Foreign exchange permits and the euro

In view of the introduction of the single currency, the euro, by eleven EU countries on 1 January 1999 and with respect to the change in status of their national currencies, the Czech National Bank informs the holders of foreign exchange permits issued by the Czech National Bank pursuant to § 3 para. 5 and § 6 para. 3 of the Foreign Exchange Act, No. 219/1995 of the Collection of Laws, allowing the establishment and maintenance abroad of accounts denominated in currencies with the following codes: DM (German mark), BF (Belgian franc), LF (Luxembourg franc), SP (Spanish peseta), FF (French franc), IEP (Irish punt), ITL (Italian lira), DF (Dutch guilder), AS (Austrian schilling), ESC (Portuguese escudo) and FM (Finnish markka), that they can apply to have their foreign exchange permit extended to include the right of maintaining the account in the euro currency unit. Applications for the issue of an administrative decision in the above matter do not require any justification.

CNB - Public Relations Division