Central bank: The Bank of Estonia (Estonian: Eesti Pank), is the central bank of Estonia, which is a member of the European Union organisation and the European System of Central Banks. The bank issues the Estonian currency, the kroon.

 

Central bank independence is an integral part of a monetary system ensuring price stability. At the same time, the principles of modern democracies expect any independent institution performing public functions to be accountable for its actions. For Eesti Pank, the autonomous central bank of the Republic of Estonia, accountability entails explaining its economic policy vision and decisions to the citizens of Estonia and their democratically elected representatives in a clear and profound manner. Central bank accountability and independence are two counterbalancing principles.

 

Eesti Pank took over the Tallinn branch of the Foreign Trade Bank of the Soviet Union, re-organising it into the Foreign Currency Operations Centre of Eesti Pank. The central bank also attempted to take other steps within its ability for the liberalisation of the economy and in order to make the transition to a market economy: it began organising currency auctions, publishing quotations of the number of roubles in circulation, issuing licenses for foreign payments and settlements, etc

 

With the expected introduction of the Euro on 1 January 2011, the function of the bank will change again as many of its monetary functions will be taken over by the European Central Bank. Other functions, as well as membership to the European System of Central Banks will remain.
 

Public information on weekdays 8.00-17.00: (+372) 66 80 719; at other times enquiries are accepted by e-mail
Fax: (+372) 66 80 836
Mailing address: Estonia pst 13, 15095 Tallinn, Estonia
Press information: (+372) 66 80 745