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Estonian kroon
Eesti kroon (Estonian)
 |
 |
| 500 krooni obverse |
50 senti |
|
| ISO 4217 Code |
EEK |
| User(s) |
Estonia |
| Inflation |
4% |
| Source |
The World Factbook, 2005 est. |
| ERM |
|
| Since |
28 June 2004 |
| Fixed rate since |
31 December 1998 |
| Replaced by €, cash |
1 January 2008 tentative |
| € = |
15.6466 krooni |
| Band |
15% |
| Subunit |
|
| 1/100 |
sent |
| Symbol |
KR |
| Plural |
krooni |
| sent |
senti |
| Coins |
|
| Freq. used |
10, 20, 50 senti, 1 kroon |
| Rarely used |
5 senti, 5 krooni |
| Banknotes |
|
| Freq. used |
2, 5, 10, 25, 100, 500 krooni |
| Rarely used |
1, 50 krooni |
| Central bank |
Bank of Estonia |
| Website |
www.bankofestonia.info |
-
The kroon (ISO 4217 code: EEK) has been the currency of the Republic of Estonia since 1928. One kroon is divided into 100 senti.
[edit] History
[edit] First Kroon, 1928-1940
The first kroon was introduced in 1928. It replaced the mark at a rate of one hundred to one. It circulated until the Soviet invasion of 1940. The kroon was exchanged for Soviet rubles at a rate of 1 ruble = 0.8 kroon.
[edit] Second Kroon, 1992-
The second kroon was introduced in 1992, replacing the Soviet ruble at a rate of 1 kroon = 10 rubles. Initially, the Estonian kroon was pegged to the German mark at a rate of 8 EEK = 1 DEM. It has been stable since 20 June 1992. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR led to an exchange rate of 15.64664 krooni to the euro.
The kroon is now officially in ERM II, the EU's exchange rate mechanism. As it remains pegged to the euro, it makes no use of its 15% fluctuation band. Estonia was party to joining the mechanism since joining the EU - actual entry was on 28 June 2004 [1].
[edit] Circulating Currency
Notes in circulation: 1, 2, 5, 10, 25, 50, 100, 500 krooni.
Coins in circulation: 5, 10, 20 and 50 senti, 1 and 5 krooni.
The 5 sent coins and 1 kroon notes are no longer being issued. The 5 kroon coins were only issued as commemoratives. As a result, all three are currently rarely found in circulation. Also the 50 kroon notes are not very popular in Estonia and are not seen in everyday circulation very often.
1 kroon coin obverse
1 kroon coin reverse
Current EEK exchange rates
[edit] See also
