Monetary policy
- Price Stability
  Price stability means low but stable inflation. This helps people and companies make economically sound decisions in their plans for the future and their salary requests, creating the right conditions for economic growth.
- The functioning of monetary policy
  Only the central bank can create and issue currency. By changing the price of the money borrowed by the commercial banks and the amounts they can take, the central bank can affect the conditions for loans taken by people and companies. In this way the central bank can affect inflation.
- Transmission mechanism
  When the central bank changes the prices and amounts of money the commercial banks can borrow, the effect is passed on into the economy as a whole, and particularly into prices. The monetary policy transmission mechanism is the various channels by which the central bank’s actions are passed into the economy.
- Operational framework
  The central banks of the euro area act to meet the goals of the single euro-area monetary policy in a decentralised way, doing so within the agreed solutions and principles that together are called the operational framework.
- Central bank reserves
  For people to have faith in a currency, the value and stability of that currency must be backed up, and this is done with the reserves of the central banks. Currency reserves have a key role in maintaining confidence in the economy and in supporting the stability of the financial system.
- Estonian Economy and Monetary Policy
  Estonian Economy and Monetary Policy gives a comprehensive overview of the economy and an economic forecast. It is published four times a year.
- Estonian Competitiveness Report
  The Estonian Competitiveness Report is published once a year. Competitiveness is analysed through Estonian export capacity (relative productivity growth, changes in export indicators and similar) and relative price and cost competitiveness indicators.
- Labour Market Review
  The Labour Market Review discusses the most important trends in the Estonian labour market, labour supply and demand, institutional developments of the labour market, and other related issues. The review is published twice a year.
Financial stability
- Analysis of financial stability
  Eesti Pank regularly analyses the functioning of the financial system and gives an opinion on financial stability, or how the banks are coping in general and what possible risks they may face.
- Macroprudential policy
  The financial system needs to be strong and able to stand up to risks. This is why Eesti Pank has taken various measures such as requiring additional buffers from the banks and setting restrictions that the banks must adhere to when issuing mortgages.
- Crisis management
  Even when preventative work has been done well, failures can arise in the banking system at speed, passing on into the economy and potentially causing wider damage in society. Eesti Pank, the Financial Supervision Authority and the government work together to resolve financial crises.
- Cooperation
  Eesti Pank works closely with partners in Estonia, within the European Union and with Finland, Sweden and Denmark as the home countries of the banks operating in Estonia to ensure financial stability.
- Single banking supervision in Europe
  Central supervision of the largest banks in the euro area helps make sure that the banks are all analysed and assessed in the same way and that the risk assessments use a similar base. This then helps make all of the banking sector in the euro area more credible.
- Financial Stability Review
  The Financial Stability Review is the main output of the financial stability analysis conducted by Eesti Pank. The review includes also the central bank’s assessment to Estonian financial stability and covers related policy measures. The Financial Stability Review is published twice a year.
- Financing of the Economy
  The review of financing and lending in the Estonian non-financial sector covers banking and leasing statistics, financial accounts analysis and credit supply and demand. It is published once a year.
- The Structure of the Estonian Financial Sector
  The Structure of the Estonian Financial Sector discusses factors that affect the architecture and design of the financial sector in Estonia. It provides a background for understanding the development trends and risks described in the Financial Stability Review.
Statistics
- Release calendar
- Key economic indicators
- Financial accounts
  Financial accounts are accounts of the national accounts system, which reflect the positions of financial assets and liabilities, transactional and non-transactional changes of both the economy as a whole and different institutional sectors.
- Financial sector statistics
  Eesti Pank compiles financial sector statistics that includes statistics on credit institutions, leasing companies, payment and settlement systems, as well as savings and loan associations.
- External sector statistics
  Eesti Pank compiles external sector statistics that includes data on the balance of payments, foreign debt, the international investment position and foreign exchange reserves.
- Household assets and liabilities
  Data on the assets and liabilities of Estonian households are based on the Household Finance and Consumption Survey (HFCS).
- For reporters
  Reporting for financial sector statistics and balance of payments; Data submission portal
Payments
- The payments market
  The payments market consists of payment and securities settlement systems and methods of payment.
- Payment and settlement systems
  The functioning of payment and settlement systems is important for maintaining the stability of the national economic and financial system, avoiding interruptions to the circulation of currency, and allowing monetary policy to be implemented smoothly.
- Oversight
  As overseer, Eesti Pank helps make sure that TARGET2-Eesti, the securities settlement system and the card payment system function securely and efficiently.
- Payment methods
  Goods and services can be paid for in cash or by using non-cash payment options.
- SEPA
  The Single Euro Payment Area allows electronic payments in euros to be made on the same terms throughout the European Economic Area
- The Estonian Payment Forum
  The forum set up by Eesti Pank, the Estonian Banking Association and the Ministry of Finance supports the development of the Estonian payment market.
- Legislation
  The legal framework that governs payments and securities settlement comes from European Union and Estonian legislation
- Continuous operation of banking services
  The Emergency Act defines cash circulation and payment services as vital services. The Eesti Pank minimum requirement is that the four largest banks operating in Estonia should restore at least 70% of ordinary banking services within 12 hours at most following a breakdown.
- The development of settlement systems in Estonia
  The history and development of interbank settlement systems in Estonia
Research
- Fields of research
  The research work of the central bank has four focuses: improvement of the macroeconomic and banking models; monetary policy research; research into the financial sector; and research into the real economy. Research results are published in the Working Paper series of Eesti Pank.
- Economists in the Research Division
  There are seven economists working in the Research Division, led by Tairi Rõõm.
- Visiting researchers
  The Research Division welcomes economists with an academic or central banking background to work in Eesti Pank as guest researchers.
- Open seminars
  The research results of the bank are presented in public seminars. These seminars support the exchange of ideas between the central bank and academic circles and economic policy institutions.
- Christmas seminars
  A research seminar led by Eesti Pank has been held since 2015 for young Estonian economics researchers working and studying at institutions abroad.
- Library
  Eesti Pank library contains more than 7,000 documents on economics and finance, mostly in English. Library online catalogue is a part of ESTER , the shared catalogue of 16 major Estonian libraries.
- Eesti Pank research award
  The Eesti Pank research awards are intended to recognise young Estonian researchers in academic economics. The awards are granted in two categories, one for doctoral work and one for master’s level work.
- Research and education
  The central bank supports research in Estonia and abroad in several ways, with a programme of guest researchers and internships, organisation of joint conferences, membership of the Estonian Economic Association, and work with the doctoral schools of the University of Tartu and Tallinn University of Technology.
- Occasional Papers
  The Eesti Pank Occasional Papers is a new series of papers where the bank will publish reviews of its analysis and research work.
- Working Papers
  The Working Papers are summaries of the research conducted by Eesti Pank. The target group of the Working Papers includes, above all, economists and economic experts, and the papers are published often only in English.
Notes and coins
- Euro
  Eesti Pank makes sure that there is sufficient good-quality money available in Estonia and works with the European Central Bank and other central banks in the euro area to release euro banknotes and coins into circulation.
- Estonian kroon
  Eesti Pank will exchange Estonian banknotes and coins for euros indefinitely.
- Commemorative and collector coins
  Collector coins are legal tender, but their high value means they are more usually used as souvenirs and collectors items than as circulation coins. €2 commemorative coins are special circulation coins with a special design on the national side in commemoration of a particular event or topic.
- Counterfeits
  Anybody can verify the authenticity of a banknote easily if there is a suspicion that it is counterfeit by just feeling it, looking at it and tilting it, checking the security features, or comparing it to an authentic banknote. If it is suspected that a banknote is counterfeit, the police should be informed.
- To professional cash handlers
  Companies can return banknotes into circulation only once the notes have been tested to European standards. Companies can test cash using specially designed devices or, if they do not have any, manually.
About us
- The bank as an organisation
  Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. Our mission and vision, and our organisational values, tasks and strategic goals explain our position and our organisational structure.
- International Cooperation
  Eesti Pank works together with international monetary and financial institutions like the ESRB, the EBA, the BIS and the OECD, and with the European Commission and the Council of the European Union. It also partners the central banks of other countries through the Eurosystem, the European System of Central Banks, and the central banks of the Nordic and Baltic countries. Eesti Pank represents Estonia in the IMF.
- Legal Acts
  Eesti Pank is a constitutional institution that operates under its own statues and under the law. The central bank sets policy for the financial sector and supervises it and the Governor of the bank issues decrees that regulate the banking industry. All the main legislation governing the operation of Eesti Pank is listed here, with links to related laws and decrees.
- Financial statements
  Eesti Pank must publish information on its activities. Financial statements give an annual picture of the assets and liabilities of the central bank and of its revenues and expenses. The bank also publishes its balance sheet every quarter.
- Press
  Eesti Pank releases regular announcements about its activities and about important economic policy questions. This is done through press releases, speeches, presentations, articles and interviews. There is a collection of photographs of Eesti Pank spokespeople in the photo bank. Eesti Pank also publishes press releases from the European Central Bank.
- Working at Eesti Pank
  Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. The bank has 11 departments that employ a total of 230 colleagues.
- Annual Report
  The Annual Report gives an overview of the central bank’s activities in the reporting year and the financial statement. The annexes to the Annual Report include a list of decrees issued by the Governor of Eesti Pank, a list of decisions adopted by the Governing Council of the ECB, and a list of Eesti Pank's publications issued during the year.
Eesti Pank 100
- Eesti Pank 100
  On 3 May 2019, Eesti Pank will celebrate its 100th anniversary.
- Coins marking the centenaries of the Republic of Estonia and Eesti Pank
  Eesti Pank issues several collector and commemorative coins in 2018 and 2019, celebrating the 100 years of Estonian statehood, Estonian traditions and the anniversaries of notable Estonians.
- Centenary lecture series
  The series of lectures that started in autumn 2018 brings several internationally acclaimed economists and finance experts to speak at Eesti Pank.
- Exhibitions and other events
  Estonian contemporary art in the main building of the European Central Bank
- Eesti Pank 100 Calendar
  May 16 Launch of the silver collector coin to mark the 200th anniversary of the birth of Johann Voldemar Jannsen, a leader of the Estonian national movement and the father of Estonian journalism.

Press releases

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 2012 2013 2014 2015 2016 2017 2018 2019

December
30.12.2010	Eesti Pank stopped the publication of TALIBOR and TALIBID
30.12.2010	The central bank's 2011 budget volume is 17.3 million euro
23.12.2010	The housing loan market soared in November compared to the other months of the year
20.12.2010	Economic policy statement of Eesti Pank
10.12.2010	More than 350,000 euro coin starter kits sold by commercial banks and Eesti Post
09.12.2010	The current account shows domestic demand continues to be weak
08.12.2010	Meeting of the Supervisory Board of Eesti Pank
07.12.2010	The impact of food on price rise is easing
02.12.2010	Eesti Pank presents collector coins issued in honour of the Estonian kroon
02.12.2010	The IMF's staff visit to Estonia
01.12.2010	Banks sold nearly 65,000 euro coin starter kits during the first day

November
30.11.2010	Sale of Estonian euro coin starter kits starts on Wednesday
24.11.2010	The central bank identified companies that mishandled Estonia's euro coins
23.11.2010	The share of bad loans decreased for a second month in a row
22.11.2010	Eesti Pank posts euro cash leaflets to residents
15.11.2010	Eesti Pank has introduced euro security features to more than 2,000 cash handlers
12.11.2010	The Estonian labour market is recovering
11.11.2010	Recovery of demand to determine continuation of economic growth
08.11.2010	The non-financial sector's borrowing ability has improved
05.11.2010	Inflation in October caused by dairy and cereal products
05.11.2010	Eesti Pank introduces the Estonian euro coin starter kit

October
25.10.2010	Decline in loan provisions increased banks' profitability in the third quarter
20.10.2010	Meeting of the Supervisory Board of Eesti Pank
18.10.2010	External borrowing of non-financial corporations back to pre-EU accession level
08.10.2010	Estonia participates in the Annual Meeting of the International Monetary Fund and the World Bank Group
07.10.2010	Inflation to pick up in coming months, but to remain low in longer term
07.10.2010	Central bank gives audio materials with information about the euro to the Estonian Federation of the Blind

September
29.09.2010	Economic policy statement of Eesti Pank
23.09.2010	Deposit growth remained at 5% in August
22.09.2010	Meeting of the Supervisory Board of Eesti Pank
20.09.2010	TV spots by the European Central Bank and Eesti Pank introduce euro banknotes
20.09.2010	The President of the European Central Bank and the European Commissioner inaugurated the Euro Exhibition in Tallinn
17.09.2010	The central bank to launch the euro banknotes media campaign on Sunday
08.09.2010	Economic recovery is driven by exports
07.09.2010	Labour market supports low inflation

August
25.08.2010	The July decision on Estonia's euro adoption resulted in unification of deposit interest rates
13.08.2010	Labour market is recovering slowly
11.08.2010	Second quarter displayed clear signs of improving economic situation
06.08.2010	The impact of VAT-rises on annual inflation withdrew in July

July
29.07.2010	The central bank is commissioning euro coin starter kits to familiarise people with the new currency
23.07.2010	Banks' profit amounted to 212 million kroons in the second quarter
19.07.2010	Financial position of non-financial enterprises improved in the first quarter
19.07.2010	Fitch Ratings upgraded Estonia's sovereign rating
16.07.2010	Eesti Pank launches the production of Estonian euro coins
13.07.2010	Governor of Eesti Pank: Estonia is prepared for living in the euro area
07.07.2010	Price growth in June was driven by mobile communication services

June
25.06.2010	Estonia's housing market gained momentum in May
16.06.2010	Economic policy statement of Eesti Pank
10.06.2010	Standard & Poor's Rating Services upgrades Estonia's rating
09.06.2010	First-quarter current account surplus of the same size as a year ago
09.06.2010	Meeting of the Supervisory Board of Eesti Pank
07.06.2010	Energy and food prices rose in May
02.06.2010	Eesti Pank started euro cash training

May
25.05.2010	Housing finance market activity remained sluggish in April
19.05.2010	Deputy Governor of central bank talked about euro changeover principles in Rapla
19.05.2010	Meeting of the Supervisory Board of Eesti Pank
14.05.2010	Unemployment is not expected to contract very fast
12.05.2010	The European Central Bank and the European Commission assessed Estonia's euro readiness
11.05.2010	The economy is recovering on the support of exports
07.05.2010	Inflation in April was strongly influenced by external factors
03.05.2010	Kroons may not be handed out as souvenirs after euro changeover

April
28.04.2010	Economic policy statement of Eesti Pank
26.04.2010	Credit market remained sluggish in March
22.04.2010	Estonia's total economy was a net lender in 2009
15.04.2010	Central bank arranges lectures introducing principles of euro adoption
09.04.2010	Ü. Kaasik. Estonian economic developments and outlook
08.04.2010	March price increase higher than expected

March
31.03.2010	Moody's raises Estonia's ratings outlook
30.03.2010	Eesti Pank to open exhibition about gold received with Tartu Peace Treaty
30.03.2010	Eesti Pank adopts a new domain name eestipank.ee
29.03.2010	The IMF staff visit to Estonia in March 2010
23.03.2010	Loan portfolio continued to contract in February
22.03.2010	IMF Mission to visit Estonia
11.03.2010	External debt started to decline in 2009
10.03.2010	Meeting of the Supervisory Board of Eesti Pank
05.03.2010	February saw a moderate price rise
03.03.2010	Economic policy statement of Eesti Pank

February
23.02.2010	Volume of deposits continued to increase in January
12.02.2010	Resuming economic growth will also start stabilising the labour market
11.02.2010	Standard & Poor's raised the outlook of Estonia's sovereign rating
11.02.2010	Economic growth resumed at end-2009
05.02.2010	Fitch has revised Estonia's outlook to stable
05.02.2010	The January price level was affected by excise duty increases

January
28.01.2010	M. Lindpere. Euro Changeover in Estonia
28.01.2010	Ü. Kaasik. Recent Developments of and Outlook for the Estonian Economy
27.01.2010	Eesti Pank issued a Vancouver collector coin
27.01.2010	Meeting of the Supervisory Board of Eesti Pank
26.01.2010	Increasing economic confidence has created preconditions for lowering loan interest rates
22.01.2010	Eesti Pank to launch a new collector coin next Wednesday
22.01.2010	Ü. Kaasik. Estonia on the way to the euro area
08.01.2010	The IMF commended Estonia's fiscal policy and advised to continue consolidating public finances in the next years
08.01.2010	Price level in Estonia changed very little in 2009

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