ECONOMIC FORECAST. Eesti Pank forecasts that the economy will return to growth in the second half of the year

The latest economic forecast from Eesti Pank expects the economy to revive in the second half of this year. The return to growth will the driven above all by a recovery in demand in foreign markets, which will help exporting companies. The labour market has stayed strong and combined with cuts in interest rates, this will help the purchasing power of households to bounce back. There remains a lot of uncertainty about the forecast though, partly because of the risks arising from geopolitical tensions.
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Eesti Panga logo

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).