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.
- For reporters
  Reporting for financial sector statistics; Balance of payments reporting
Payments
- The payments market
  The payments market consists of payment and securities settlement systems and methods of payment.
- Payment and settlement systems of Eesti Pank
  Eesti Pank manages the TARGET2-Eesti payment system and participates in developing the securities settlement platform TARGET2-Securities.
- Other payment and settlement systems
  For the economy and the financial system to function properly, interbank payments, card payments and securities transactions need to function efficiently and reliably.
- 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.
Eesti Pank
- 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.
- Positions vacant
  Information on open positions appears here. Eesti Pank’s policy is to recruit and develop the employees needed for the bank to complete its work successfully, and to motivate the staff and remunerate them competitively. The average length of employment in Eesti Pank is 11 years.
- 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.

Press releases

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

December
07.12.2018	Inflation has passed its peak
06.12.2018	The goods deficit widens as export growth slows
06.12.2018	Turnover of exports and imports of services remained at record levels in the third quarter

November
30.11.2018	The new TIPS system will make instant payments more affordable for smaller banks
30.11.2018	Faster growth in the Estonian economy is an exception in the wider perspective
29.11.2018	Workers coming from abroad help to ease labour shortages
23.11.2018	Deposits continue to grow faster than loans
14.11.2018	New jobs could be created in Ida-Virumaa
13.11.2018	A new record has been set in the labour market
13.11.2018	The current account surplus was smaller in September than a year ago
12.11.2018	Over 100,000 payments between banks will move each day within seconds
08.11.2018	Although the summer was warm, Estonian residents travelled more to foreign countries
07.11.2018	Rising prices for services have started to push prices up strongly
06.11.2018	Eesti Pank is calling for designs for a commemorative coin dedicated to the University of Tartu
05.11.2018	The European Central Bank has bought Estonian works of art

October
31.10.2018	Weaker relations between the Estonian financial sector and the Nordic countries brings new types of risks
25.10.2018	Labour shortages remain dominant in the labour market
24.10.2018	One card payment in ten is contactless
23.10.2018	The housing loan market is moderating its speed
22.10.2018	Exceptional release of cross-border payments made by banks in Estonia
18.10.2018	Companies have started to borrow more
16.10.2018	Eesti Pank research awards go to Tarmo Puolokainen, Janely Põllumägi and Mykola Herasymovych
15.10.2018	The surplus on the goods and services account in August was the largest this year
10.10.2018	Estonia to attend the Annual Meetings of the International Monetary Fund and the World Bank
05.10.2018	Amounts of money transferred cross-border through Estonian banks
05.10.2018	Inflation is staying high this year
04.10.2018	Ardo Hansson: there are no rocky reefs on the horizon, but the tailwind behind the economy is fading
03.10.2018	Bloomberg has mistaken cross-border payments for non-resident flows

September
28.09.2018	Estonia’s foreign trade continued to grow strongly in 2017
25.09.2018	The value of car leases taken is up one fifth on a year ago
13.09.2018	The turnover of goods and services grew strongly in July
07.09.2018	Price growth will not be slowing down this year
06.09.2018	The current account was back in balance over the half year
06.09.2018	Growth in exports of services brought the current account back into surplus

August
31.08.2018	Using the budget to stimulate the economy was a mistake
28.08.2018	Slower growth in wages may prove temporary
24.08.2018	Households continued to borrow enthusiastically in July
14.08.2018	The labour market remains favourable for employees
10.08.2018	The surplus on the current account in June was the largest this year
08.08.2018	Foreign tourists spent 415 million euros in Estonia in the second quarter of the year
07.08.2018	Inflation was affected substantially in July by higher prices for motor fuels and electricity

July
25.07.2018	Estonians are making more card payments in Latvia
24.07.2018	Bank profits decreased somewhat in the second quarter
19.07.2018	The moderate growth of corporate debt reflects the modest level of investment
16.07.2018	The central bank is releasing new 2018 circulating euro coins
16.07.2018	Estonia continued to be active in foreign trade in May
06.07.2018	The price level rose by almost one per cent in a month

June
28.06.2018	The collector coin dedicated to Johann Voldemar Jannsen will use the design of Heino Prunsvelt
28.06.2018	Eesti Pank celebrates its centenary with an exhibition of Estonian art in Frankfurt
26.06.2018	The Estonian economy is moving from very good times into just good times
25.06.2018	May was an active month for borrowing
19.06.2018	Madis Müller: there is great demand in Estonia for faster payments
13.06.2018	The current account returned to surplus in April 2018
07.06.2018	The current account reflects a large trade deficit
07.06.2018	Prices for motor fuels lifted CPI inflation in May
06.06.2018	Growth in the trade deficit led the current account a short way into negative territory

May
31.05.2018	Competitiveness concerns looming for Estonian economy
29.05.2018	Growth in net wages leapt sharply
24.05.2018	Household borrowing remains large
17.05.2018	Meeting of the Supervisory Board of Eesti Pank
15.05.2018	The higher unemployment figure does not mean a deterioration in the economy
14.05.2018	The current account was in deficit in March 2018
08.05.2018	Yearly inflation remained close to three per cent in April
08.05.2018	The number of same day visits from Finland was the lowest of recent years

April
26.04.2018	A cooling of growth in the Estonian economy is to be expected
25.04.2018	Estonia stands out in Europe for its use of bankcards
24.04.2018	The profits of the banks were down in the first quarter after a change in the income tax regime
20.04.2018	Corporate debt shrank in 2017 and that of households increased
17.04.2018	The central bank requires additional capital buffers from two banks
13.04.2018	The economy was driven on by increased employment
13.04.2018	The current account surplus was smaller in February than a year ago
12.04.2018	Lecture by Ardo Hansson on the direct and indirect effects of euro area monetary policy
12.04.2018	Sustained economic success demands investment
11.04.2018	Eesti Pank announces a competition to design a collector coin for Johann Voldemar Jannsen
06.04.2018	Inflation fell further in March
06.04.2018	The design by the Polish artist Sebastian Mikolajczak will be used for the collector coin dedicated to Jaan Tõnisson
06.04.2018	Meeting of the Supervisory Board of Eesti Pank
06.04.2018	Eesti Pank allocated a quarter of last year’s profit to the state budget

March
28.03.2018	Last year was the most successful since the economic crisis
26.03.2018	The closure of Versobank will have very little effect on the Estonian economy
23.03.2018	The yearly growth in the portfolio of loans and leases to households accelerated to 8% in February
22.03.2018	All card payment terminals will be able to handle contactless payments by 2020
19.03.2018	The IMF recommends the government postpone a part of its planned spending
19.03.2018	Republic of Estonia: Staff Concluding Statement of the 2018 Article IV Mission
16.03.2018	The Supervisory Board of Eesti Pank is to continue the current strategy of profit distribution
16.03.2018	The current account was close to balance in January 2018
10.03.2018	The drawing competition for the two-euro coin dedicated to the Song Celebration was won by a girl from Tõrva
08.03.2018	2017 was a good year for exports
08.03.2018	The external balance of the Estonian economy deteriorated in 2017
07.03.2018	The yearly growth in consumer prices slowed further in February
01.03.2018	The labour market would gain from the faster removal of barriers to participation

February
28.02.2018	The economy is in unusually good shape
27.02.2018	Some 6000 people have already nominated their favourite design in the public vote for the Song Celebration coin, which has just a few days left to run
23.02.2018	The borrowing activity of Estonian companies and households remained strong in January
20.02.2018	Eesti Pank received 750 visitors yesterday
14.02.2018	The labour market remains favourable for employees
14.02.2018	Eesti Pank will present the gold and silver coins dedicated to the centenary of the Republic of Estonia in Narva on 21 February (SOLD OUT)
13.02.2018	The central bank is opening its doors for the presentation of the two-euro coin dedicated to the centenary of the Republic of Estonia
13.02.2018	Transactions on the financial account set the tone for the balance of payments in December 2017
12.02.2018	The public vote started today to find a design for the two-euro coin dedicated to the song celebration
08.02.2018	Estonian residents are travelling more and more
07.02.2018	Inflation is being held up by a rising oil price and increases in excise

January
31.01.2018	Meeting of the Supervisory Board of Eesti Pank
25.01.2018	Card transactions are driving the growth in the number of payments
25.01.2018	A two-euro commemorative coin dedicated to the centenary of the Baltic states will enter circulation on 31 January
24.01.2018	The profits of the banking sector were supported in 2017 by growth in the loan portfolio and by the good quality of it
22.01.2018	Households borrowed more than previously from the banks and less from elsewhere
18.01.2018	Ending the use of code cards will make bank transactions more secure
17.01.2018	It is time to talk about reducing the use of one and two-cent coins
15.01.2018	The current account surplus was boosted by services in November 2017
08.01.2018	Price pressures eased off in December
04.01.2018	Collector coins and stamps for the Olympic Winter Games in Pyeongchang will go on sale in the museum of Eesti Pank on 12 January
02.01.2018	Coins can be ordered from the new online shop for delivery to a parcel machine or by courier

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