the recent financial meltdown that affected banks in USA, England, Belgium, Spain, Germany and other countries, Czech financial institution remained unaffected and solid, withstanding all stress tests from the Government. All citizens know that, feel that, but mainly take it for granted. All talks about introducing of Euro just bring all kinds of fear, uncertainty and finger pointing to [link widoczny dla zalogowanych] countries of Eurozone in financial distress.
Heart of Europe Holidays travel agency located in Toronto, Canada is an agency specializing in travel to Czech Republic and Slovakia from Canada.
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