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Currency. Though the Czech Republic is a member of the European Union, Czech Republic's official form of currency is the Czech Republic Koruny (CZK), or Czech crown. There are six different coin denominations and seven different bill denominations in circulation. Coins are denominated in 1, 2 5, 10, 20 and 50 CZK.
Czech Republic: country overview. The Czech Republic is a stable and prosperous market economy, which harmonized its laws and regulations with those of the EU prior to its EU accession in 2004. Country Overview. The Czech Republic became an independent state in January 1993 after Czechoslovakia split into its two constituent parts. Before World War II, Czechoslovakia was one of the 10 most industrialised states in the world, and the only central European country to remain a democracy until 1938.