OREANDA-NEWS. December 23, 2011. From 2012, kroons will be exchanged into euros by the Museum of Eesti Pank at the central exchange rate of 15.6466 and without service fees. Kroons will also be exchanged into euros on the same conditions for another halfa year by all cash offices of Swedbank and SEB Pank.

In addition, during the next six months, Sampo Pank and Krediidipank will continue to exchange kroons on the same conditions in a limited number of offices. More detailed information about this is available from the banks' customer support.

Eesti Pank has concluded six-month contracts with the above banks for exchanging kroons into euros, after which the extension of the contracts is decided according to need.

From the beginning of 2012, kroons will be exchanged into euros by Eesti Pank - at the central exchange rate, in unlimited amounts, without service fees and indefinitely. Kroons will be exchanged at the Museum of Eesti Pank during its working hours from Tuesday to Friday 12-17, and on Saturday 11-16. The museum will be opened on 3 January 2012.

As at the middle of December, about 55.2 million euros worth of Estonian kroons are still in circulation, banknotes comprising 48.9 and coins 6.3 million euros.

The total amount of kroons in circulation as at the beginning of this year was 372.4 million. About half of those were exchanged into euros during the period of dual circulation, when 190 million euros worth of Estonian kroons were removed from circulation. By the second week of February, the volume of kroons removed from circulation had dropped to 4.3 million euros. Over recent months, the sums being returned have been decreasing steadily. In the second half-year of 2011, a total of 7.5 million euros worth of kroons have been returned to Eesti Pank, the majority of them being banknotes.