The economy of Estonia is rated advanced by the World Bank, i.e. with high quality of life and advanced infrastructure relative to less industrialized nations. Estonia is a member of the European Union, eurozone and OECD The economy is heavily influenced by developments in the Finnish and Swedish economies.
The kroon was the official currency of Estonia for two periods in history: 1928–1940 and 1992–2011. Between 1 January and 14 January 2011, the kroon circulated together with the euro, after which the euro became the sole legal tender in Estonia. The kroon was subdivided into 100 cents.
The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural litai or litų was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 centų. The litas was first introduced on 2 October 1922 after World War I, when Lithuania declared independence, and was reintroduced on 25 June 1993 following a period of currency exchange from the Soviet ruble to the litas with the temporary talonas then in place. The name was modeled after the name of the country. From 1994 to 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1. The litas was pegged to the euro at the rate of 3.4528 to 1 since 2002. The euro was expected to replace the litas by 1 January 2007, but persistent high inflation and the economic crisis delayed the switch.
The Bank of Finland is the Finnish member of the Eurosystem and has been the monetary authority for Finland from 1865 to 1998, issuing the Finnish markka. It views itself as the fourth oldest surviving central bank in the world, after Sweden's Riksbank, the Bank of England, and the Bank of France, having been originally created in 1811-1812 as the Office of Exchange, Lending, and Deposits of the Grand Duchy of Finland before taking its current name in 1840. Unlike many other longstanding central banks, it has always been government-owned.
The ruble or rouble was the currency of the Soviet Union. It was introduced in 1922 and replaced the Imperial Russian ruble. One ruble was divided into 100 kopecks. Soviet banknotes and coins were produced by the Federal State Unitary Enterprise in Moscow and Leningrad.
The Estonian mark was the currency of Estonia between 1918 and 1928. It was running parallel with payment notes from the Clearing House of Tallinn as there was lack of cash in Estonia. The last available payment notes were exchanged for marks in 1923. On 11 November 1918 the Estonian Provisional Government assembled after the Armistice to discuss, among other issues, financial questions and on 30 November 1918 the Provisional Government agreed to establish the Estonian mark. The currency was modeled after Germany as Estonian finances were influenced by German law in 1918. It was initially equivalent to the German ostmark, which had been circulating alongside the Imperial rouble since the German occupation. It was divided into 100 penns.
Rein Otsason was an Estonian banker.
The Russian financial crisis began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries.
The Central Bank of Armenia is the central bank of Armenia with its headquarters in Yerevan. The CBA is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The CBA is also the sole owner of the Armenian Mint.
The 50 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. A portrait of Rudolf Tobias (1873–1918), a famous Estonian composer, is engraved on the front side of the bill along with the pipe organ of the Käina church.
The 25 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. A. H. Tammsaare (1870–1940), who was a famous Estonian writer of classical literature, is featured on the front side of the bill, which is why the 25 krooni banknote is often called a "Tammekas or Tammsaare".
The 2 krooni banknote is a denomination of the Estonian kroon, the former currency of Estonia. Karl Ernst von Baer, who was an Estonian Baltic German anthropologist, naturalist and geographer (1792–1876), is featured with a portrait on the obverse. The 2 krooni bill is called sometimes a "kahene" meaning "a two".
The 1 kroon is the smallest valued banknote of the Estonian kroon, the former currency of Estonia. Kristjan Raud (1865–1943), an Estonian painter, teacher, and cultural historian, is featured with a portrait on the obverse. A view of Toompea Castle in Tallinn appears on the reverse.
Currency intervention, also known as foreign exchange market intervention or currency manipulation, is a monetary policy operation. It occurs when a government or central bank buys or sells foreign currency in exchange for its own domestic currency, generally with the intention of influencing the exchange rate and trade policy.
After the dissolution of the Soviet Union in 1991 and the end of its centrally-planned economy, the Russian Federation succeeded it under president Boris Yeltsin. The Russian government used policies of shock therapy to liberalize the economy as part of the transition to a market economy, causing a sustained economic recession. GDP per capita levels returned to their 1991 levels by the mid-2000s. The economy of Russia is much more stable today than in the early 1990s, but inflation still remains an issue. Historically and currently, the Russian economy has differed sharply from major developed economies because of its weak legal system, underdevelopment of modern economic activities, technological backwardness, and lower living standards.
The 1 kroon coin was put in circulation from 1 August 1934 to 25 March 1941, during the first independence period of Estonia. The exact number of coins minted is not known, as part of the archives was destroyed in the war, but some data indicate that about 3,406,066 pieces were struck. During the budget year of 1935/1936, 1,586,000 additional 1 kroon coins were minted. Designed by graphic artist Günther Reindorff, it depicts the image of a 13th-century Viking cargo ship.
The financial crisis in Russia in 2017 was the result of the sharp devaluation of the Russian rouble beginning in the second half of 2014. A decline in confidence in the Russian economy caused investors to sell off their Russian assets, which led to a decline in the value of the Russian rouble and sparked fears of a financial crisis. The lack of confidence in the Russian economy stemmed from at least two major sources. The first is the fall in the price of oil in 2014. Crude oil, a major export of Russia, declined in price by nearly 50% between its yearly high in June 2014 and 16 December 2014. The second is the result of international economic sanctions imposed on Russia following Russia's annexation of Crimea, the war in Donbas and the broader Russo-Ukrainian War.
Coop Pank is an Estonian bank, headquartered in Tallinn. The bank operates only in Estonia. The official name of the bank is Coop Pank AS. Coop Pank offers deposits, business and personal loans, leasing, bank cards, settlement services, card payment acceptance, factoring, private banking and insurance services. Bank has internet bank and mobile bank. The Bank has joined with the flash payment system RT1 that is developed in Estonia by Eesti Pank, which gives customers the opportunity to make flash payments.
Banking in Estonia covers banking in Estonia. Banking started with the establishment of the central bank, the Bank of Estonia in 1919. It lost control during the Soviet period when banking was controlled from Moscow by Soviet powers. It was reestablished in 1990. As of 2022 it consists of the central bank and a number of commercial banks providing banking and financial services. Many of the commercial banks operating in Estonia are foreign banks primely from Scandinavia.
