What is the currency of Austria? - Mortrends

Austria 
Austria is a federal parliamentary republic. Vienna is its official capital. It gained independence in 1955 and is located in the middle of Europe. It shares northern borders with the Czech Republic and Germany. It is bordered to the east by Hungary and Slovakia. Bordered by Italy and Slovenia, and shared Western borders with Liechtenstein and Switzerland.

Euro The currency of Austria 
The euro is the official currency in Austria since January 1, 1999. [2] The euro currency used in Austria is classified as coins and notes.

Austria Coins has adopted its own coinage from the euro to engrave portraits of its celebrities, its architectural forms, and a variety of floral arrangements. Here is information on the categories of euro coins used in Austria:  
2 Euros: Containing a photograph of Bertha von Sutner to indicate Austria's quest for peace. 
Euro: is a coin containing the image of famous composer and musician Mozart to indicate the spread of music in the territory of Austria.

50 cents: a coin containing a photograph of a Vienna building to indicate the spread of modern art in Austria. 20 cents: A coin containing a picture of the Belvedere Palace, one of the most beautiful palaces in Austria. 10 cents: It is a coin containing a portrait of St. Stephen's Cathedral, which represents Gothic architecture in the city of Vienna. 
5 cents: is a coin containing a spring flower image as a kind of flowers that represent the natural environment in Austria. 
2 cents: A coin containing an image of Edelweiss is one of the types of flowers that represent Austria's interest in the environment. 
Cent: A coin containing the image of Jintian one of the types of flowers that represent Austria's interest in the environment.

Banknotes 
Austria has adopted the euro currency notes it uses on the first and second issues, which will be gradually introduced in euro countries. Banknotes used in Austria according to its central bank can be classified as 5 euros, 10 euros, 20 euros, 50 euros, 100 euros, 200 euros, and 500 euros.

History of money in Austria
The Hapsburg family, which ruled Austria before the creation of the Central Bank of Austria, was interested in issuing the Austrian banknotes known as Bancozettel. In 1762, the Austrian bank, controlled by the Austrian government, Among the people, and was founded back to the year 1705 AD,During the Napoleonic wars, the government took full control of the process of issuing banknotes. The result was a large and frequent increase in the supply of the notes. The banknotes were used for trading operations instead of silver coins. Later, the Austrian government confirmed that it would not issue banknotes , But the currency continues to decline steadily and rapidly.

After the Napoleonic wars in Europe, the European countries managed to balance their political systems, but the Austrian and Hungarian Empire collided with many challenges and issues. This resulted in the Habsburg family, who could not rely and concentrate only on their main supporters in society, such as the army and nobility And the need to preserve the empire was reflected in the existence of an integrated economic system. It was therefore the duty of the Austrian Government to restore and strengthen the confidence of the business environment,The Austrian Emperor issued the patent rights in 1816, including the right to a banking patent and the right to a financial patent, resulting in the establishment of the Central Bank of Austria. [5] The Central Bank of Austria, after its establishment, The legal and exclusive right to issue and print banknotes, with the aim of contributing to the stability and support of the Austrian monetary system, resulting in an increase in the value of banknotes.

Because the role of the central bank is to provide a monetary economy and committed to stabilize all prices, but until the central bank can carry out its role was important to get its independence from the Austrian government, and reached the independence of the bank required by On the capitalization of the central bank; by selling a set of shares to individual investors.

Austria's economy 

Austria is dependent on the development of a market economy characterized by its development, its excellent workforce and unique living conditions, and is fully integrated with the EU's economic systems. However, in the past years, Austria's economy has grown weakly. To reach 0.9%, but in 2016 saw a rise contributed to the arrival of 1.4%, and the unemployment rate in the Austrian society to about 5.8%.

Austria is characterized by its positive nature compared to other euro countries, but Austria faces many challenges and international and foreign issues, such as the weak growth and development of the international economy which negatively affects exports, the economic and political uncertainty resulting from the debt problems in Europe, And other crises. Austria's budget deficit in 2016 reached 1.4% of GDP, while the purchasing power parity in 2016 was approximately US $ 416.6 billion.