Standardization

During the period of normalization, various party documents of a mobilizing nature were constantly adopted. But even after the thwarting of reform efforts in 1969, elements were increasingly penetrating the methods of central management to create a wider space for the functioning of money. A significant change was the 1970 Act on the State Bank of Czechoslovakia, which became less dependent on other central bodies and was bound directly to the government next to them. At the same time, the Act on National Economic Planning was amended, according to which the monetary plan of the Czechoslovak Socialist Republic was included in the system of central national economic plans. It was an explicit acknowledgment of the importance of monetary policy for the directive central management of material economic processes. In the second half of the 1980s, the assumptions of wider koruna convertibility began to develop and cautious, informal contacts with the International Monetary Fund began to be established.