State Bank of Czechoslovakia definition of State Bank of Czechoslovakia in the Free Online Encyclopedia.

State Bank of Czechoslovakia

the sole bank of issue, clearing, credit, and payments of Czechoslovakia. It was founded in 1950, through the reorganization of the National Bank, the Zivnostenska Banka, the Slovakian Tatra Bank, and the Post Office Savings Bank. The bank issues bank notes and controls the money circulation of the country; organizes the settlement of accounts in the national economy; concentrates all temporarily available funds of enterprises, the state budget, and the finance and credit systems; grants credit to government organizations for the purpose of promoting production and capital investment; finances capital construction; and makes payments in implementation of the state budget. The bank is authorized to purchase and sell gold, foreign currency, and precious metals and to settle international accounts.

The statutory capital of the bank is fixed at 1 billion korun, and the general reserve fund at 1 billion korun. The total liabilities for credits for production and capital formation in the national economy amounted to 242.8 billion korun at the beginning of 1971 (including 175.1 billion korun for production needs and 67.7 billion korun for capital investments).

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