In 2013 the cash-handling branches of Swedbank and SEB all over Estonia will continue to exchange kroons for euros at the rate of 15.6466 with no transaction fee, as will the Eesti Pank Museum. From 2014 it will only be possible to exchange kroons for euros in the central bank.

As there is still some public demand to exchange kroons in the commercial banks, Eesti Pank extended its exchange agreement with Swedbank and SEB for another year. The sums being returned through the banks do show a decline from the peak of demand for the service, but the banks will provide the exchange service for Estonian kroons for one more year until the end of 2013.

“We have by now been exchanging kroons for euros with the help of the banks for two years all across Estonia, and next year the banks will continue to provide this service. Eesti Pank will always exchange kroons in the bank's museum in Tallinn, though people will need to come to the bank in person for that. We hope very much that people in rural areas who still have kroons at home that they want to exchange will do so in the next year in their local bank branch,” said Rait Roosve, Head of the Cash and Security Department at Eesti Pank.

He added that in other countries in the euro area the central banks exchanged the national currencies through the regional branches of credit institutions for between two and six months. “In this sense we have done very well in Estonia by working with credit institutions to be able to offer people the most convenient possible way to exchange their kroons for three years. Exchanging kroons outside of Tallinn will not be possible after 2013, but it can be done at Eesti Pank forever”. 

From 2014 it will be possible to exchange kroons for euros at the central rate with no fee and in unlimited amounts at the Eesti Pank Museum in Tallinn. The Eesti Pank Museum is open from Tuesdays to Fridays 12-17 and on Saturdays at 11-16. 

There is currently a total of 51 million euros-worth of Estonian kroons that have still not been exchanged, with 44.2 million euros in banknotes and 6.8 million euros-worth of coins.

For further information:
Ingrid Mitt
Public Relations Office
Tel: +372 668 0965, +372 512 6843
Email: [email protected]