Brussels, 17/01/2011 (Agence Europe) - The euro is now the only legal currency in Estonia, after the kroon disappeared from circulation on Friday 14 January, in a transition which took place smoothly and with great success, the European Commission announced on Monday 17 January. It adds that the banks, post offices and retailers successfully managed the additional workload caused by the transition process and the use of two currencies.
On Saturday 15 January, 13% of all Estonians still had kroon banknotes in their wallets. These can be exchanged for euro at the official exchange rate and free of charge in bank agencies which offer currency exchange services until the end of June, and then in a small network of banks for at least six further months. Subsequently, kroons will be able to be exchanged (for an unlimited period) for euro at the Estonian Central Bank.
“This successful and smooth changeover is no coincidence. It is the result of careful preparations, in close contact with the European Commission and the European Central Bank”, said Olli Rehn, European Commissioner for Economic and Monetary Affairs.
The Commission stresses that automatic teller machines (ATMs) had been successfully converted to euro and that almost all of them distributed euro notes from the first hour of 1 January. Retail points of sale allowing card payments in shops had been converted to euro in time for the shops opening on 1 January. (L.C./transl.fl)