Eesti Pank issued 271 million euros of cash in the second quarter of 2022

Autori Martti Näksi pilt

Martti Näksi

Head of the Cash Handling Division



In the second quarter of 2022 Eesti Pank issued 7.2 million banknotes into circulation with a total value of 271 million euros. The number of banknotes issued by Eesti Pank was 20% smaller than in the previous quarter, and the value of these notes was 19% less. The sharp but short increase in demand in the previous quarter has by now faded out and demand was at the same level as in previous quarters. The most commonly issued note was the 50-euro note.

Some 141 million euros of banknotes were returned to Eesti Pank in the second quarter. The sorting process saw the destruction of 0.9 million banknotes that were unfit for circulation. The rest of the banknotes were sent back into circulation.

Eesti Pank issued 2.9 million euros of coins into circulation in the second quarter, and 1.3 million euros of coins were returned. The coins issued most were one- and two-cent coins, which made up 44% of all the coins issued. Coins can be paid into bank accounts using coin machines at 16 locations across Estonia.

There were 6.6 million withdrawals of cash made from ATMs in the second quarter of the year for a total value of more than 1.06 billion euros. The amount of cash withdrawn from ATMs was 14% more than a year earlier, but the number of transactions was the same as the year before. Cash to the value of 531.1 million euros was deposited in ATMs in the second quarter, which was 8.8% more than a year earlier.

There were 666 ATMs in Estonia in the second quarter, of which 250 accept cash deposits. Alongside the ATMs, cash transactions can also be made in 27 bank offices.

There are some 800 places across Estonia, beyond the network of ATMs, that provide cash withdrawals in cooperation with banks and shops. See also: Where else can I withdraw cash?

Exchanging Estonian kroons for cash
Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 216 exchange transactions with kroons in the second quarter of 2022 at a value of 59,180 euros. There are still 28.4 million kroon banknotes, worth 37.4 million euros, and 319.4 million coins, worth 6.7 million euros, that have not been returned from circulation, making a total value of 44.1 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 41 times in the second quarter of 2022 as 305 banknotes were examined for authenticity and were classed as damaged notes. Banknotes are exchanged when more than half of the note remains. Damaged banknotes are removed from circulation and destroyed. The Estonian Forensic Science Institute registered 29 counterfeit euro banknotes in Estonia in the second quarter, the majority of which were 20- and 50-euro notes. There were also 27 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, phone +372 668 0650.
  • Damaged banknotes can be submitted for expert analysis by contacting the Eesti Pank museum shop.

Additional information:
Evelin Jürisson
Communications Specialist
Eesti Pank
Tel: 668 0965, 5697 9146
Press enquiries: [email protected]