EEK 2 | Bank Note | Two Kroon | Kae Kae | CurrencyStackerKK | Estonia | North-Eastern Europe
2 Estonia Kroon
The kroon (sign: kr; code: EEK) was the official currency of Estonia for two periods in history: 1928–1940 and 1992–2011. Between 1 January and 14 January 2011, the kroon circulated together with the euro, after which the euro became the sole legal tender in Estonia. The kroon was subdivided into 100 cents (senti; singular sent).
The word Kroon (Estonian pronunciation: [ˈkroːn], “crown”) is related to that of the Nordic currencies (such as the Swedish krona and the Danish and Norwegian krone) and derived from the Latin word corona (“crown”). The kroon was reintroduced in 1992 and replaced by the euro in 2011.
The standard received real coverage with the reserves backing the kroon. The issue of treasury notes and exchange notes was terminated. In order to secure the credibility of the kroon, the Bank of Estonia exchanged kroon for foreign currency. All these measures restored confidence in the domestic banking and monetary sector, contributing to the economic reinvigoration of the country and to the improvement of the reputation of the Estonian state in the international arena.
During the Great Depression in 1933, the kroon went off the gold standard, devalued 35% and obtained a currency peg with the Pound sterling (GBP) at 1 GBP = 18.35 kroon. The Estonian kroon kept this peg and circulated until the Soviet occupation of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.
#KokulaKrishnaHariK – ASDF International Secretary – Computer Science Specialist. Visit www.kokulakrishnaharik.in for more information.
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