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Bank of Estonia budget to increase 4.6 percent in 2018

The Bank of Estonia is the country's central bank.
The Bank of Estonia is the country's central bank. Source: (Martin Dremljuga/ERR)

The Bank of Estonia's 2018 budget will total €21.5 million. Without cash handling costs, this budget will be €900,000, or 4.6 percent, larger than in 2017.

Including cash handling costs, which vary a great deal from year to year, the central bank's budget will be some €1.2 million euros, or 5.1 percent. smaller next year than it was this year. Costs for cash will be lower next year as the Bank of Estonia already prepared ahead this year for the gold and silver collector coins that will be issued on the occasion of the centennial of the Republic of Estonia in 2018, the central bank said.

Notable entries in the central bank's budget for 2018 are the launch of a new statistics portal and improved cyber and physical security. The joint European securities settlement platform TARGET2-Securities (T2S) that was employed in Estonia this year will increase spending on information technology next year as well. Thus, expenses related to information technology services will increase by more than €500,000, and the central bank will invest €1.5 million in fixed assets next year.

The Bank of Estonia's forecasts show that revenues for the central bank next year should total €33.3 million, the largest part of which will come from revenues stemming from the single monetary policy of the central banks of the euro area. The bank also expects to gain income from managing foreign reserves and other operations. It is expected to make a profit of €11.8 million in 2018.

The Bank of Estonia will employ over 230 people, and its payroll will increase by 2.9 percent to €10.2 million. This will allow the bank to keep staff salaries comparable to those for similar positions in Tallinn's financial sector, its primary competitor for employees.

Editor: Aili Vahtla

Source: BNS

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