Nearly 10 million euros have come into circulation via banks

Bank clients have been calm and reasonable about adoption of euro during the first days of the year.
6. 01. 2011

People have withdrawn total of 5 million euros from ATM's. A lot of bank offices were open on 1 and 2 January where nearly 40 million kroons were exchanged for euros. A lot of clients preferred to deposit kroons on their bank account, during which additional 30.5 million kroons were converted into euros. Today, we can observe a considerable increase in the activity of the clients and waiting time is getting already longer in lots of bank offices. Managing Director of the Banking Association, Katrin Talihärm reminded that currency exchange continues in all bank offices until 30 June, and during the two-week dual circulation period it is also possible to pay in kroons.

Changeover to euro is continually going very well. ESTA, the settlement system of domestic retail payments of the Bank of Estonia was opened as planned on the first working day of the year, and today by 2 p.m., commercial banks have carried out already six settlements in euros via the Bank of Estonia.

8.6 million kroons (to the value of 549,293 euros) were exchanged for euros in the post offices of Eesti Post on 1 and 2 January, average exchange amount was less than 200 euros. There was enough cash for everybody and the restriction of 1,000 euros per person has not been applied.

1.8 billion kroons have got back to the Bank of Estonia during the last four days, and as at today, 5.1 billion kroons in cash are still in circulation. At the beginning of December 2010, 8 billion kroons in cash were still in circulation.

Euro and bank services

Kroons can be exchanged for euros in all bank offices rendering services in cash until 30 June 2011 without a fee and at the official rate of 1 euro for 15.6466 kroons. Kroons can be exchanged for euros on the same conditions in a limited office network until the end of 2011, and the Bank of Estonia will exchange kroons for euros during an unspecified term and free of charge. Additionally, kroons can be exchanged for euros in 178 post offices during the period of 1-15 January.

During the period of 1-14 January 2011, it is possible to pay in Estonia both in euros and kroons, change is given in euros, if possible.

Further information:

Katrin Talihärm

Managing Director

Estonian Banking Association

Tel: 611 6567