Note: This currency has been replaced by the Euro.
The official currency for Finland until 2002 was the Finnish Markka (FIM). The Markka was subdivided into pennies; 100 pennies = 1 Markka. The abbreviation for the Markka was mk. In 2002, the Markka was replaced by the Euro.
- Finland’s economy is a mixed economy and is highly industrialized.
- Main industries are clothing, textiles, shipbuilding, pulp and paper, electronics, metals, metal products, and scientific instruments.
- Export products are timber, paper and pulp, chemicals, metals, electrical equipment, and optical equipment.
- Import products are transport equipment, fabrics, yarn, iron, steel, foodstuffs, chemicals, petroleum and petroleum products, and grains.
- Unemployment is estimated at 8.1% and inflation at 1.2%.
- The service industry accounts for 68% of the yearly GDP, followed by 29.1% for industry, and 2.6% for agriculture.
- The European Union manages the trade policy, which is a big change for Finland because they supported free trade.
- The Bank of Finland introduced the first Markka in 1860 to replace the Russian Ruble.
- In 1865, the Markka was no longer part of the Russian Ruble and was evaluated against silver.
- In 1917, Finland became independent and joined the gold standard.
- During the Second World War the Markka lost value, and in 1963 a new Markka was introduced.
- In 1948, Finland aligned itself with the Brent Woods agreement.
- The Brent Woods agreement dissolved in 1971 and the Markka was depreciating against the US Dollar and not gaining against the German Mark.
- During the 1980s and 1990s economic controls were abolished and the market started to liberalize.
- In 1969, the Mardka joined the ERM system and in 1999 formed a fraction of the Euro in 1999.
- In 2002, the Markka was replaced by the Euro.
Symbols and Names
- Symbols: mk
- Nicknames: none
ISO 4217 Code
- Penni = 1/100 of a Markka
- Bills: 10mk, 20mk, 50mk, 100mk, 500mk, 1,000mk
- Coins: 1p (until 1979), 5p, 10p, 20p (until 1990) 50p, 1 mk, 5mk, 10 mk
Countries Using This Currency
Currencies Pegged To FIM :
FIM Is Pegged To:
- Euro = 5.94573 Markkas