Private consumption will give a powerful short-term boost to economic growth

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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.

Robert Kalina

Banknote designer

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Estonian kroon

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).

Vladimir Taiger

Banknote designer

Exchange kroons
Eesti Panga veebilehed kasutavad küpsiseid. Meie veebilehti kasutades nõustute meieisikuandmete kaitsmise tingimusteganing sellega, et kasutame küpsiseid.