||The work of this thesis focusses on convertibility of Czechoslovak (Czech) currency in 1966-95. Convertible currency is an integral part of a economic advanced countries and one of the key sources for development of international relations. During socialism state foreign exchange monopoly existed, circulation of Czech currency in foreign countries was forbidden and exchange rate was settled administratively. The first step towards extending the convertibility of the national currency was done in January 1991, when the so-called internal convertibility of the Czechoslovak crown was established as part of the intitial package of reform measures. In 1995, the Czech crown became convertible according to Article VIII of the International Monetary Fund Articles of Agreement. In my thesis I will explain the history of achieving full convertibility of Czech currency and development of discussions about convertibility of currency.