Note: This currency has been replaced by the Euro.
Overview
The Estonian Kroon (EEK) was the official currency for Estonia from 1928 until 1940, and then again from 1992 to 2011. The symbol for the Kroon was kr. It was divided into sents; 100 sent = 1 kroon. The currency was replaced by the Euro in 2011.
Economy
Estonia’s economy is advanced and the country is part of the European Union. The economy is rated as free-market-based.
Top industries are wood products and wood, telecommunication, information technology, electronics, engineering, and textiles.
The unemployment rate for Estonia is estimated at 13.3%.
The country produces 90% of its own energy.
Estonia’s yearly GDP growth is +/- 3.1%.
History
The Mark was first replaced by the Estonian Kroon in 1928, which was pegged to the gold standard.
The Great Depression of the 1930s forced the Kroon to go off the gold standard and the Kroon was pegged to the British Pound at 1 Pound = 18.35 kroon.
During the invasion of Estonia by the Soviet Union in 1940, the Kroon was replaced by the Soviet Ruble, and 0.8 kroon = 1 ruble.
In 1992 the kroon was reintroduced to replace the Ruble.
The Kroon was pegged to the German Mark originally; however, after the Euro was introduced, the kroon was fixed at an exchange rate of 15.64664 kroon = 1 euro.
In January 2011 the euro replaced the Kroon. Although the Eesti Pank is no longer issuing the kroon, they still accept Kroon banknotes and coins, and there is no time restriction for exchanging the old currency.
