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Estonia is the Republic of Estonia officially in the Baltic Region. It is bordered by Gulf of Finland to the north, Baltic Sea to the west, Latvia to the south and Russian Federation to the east. The official language is close to Finnish. Estonia has embarked on swift programs after its independence on social and economic reforms.
The country has today acquired recognition owing to its economic freedom. It was the fastest growing economies and adapted new technologies.
Estonian Kroon had the sign kr and code EEK. This was subdivided into 100 senti. Kroon, this word is related to other Nordic currencies namely the Norwegian Krone and the Swedish krona.
Estonian Kroon was acquired from corona the Latin word and succeeded this in 1928. This currency was used until 1940 and then was replaced by soviet ruble. In 1992, it regained independence and kroon came into introduction. However, Estonian kroon will be replaced by euro next year, on 1 January 2011.
Estonian kroon came into as currency from 1928 and replaced the rate of 1 kroon=100 marks and then the kroon were subdivided into 100 senti. The exchange notes and treasury notes were banned and to protect the credibility of Kroon,
Eesti Pank gave foreign currency for kroon. Such measures gave confidence in monetary sector and domestic banking contributing to a great extent to the economic reinvigoration and improvement of the county. This also added reputation to this state in the international levels.
Bank Notes and Coins
First kroon were nickel-bronze and were followed by bronze in 1929. In 1930 silver 2 krooni came, bronze 5 senti and 10 senti nickel-bronze in 1931 was introduced. In 1933, silver l kroon and in 1934 2 senti bronze and 1 kroon aluminum-bronze was introduced, in 1935 20 senti nickel-bronze and in 1936 50 senti nickel bronze appeared.
However, in 1992 denominations came into coins of 5, 10, 20 & 50 senti and 1 kroon, where all others were in aluminum-bronze except for 1 kroon in cupronickel. No longer are 5 senti coins in use and even 1 kroon are not considered legal tender. In 1992 the introduction of banknotes came in various denominations such as 1,2,5,10,25,100 and 500 krooni. However, no longer 1 kroon notes and 50 krooni notes are in use everyday.