55 Million Euros Worth of Kroons Still in Circulation

Photo: Postimees/Scanpix
12/19/2011 4:40 PM
Category: Economy

By mid-December, around 55.2 million euros worth of the former national currency – Estonian kroon – was still in circulation, according to the Bank of Estonia. 

Banknotes make up around 48.9 million euros while coins account for an estimated 6.3 million euros, Õhtuleht reported. 

"We assume that a large portion of the kroons still in circulation will never make its way back to the central bank," said Viljar Rääsk, spokesman for the Bank of Estonia, guessing that a substantial share of the old currency will simply be kept as memorabilia.

In January 2011, Estonia became the 17th country to join the Eurozone, with 372.4 million euros worth of kroons in circulation. During the 14-day transition period, when both currencies were in parallel use, half of the kroons were exchanged to euros. After that the exchange activity took a sharp drop.

Starting 2012, people can exchange kroons to euros at the central bank's museum. 

 

Ingrid Teesalu


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