Estonian Krooni (EEK)

The Estonian Kroon (EEK) was the official currency of Estonia before it adopted the Euro in 2011. It was introduced in 1928, following Estonia’s independence, and was issued by the Bank of Estonia.

The Kroon was subdivided into 100 senti. It was used as the medium of exchange for daily transactions within Estonia, while the Euro was commonly used for international transactions. The Bank of Estonia was responsible for managing the currency, controlling its supply, and maintaining price stability.

The Estonian Kroon was issued in both banknotes and coins. The banknotes came in denominations of 1, 2, 5, 10, 25, 50, 100, 500, and 1000 Krooni. The coins were issued in values of 1, 5, 10, 20, 50 senti, and 1 Kroon.

The value of the Estonian Kroon was determined by the foreign exchange market, where supply and demand factors influenced its exchange rate against other currencies. The country’s economic performance, trade balance, inflation rate, and other factors played a role in determining the value of the Kroon.

Estonia’s economy has experienced significant growth and development since the adoption of the Euro. The country has a strong focus on sectors such as information technology, telecommunications, energy, logistics, and tourism. The transition to the Euro has facilitated greater integration with the European Union and expanded trade opportunities for Estonia.

In 2011, Estonia officially adopted the Euro as its currency, and the Estonian Kroon ceased to be legal tender. The Euro is now the sole currency used in Estonia for both domestic and international transactions.

In conclusion, the Estonian Kroon was the former official currency of Estonia, in use from 1928 to 2011. It was replaced by the Euro as part of Estonia’s integration into the European Union. The Kroon played a significant role in Estonia’s economy until its transition to the Euro.