Last months of the kroon

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13. July 2010

On 13 July 2010, ECOFIN, the board of European Union financial ministers, decided that Estonia is ready to adopt the euro on 1 January 2011. The exchange rate between the kroon and the euro was confirmed to be 15.6466, which had been valid from 1992 already.

Estonia becomes the 17th country in the euro zone and the second smallest - Malta is the smallest economy that uses the euro. At the press conference held today, Olli Rehn, European Commissioner for Economic and Monetary Affairs, congratulated Estonians both on joining the euro zone and preserving budgetary balance.

According to Rehn, Estonia is only one of the three European Union Member States the budget of which is in a satisfactory state - besides Estonia, this can only be said about Luxembourg and Sweden. President Toomas Hendrik Ilves welcomed the final approval of the financial ministers of the European Union to Estonia's joining with the euro zone, stating it will give our economy stability and simplify trade relations.

From 1 December to 30 June 2011, kroons can be exchanged for euros without service fee in each bank branch providing cash services, with the exchange rate confirmed today by the board of financial ministers of the European Union. Until the end of the year, kroons can be exchanged for euros on the same conditions in a limited network of bank branches.

The Bank of Estonia exchanges kroons for euros termlessly and for free. From 1 January, card payments are made in euros and cash machines will be dispensing euros. In the first two weeks of January, both euros and kroons can be used for payments; change will be given in euros, as a rule. The kroon and the euro have been pegged with the 15.6466 exchange rate since 1999. Before that, the Estonian kroon was pegged to the German mark.


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