A second wave of the coronavirus has pushed the global economy back into recession in the final third of the year. After the outbreak of the disease in spring faded and restrictions were eased, the global economy recovered quite strongly. The global purchasing managers index still showed in early... more

At the Your opinion counts roundtable, we want to hear what people and organisations think about changes in the economy, how much you have been affected by changes in prices, whether low interest rates have been good or bad for you, and whether there are other topical issues that the central... more

Madis Müller Governor of Eesti Pank and member of the Governing Council of the European Central Bank

The monetary policy of the central bank may seem to be a difficult topic and most people do not think about it every day. It affects all of us though, when we go to the shops... more

Securities lending of Bank of Estonia PSPP holdings

The Bank of Estonia PSPP and PEPP holdings are available for securities lending. The counterparties eligible for this lending are trading counterparties who have relevant agreements (GMRA agreements) with the Bank of Estonia.

Eligible... more

The spread of the coronavirus from the start of the year had a major impact on the performance of the Estonian economy and of the economy of the whole world. Although the economic decline in many countries was less than was forecast at the first peak of the crisis, the economy of the euro area... more
Occasional Papers of Eesti Pank 2/2020 Authors: Helen Ljadov, Reet Reedik, Raido Kraavik, Taavi Raudsaar, Lauri Matsulevitš, Dmitry Kulikov, Kaspar Oja, Lenno Uusküla, Nicolas Reigl, Karsten Staehr Several central banks have started using negative interest rates alongside other nonstandard... more

The latest research by Eesti Pank shows that the monetary policy of the Eurosystem affects growth and inflation in the Estonian economy more than it does in the euro area on average.

In broad terms, monetary policy affects how available and how expensive credit is in the economy. By... more

The Estonian Economy and Monetary Policy is an Eesti Pank review released four times a year that summarises the main recent events in the global and Estonian economies. Twice a year, in June and December, the review also contains a full forecast for the Estonian economy, while in March and... more
Madis Müller Governor of Eesti Pank

Honourable President of the Riigikogu, Distinguished Members of the Riigikogu, I am pleased to present to you the annual report of Eesti Pank for 2019.

Rarely has the economy been in such a different position by the start of June... more




* The monthly purchase volumes are reported net of redemtions
** At amortized cost   

From June 2015 to May 2016, Eesti Pank had a special exemption allowing it to buy the bonds of the state-owned transmission system operator Elering. From June 2016 the... more

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