Currencies What is the currency of Austria


 Austria

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


Euro currency of Austria

The euro has been the official currency in Austria since January 1 of 1999 AD, [2] and the euro currency used in Austria is classified into coins and banknotes, and the following information about them:


Coins

Austria has relied on making its own euro coins on engraving pictures of its famous people, architectural forms in it, and a group of flower types, and in what follows information about the categories of euro coins used in Austria: [3]


€ 2: a coin containing the image of Bertha von Suttner to indicate Austria's endeavor to support peace.

Euro: It is a coin that contains the image of the famous composer and musician Mozart to denote the spread of music in the lands of Austria.

50 Cent: It is a coin that contains a picture of a building in Vienna, indicating the spread of modern art in Austria.

20 cents: it is a coin containing a picture of the Belvedere Palace, which is considered one of the beautiful palaces in Austria.

10 cents: it is a coin containing the image of St. Stephen's Cathedral, which represents the Gothic architecture of Vienna.

5 cents: it is a coin containing the image of the primrose flower as a type of flower that represents the natural environment in Austria.

2 cent: a coin containing the image of Edelweiss, one of the types of flowers that represents Austria's interest in the environment.

Cent: a coin containing the image of Jintian, one of the types of flowers that represent Austria's concern for the environment.

Cash papers

Austria relied on the euro banknotes it uses on the first issue and the second issue, which will be introduced gradually for circulation in the euro countries, and 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, and 500 euros. [4]


History of money in Austria

The Habsburg family, which used to rule Austria, was interested in issuing coins and cash, and before the idea of ​​establishing the Central Bank of Austria appeared, and in 1762 AD, the Austrian banknotes that were known as Bancozettel succeeded; Through the Vienna Municipal Bank, which is controlled by the Austrian government and has local confidence among the people, its foundation dates back to the year 1705 AD, and during the Napoleonic Wars, the government completely and directly controlled the process of issuing banknotes, and as a result the supply ratio increased significantly and repeatedly. Currency notes are used in trade operations instead of silver coins. Later, the Austrian government confirmed that it would not over-issue and print banknotes, but the currency continued to witness a continuous and rapid decline. [5]


After the Napoleonic wars in the continent of Europe ended, European countries managed to achieve balance in their political systems, but the Empire of Austria and Hungary collided with many challenges and issues, and this affected the Habsburg family who could not still rely and focus only on the main supporters in society, such as the army and the nobility And the Church, but in the preservation of the empire, the need for an integrated economic system appeared; Therefore, one of the duties of the government in Austria was to focus on restoring and strengthening the confidence of the business environment, and to ensure the fulfillment of the law of demand and supply in the economy. Central Austria. [5]



 

After its establishment, the Central Bank of Austria had the exclusive legal right to the process of issuing and printing banknotes; With the aim of contributing to the stability of the Austrian money system and supporting public confidence in it, as a result of this an increase in the value of banknotes; Due to the application of an informed monetary policy while handling cash; The role of the central bank was to provide a monetary and committed economy in achieving stability for all prices, but in order for the central bank to implement its role, it was important for it to obtain its independence from the Austrian government, and the required independence of the bank was achieved by relying on the capitalization of the central bank; By selling a group of his shares to individual investors. [5]


Austria's economy

Austria relies on the use of a market economy system that is characterized by its development and ownership of a group

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