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Analysing Estonia's kroon devaluation scare

  • 2007-12-12
  • By Morten Hansen
It happened again… Leading up to the weekend of Nov. 24 - 25 messages on some Russian-language Web sites indicated a soon-to-happen devaluation of the Estonian kroon. This led to the expected outcome: Concerned people flocked to currency exchange places to sell kroons and buy euros. This follows a similar incident in Latvia in February in which text messages warned of an imminent devaluation of the lat. In both cases the mechanism was the same: Make the "warning" just before a weekend 's this is crucial. During the weekend commercial banks and the central bank are closed, and thus the m...
 
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