TALLINN - Over a billion Estonian kroons (64.1 million euros) are still in cash circulation although Estonia adopted the euro at the beginning of the year, reports National Broadcasting. “There is a surprising amount of Estonian kroons still in people’s hands, a bit over 1 billion at the moment and this is certainly not money that has been kept as souvenirs or keepsakes. This is actually a useless and vacantly standing resource,” noted Eesti Pank cash department head Rait Roosve.
According to Eesti Pank data, 69.8 million euros’ worth of kroons are in circulation, of which 63.3 million euros’ worth are kroon bills and 6.5 million euros’ worth are kroon coins.
All banks can exchange kroons for euros till the end of June. Estonian Banking Association CEO Karin Taliharm said that the Association will announce in June which bank offices will exchange kroons for euros after that. It must be possible to exchange kroons for euros with the official exchange rate and without a service fee in at least one bank office in all counties and in Tallinn, in one office of each bank. Starting next year, it will be possible to exchange kroons for euros in Eesti Pank only.
In July, the period when retail companies have to post prices in both euros and kroons ends. Retailers Association CEO Marika Merilai said that there is no common position yet, but larger retail chains are likely to continue posting prices in two currencies. Prisma, for example, has decided to post prices in kroons too for an undetermined period since consumers are still not used to euros.