The Czech National Bank was established on January 1, 1993, succeeding the National Bank of Czechoslovakia after the dissolution of Czechoslovakia. Headquartered in Prague, it sets monetary policy, issues the Czech koruna's banknotes and coins, manages currency circulation and interbank settlement, and supervises the banking sector, capital market, insurance industry, pension funds, credit unions, and electronic money institutions along with foreign exchange oversight. Its primary objective is price stability, pursued through inflation targeting aimed at holding inflation near 2.0 percent a year, with a secondary goal of supporting economic growth.
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