Eesti Pank’s budget will increase by 8.3 per cent next year
Eesti Pank’s 2022 budget expenditure will increase by 8.3 per cent to 26.2 million euros. Leaving aside costs on cash, which vary a lot from year to year, the budget expenditure will be 23.4 million euros. Compared to 2021, expenditure growth will be 6.8 per cent, or 1.5 million euros.
Expenditure on circulation coins and commemorative coins will increase in 2022. It is planned to replenish the stock of 2-, 5-, 10, and 20-cent coins as well as 50-euro banknotes.
In addition to the central bank’s regular activities, the key words for the next year are cyber security, being prepared for different crisis scenarios, the green office, and steps to measure and reduce the carbon footprint of the organisation and the central bank’s investment portfolio. We also proceed with internal projects related to incorporating TARGET and T2S within the ESCB, as well as to ECMS projects.
The Estonian central bank’s estimated revenue for 2022 is 22.3 million euros. Eesti Pank mostly profits from the Eurosystem’s joint monetary policy transactions, reserve management, and the sale of collector coins. The central bank’s expected loss in 2022 is 3.8 million euros.
„The central bank’s profits have been affected by the emergency measures taken by the euro area central banks to support economic recovery during the pandemic. The central bank’s revenues have been most affected by the provision of loans to commercial banks on very favourable terms. We are planning to end this measure in its current form in the summer of 2022,” said Governor Madis Müller.
For the next year, Eesti Pank has planned 238.3 full-time equivalent jobs. This is 4.7 positions more than in 2021. The payroll will grow by 8 per cent to 12.8 million, and part of the increase is due to the increase in the number of positions. The objective of Eesti Pank is to keep the salaries of its employees at approximately the same level as those in comparable roles in the Tallinn financial sector, with which the central bank mainly competes on the labour market.
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