ECONOMIC FORECAST. The economy is on the threshold of growth

After two years of recession, conditions have improved for the economy to return to growth. Prices for energy and other commodities have fallen, inflation is coming down and the purchasing power of people in Estonia and Europe is improving. Estonian companies are also working hard to become more competitive. The economy is expected to revive during this year, though the figures for the whole year will still be below those of last year. The central bank is forecasting growth of 3% for the following two years.
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Eesti Pank Museum

3. May 1919 CENTRAL BANK COMMENCES OPERATIONS. The fixed capital of 10 million marks was recorded in the general ledger and Eesti Pank commenced regular operations.
MUSEUM

On the front, the banknotes display windows and gateways. They symbolise the European spirit of openness and cooperation. The 12 stars of the European Union represent the dynamism and harmony of contemporary Europe. The bridges on the back symbolise communication between the people of Europe and the rest of the world. The architectural style of the particular era was used in the design, with no reference to specific buildings.

Estonian kroon

Exchange kroons
The Estonian monetary system was based on the system of the currency board, meaning that the exchange rate of the kroon was strictly pegged to a reserve currency. From then until 31 December 2001 the exchange rate of the kroon against the German mark was fixed at EEK 8 = DEM 1, and thereafter the exchange rate of the kroon against the euro was fixed at EEK 15.6466 = EUR 1 (the exchange rate effective to date).