ECONOMIC FORECAST. The economy will improve this year

The latest economic forecast from Eesti Pank finds that conditions are improving for a recovery in economic growth. GDP will move towards an upward trajectory throughout 2023, but the growth will be built on the back of the downturn that happened in the second half of last year, and so the economy will still be 0.6% smaller in size for this year overall than it was in 2022. Growth in the economy will strengthen in the years ahead to around 3%.
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Eesti Pank Museum

3. May 1919 CENTRAL BANK COMMENCES OPERATIONS. The fixed capital of 10 million marks was recorded in the general ledger and Eesti Pank commenced regular operations.

On the front, the banknotes display windows and gateways. They symbolise the European spirit of openness and cooperation. The 12 stars of the European Union represent the dynamism and harmony of contemporary Europe. The bridges on the back symbolise communication between the people of Europe and the rest of the world. The architectural style of the particular era was used in the design, with no reference to specific buildings.

Estonian kroon

Exchange kroons
The Estonian monetary system was based on the system of the currency board, meaning that the exchange rate of the kroon was strictly pegged to a reserve currency. From then until 31 December 2001 the exchange rate of the kroon against the German mark was fixed at EEK 8 = DEM 1, and thereafter the exchange rate of the kroon against the euro was fixed at EEK 15.6466 = EUR 1 (the exchange rate effective to date).