Bank of Estonia



State Bank of the Estonian Soviet Socialist Republic

The Eesti Pank ( Bank of Estonia ) is the central bank of the Republic of Estonia.


The Eesti Pank was founded by the Provisional Government of the Republic of Estonia on February 24, 1919, exactly one year after the proclamation of Estonia's independence. From 1921, Eesti Pank was its own currency of Estonia, the Estonian Mark out. It was replaced on January 1, 1928 as part of a currency reform by the Estonian Kroon. This was initially in the course 1:1 to the Swedish krona ( = 0.403226 grams of gold ) bound. 1933, the Estonian Kroon was devalued by 35 % and the British pound worth 1 pound sterling = 18.35 kroons bound.

With the occupation of Estonia by the Soviet Union in 1940 Eesti Pank was nationalized. As State Bank of the Estonian Soviet Socialist Republic wrapped under the control of Moscow from the financial transactions in Estonia. The Soviet ruble was introduced as the sole currency. The exchange rate has been very committed to the detriment of the former Estonian economy Estonian Kroon 1 = 1.25 rubles.

Restoration of Estonian independence

Shortly before the secession of Estonia by the Soviet Union Eesti Pank was decided on 15 December 1989, wiederzugründen with effect from 1 January 1990. On December 28, 1989, the Banking Law of the Republic of Estonia was adopted ( Eesti Vabariigi Pangaseadus ). It provides for the independent emission rights Eesti Pank for local payment. On 15 March 1990 the Statute of Eesti Pank was adopted, which then began its work.

On 20 June 1992, the Estonian monetary reform came into force, which freed Estonia from the ruble zone. The only means of payment in the Republic of Estonia was from now on the Estonian Kroon (EEK). She was bound in course 8 EEK = 1 DM fixed to the German mark. With the fixing of exchange rates within the European Monetary Union, the fixed rate is December 31, 1998 1 EUR = 15.6466 EEK.

On 1 May 2004, Eesti Pank member of the European System of Central Banks. Since June 27, 2004 Estonia is a member of ERM II

With the accession of Estonia to the European Union on 1 May 2004, the stated goal of the Estonian government is the early introduction of the euro. On 15 December 2004 the design of the future Estonian euro coins was presented. On 1 January 2011, the euro was introduced as legal tender in Estonia.


The Eesti Pank today fulfills all the functions of a modern central bank. This includes the development and design of the monetary policy of the Republic of Estonia, the supervision of the banking sector, the guarantee of a functioning payments in Estonia as well as measures to stabilize the domestic financial system. The Eesti Pank policy is committed to price stability. Their activity is regulated by the Law on the Bank of Estonia ( Eesti Panga seadus ).


The supreme body of Eesti Pank is the Central Bank ( Eesti Panga Nõukogu ) with a chairman and eight other members. The Bank is headed by the Executive Board of Eesti Pank, composed of the President of the Bank of Estonia and three vice-presidents.

President of the Bank of Estonia

  • Mihkel Pung March 1919 - August 1919
  • Eduard Aule October 1921 ( from August 1919 already -executive) - October 1925
  • Artur Uibopuu October 1925 - November 1926
  • Jüri Jaakson November 1926 - July 1940
  • Martin Kostner, 1944 - 1949
  • Oskar Kerson, January 21, 1968 - December 31, 1980
  • Clean Otsason, December 28, 1989 - September 23, 1991
  • Siim Kallas, September 23, 1991 - April 27, 1995
  • Vahur force 27 April, 1995 - June 7, 2005
  • Andres Lipstok, June 7, 2005 - June 7, 2012
  • Ardo Hansson ( since 7 June 2012)