This project has received funding from the European Research Council under the European Union’s Horizon 2020 research and innovation programme
(Grant Agreement n. 669194)
At the core of the banking system was the Czechoslovak State Bank, with an expanded hierarchy of departments and controlling mechanisms in charge of the commercial banks and the movements of foreign currency in and out of the country. President Svatopluk Potáč had a strong voice in the federal government and urged the party elite to follow a stabilisation policy line of balanced foreign trade with no foreign credits. The State Bank recommendations only changed after evaluation of the recent economic successes of the normalisation. Hence, the first substantial credits were taken with the start of new five-year plan in the second half of 1970s. However, again, with the worsening economic results at the end of the decade, the banking elite pressed for a new stabilisation plan, again finding respect and support among government officials.
Another important banking institution was the Czechoslovak Foreign Trade Bank. Although this bank was responsible for the actual financial transactions between Czechoslovak and West European businesses, it did not have any authority in authorising or denying the amounts of free currencies which circulated in the framework of foreign trade. All the decisions had to be authorised by the Czechoslovak State Bank. The Czechoslovak Foreign Trade Bank only acted as an agency executing business decisions from above, especially decisions made by the central bank, and not formulating its own narrative in the debate regarding foreign credits or foreign trade in general.
* This text summarises some of the research findings of PanEur1970s team member Pavel Szobi, which are published as a chapter in PanEur1970s’ academic edited book. For a link to the e-book, please see Czechoslovakia’s “Overview” webpage of this map.
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Zpráva k návrhu prováděcího státního plánu rozvoje národního hospodářství na rok 1983
AČNB, f. | Investice/KGMF/KSČ/Kovy drahé 1982
Report about the national economic development mentioning problems in the balance of foreign trade and foreign debts. - Available here |
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Handakte Dieter Schmölling vom Büro des Präsidenten (Dr. Emminger) Enthält: Besuch des Präsidenten bei der tschechoslowakischen Zentralbank (Státní Banka Československá), April 1978
HA BBK, B330 | 10496/2
Information about the visit of the Czechoslovak central bank (Státní Banka Československá) on 17 April 1978. - Available here |
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Kurznotiz: Tschechoslowakei - außenwirtscahftliche Daten
HADB, ZA01 | 1178/2
Information about the status of industry and foreign credits in Czechoslovakia from the years 1972-1978. - Available here |
