In the first quarter of 2022 Eesti Pank issued 8.9 million banknotes into circulation with a total value of 333 million euros. The number of banknotes issued by Eesti Pank was 24% more than in the previous quarter, and the value was 27% more. Demand for cash was increased above all by the war between Russia and Ukraine. The spike in demand for cash in the first quarter was quite short-lived though, and demand has now returned to its earlier level. The most commonly issued note in the first quarter was the 50-euro note, which made up 60% of all the banknotes.

Some 131 million euros of banknotes were returned to Eesti Pank in the first quarter. The sorting process saw the destruction of 1.34 million banknotes that were unfit for circulation, which was 27% of the banknotes handled. The rest of the banknotes were sent back into circulation.

Eesti Pank issued 2.9 million euros of coins into circulation in the first quarter, and 1.6 million euros of coins were returned. The coins issued most were one and two-cent coins, which made up 41% of all the coins issued. People receive these coins as change from shops, but rarely spend them themselves. Coins can be paid into bank accounts using coin machines at 16 locations across Estonia.

There were 5.6 million withdrawals of cash made from ATMs in the first quarter of the year for a total value of more than 958 million euros. The amount of cash withdrawn from ATMs was 20% more than a year earlier, but the number of transactions was down by 3%. Cash to the value of 432.3 million euros was deposited in ATMs in the first quarter, which was 4% more than a year earlier.

There were 666 ATMs in Estonia in the first quarter, of which 253 accept cash depositing. Alongside the ATMs, cash transactions can also be made in 27 bank offices.

Exchanging Estonian kroons for cash

Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 182 exchange transactions with kroons in the first quarter of 2022 at a value of around 60,000 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 modest in recent years. A part of the cash in kroons has been lost or destroyed over time.

Eesti Pank expert analysis of cash

Eesti Pank exchanges damaged euro banknotes and coins. Expert analysis was carried out 28 times in the first quarter of 2022 as 296 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 44 counterfeit euro banknotes in Estonia in the first quarter, the majority of which were 20 and 50-euro notes. There were also 10 counterfeit coins discovered in the quarter. The report of the European Central Bank in 2021 on banknotes and coins shows the number of counterfeits falling each year. The number of counterfeits last year was the lowest since the euro was introduced.

• 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 museum shop.

Additional information:
Hanna Jürgenson
Communications Specialist
Eesti Pank
Tel: 668 0959, 56920 930
Press enquiries: [email protected]