Eesti Pank issued 215 million euros of cash in the third quarter of the year
In the third quarter of 2022 Eesti Pank issued 6.3 million banknotes into circulation with a total value of 215 million euros. The number of notes issued was 12% smaller than in the previous quarter, and the total value was 20% less. The short-lived but sharp rise in demand in the first quarter was replaced by a fall in demand in the second and third quarters. The overall demand for cash remains at the same level as a year earlier though. The banknote most commonly issued in the third quarter was the 50-euro note.
Some 220 million euros of banknotes were returned to Eesti Pank in the third quarter. The sorting process saw the destruction of 1.3 million banknotes that were unfit for circulation, and the rest were returned to circulation.
Eesti Pank issued 9.3 million coins with a total value of 3.3 million euros into circulation in the third quarter of the year. The amount of coins issued was 13% more than in the second quarter. The coins issued most were one and two-cent coins, which made up 44% of all the coins issued.
The commercial banks returned 1.1 million euros of coins to Eesti Pank in the third quarter of 2022, which was 15% less than in the second quarter. Coins can be paid into bank accounts using coin machines at 16 locations across Estonia.
Cash was withdrawn from ATMs on 6.7 million occasions in the third quarter, for a total value of more than one billion euros. The number of cash withdrawals from ATMs was 6% lower than a year earlier. Cash deposits of 570.5 million euros were made in the third quarter, which is 6.3% more than a year previously.
There are 667 ATMs in Estonia, of which 250 accept cash depositing. Alongside the ATMs, cash transactions can also be made in 25 bank offices.
There are some 800 places across Estonia beyond the network of ATMs from which cash can be withdrawn. See also Where else can I withdraw cash?
The Eesti Pank survey on access to cash shows that the availability of cash has remained the same in Estonia in recent years. Around 99% of people in Estonia live within 10 km of a point where they can withdraw cash. Cash can be withdrawn from ATMs, bank offices providing cash services, and shop tills that have a withdrawal service.
Exchanging Estonian kroons for cash
Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 214 exchange transactions with kroons in the third quarter of 2022 at a value of 73,719 euros. There are still an estimated 28.4 million kroon banknotes, worth 37.2 million euros, and 319.7 million coins, worth 6.7 million euros, that have not been returned from circulation, making a total value of 43.9 million euros. Interest in exchanging kroons has been very low in recent years. A part of the cash in kroons has been permanently lost or destroyed over time.
Eesti Pank expert analysis of cash
Eesti Pank exchanges damaged euro banknotes and coins. Expert analysis was carried out 49 times in the third quarter of 2022 as 1563 banknotes were examined for authenticity and were classed as damaged notes. Banknotes are exchanged when more than half of them remains. Damaged banknotes are removed from circulation and are destroyed.
The Estonian Forensic Science Institute registered 73 counterfeit euro banknotes in Estonia in the third quarter, the majority of which were 20 and 50-euro notes. There were also 35 counterfeit coins discovered in the quarter.
- Estonian kroon banknotes and coins can be exchanged for euros at the shop of the Eesti Pank Museum during its opening hours from Tuesdays to Fridays 12.00-17.00 and Saturdays 11.00-16.00, tel 668 0650.
Damaged banknotes can be submitted for expert analysis by contacting the Eesti Pank museum shop.
Tel 56 920 930