The objective of the thesis is monetary development in Czechoslovakia from 1918 till the establishment of Národní banka československá. The first part describes in detail the circumstances of the creation of Czechoslovakia as well as its economic starting points and difficulties of newly-established state. The second part focuses on monetary development between 1919 and 1926. Monetary reforms carried out in 1919 are analyzed here together with the role of Bankovní úřad which was the predecessor of Central Bank. I also discuss positive and negative aspects of deflationary policy which was the monetary conception of the state till 1925. The circumstances leading to the creation of Central Bank of Czechoslovakia as well as its influence on monetary conditions of that period are treated in the last chapter
