What is Austria's currency?

jj February 22, 2020


Contents

  • 1 Austria
  • Euro 2 Austria currency
    • 2.1 Coins
    • 2.2 Banknotes
  • 3 History of money in Austria
  • 4 The economy of Austria
  • 5 References

Austria

Austria (English: Austria) is a federal parliamentary republic, and Vienna is its official capital, and it gained its independence in 1955 AD, it is located in the middle of the continent of Europe , and it shares a northern border with the Czech Republic and Germany , and is bordered to the east by both Hungary and Slovakia , but from the southern side it borders Italy and Slovenia , and shares a western border with Liechtenstein and Switzerland . [1]


Euro Austria currency

The euro is the official currency of Austria since January 1, 1999 AD. [2] The euro currency used in Austria is categorized into coins and banknotes. Below is information on them:


Coins

Adopted by Austria in the manufacture of coins for the metal from the euro on the inscription images Mhaherha, and geometric forms of architecture are present in, and a range of types of flowers, and in the following categories of information on the currencies of the euro metal used in Austria: [3]
  • EUR 2: It is a coin containing a picture of Bertha von Suttner to indicate Austria's pursuit of peace.
  • EUR: It is a coin containing the image of the famous composer and musician Mozart, to denote the spread of music in the territory of Austria.
  • 50 cents: is a coin containing the image of a Vienna building indicating the spread of modern art in Austria.
  • 20 cents: It is a coin containing a picture of Belvedere Palace, which is one of the beautiful palaces in Austria.
  • 10 cents: is a coin containing the St. Stephen's Cathedral representing Gothic architecture in Vienna.
  • 5 cents: is a coin containing the image of a spring flower as a kind of flower representing the natural environment in Austria.
  • 2 Cent: It is a coin containing the image of Edelweiss, a kind of flower representing Austria's concern for the environment .
  • Sent: It is a coin containing the image of Jintian, one of the types of flowers representing Austria's concern for the environment.

Banknotes

Austria has relied on the euro banknotes that it uses on the first and second versions, which will be gradually offered for circulation in the euro countries. It is possible to classify the banknotes used in Austria according to its central bank into the following categories: 5 euros, 10 euros, 20 euros, 50 euros, and 100 euros , 200 euros, 500 euros. [4]

History of money in Austria

The Habsburg family that ruled Austria was interested in issuing coins and money , and before the idea of ​​establishing the Central Bank of Austria appeared, and in 1762 AD the success of the Austrian banknotes known as Bancozettel (through the Vienna Municipal Bank, which is controlled by the Austrian government and has local confidence) among the people, its foundation dates back to 1705, and during the period of the Napoleonic wars , the government is fully and directly controlled the process put banknotes, and resulted in a high rate of supply of them dramatically and repeatedly, as has become the banknotes used in the operations of trade instead of Silver coins, and later the Austrian government confirmed that it will not overload the issuance and printing of banknotes, but the currency has experienced a continuous decline and rapidly. [5]

After the end of Napoleon's wars in the continent of Europe , European countries managed to balance their political systems, but the Empire of Austria and Hungary clashed with many challenges and issues, and this affected the Habsburg family, who could still depend and focus only on their main supporters in society , such as the army and the nobility And the church, but the need arose in the preservation of the empire to the existence of an integrated economic system; therefore, it was the duty of the government in Austria to take care of restoring and strengthening the confidence of the business environment, and to ensure the law of demand and supply in the economy , and this led to The Austrian Emperor issued patent rights in the year 1816 AD, which included the right to bank patent and the right to financial patent, and as a result the establishment of the Central Bankin Austria. [5]

Owned central bank in Austria after its establishment the legal right and exclusive in the process of issuing and printing of banknotes; in order to contribute to the access to the stability of the money system in Austria and to support public confidence, and resulted in an increase in the cash value of the paper; due to the application of monetary policy conscious while dealing with money As the role of the central bank was to provide a monetary and committed economy in achieving stability for all prices, but for the central bank to be able to fulfill its role it was important to obtain its independence from the Austrian government, and the required independence of the bank was achieved by relying on capitalization The Central Bank; by selling a group of shares to individuals investors. [5]

The economy of Austria

Austria depends on the use of the market economy system, which is characterized by its development, its possession of a group of excellent workforce, and a distinctive nature of life, and is linked in an integrated manner with the economic systems of the European Union countries , but in the past years, Austria's economy has witnessed weak growth, where its growth in the year 2015 AD reached 0.9%, but in 2016 CE, it witnessed an increase that contributed to 1.4%, and the unemployment rate in Austrian society reached 5.8%. [6]

The financial situation in Austria is distinguished by its positive nature compared to other euro countries, but Austria faces many challenges and international and external issues, such as the weak growth and development of the international economic system that negatively affects exports, and the presence of economic and political uncertainty resulting from debt problems in the continent of Europe, And other crises, and the deficit of the financial budget for Austria in 2016 AD reached 1.4% of the value of the gross domestic product, while the average purchasing power in 2016 achieved approximately 416.6 billion US dollars. [6]