The regular meeting of the Eesti Pank Supervisory Board on Tuesday confirmed Martti Randveer, who is currently head of the central bank’s Economics and Research Department, as the Deputy Governor of the central bank. The term of office of a Deputy Governor is five years, and Mr Randveer will take up his post on 7 June.

Current Deputy Governor Ülo Kaasik will take up the post of Governor on the same date because the term of office of Governor of Eesti Pank Madis Müller ends on 6 June. Deputy Governor Andrus Alber, who took the position in January this year, will remain as a Member of the Eesti Pank Executive Board alongside Mr Kaasik and Mr Randveer. The Governor serves a term of office of seven years, and the Deputy Governors have a term of office of five years.

Martti Randveer was proposed as a candidate for Deputy Governor by the Governor of the central bank Madis Müller, who said that Mr Randveer is inarguably a very experienced central banker and one of the best macroeconomists in Estonia. “He has been one of the key people involved in setting the monetary policy stance of Eesti Pank for many years and has shown all the qualities needed by a central bank in economic research and analysis. I am very pleased that the decision taken by the Supervisory Board today has put in place a new Executive Board for Eesti Pank that will be talented and powerful in every sense.

Martti Randveer said “I would like to thank Madis Müller and Ülo Kaasik and the Supervisory Board of Eesti Pank for giving me the opportunity to join the Executive Board of the central bank. It is important for Eesti Pank to be an equal partner among the central banks of the euro area, and to provide the public with high-quality information and analysis, and I hope that my experience in these areas will be of benefit”.

Martti Randveer has worked at Eesti Pank since 1996 and has been head of the Economics and Research Department since July 2011. He earlier headed the Eesti Pank economic research department and worked as an economist in that department. He has also been a member of the Estonian Fiscal Council since 2014. He graduated from Tallinn University of Technology, from where he received his doctorate in economic theory in 2009, and he has published numerous research papers on macroeconomics.

Additional information:
Viljar Rääsk
Head of Communications
Eesti Pank
6680 745, 5275 055
Email: [email protected]
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