Banks, Estonia, Financial Services

“There is a surprising amount of Estonian kroons still in people’s hands, a bit over 1 billion at the moment and this is certainly not money that has been kept as souvenirs or keepsakes. This is actually useless and vacantly standing resource,” noted Eesti Pank cash department head Rait Roosve.

According to Eesti Pank data, 69.8 million euros worth of kroons are in circulation, of which 63.3 million euros worth of kroon bills and 6.5 million euros worth of kroon coins.

All banks exchange kroons for euro till the end of June. Estonian Banking Association CEO Karin Talihärm said that the Association will announce in June which bank offices will exchange kroons for euros after that. It must be possible to exchange kroons for euros with official exchange rate an without a service fee in at least one bank office in all counties and in Tallinn, in one office of each bank. Starting next year, it is possible to exchange kroons for euros in Eesti Pank only.

In July, the period when retail companies have to post prices in both euros and kroons ends. Retailers Association CEO Marika Merilai said that there is no common position yet but larger retail chains are likely to continue posting prices in two currencies. Prisma for example has decided to post prices in kroons too for an undetermined period since consumers are still not used to euros.