CLEARING
On 1 April 1993 obligatory reserve accounts for commercial banks were closed and the balances of these accounts were written on correspondent accounts for the banks. At the same time a new regime for the management of correspondent accounts was established.
At present all settlements in kroons between the banks take place through the Clearing Division of Eesti Pank. In 1993 the volume for incoming clearing of kroons was 50,421,424,934.76 kroons and of outgoing clearing 49,868,308,710.85 kroons. A survey of the total volume of clearing (in addition to clearing of kroons, clearing in non-convertible currencies as well) in 1993 is given by a Table below. In addition to that the clearing of the inter-bank short term money market is carried out through the Clearing Division. Data for the volumes in that sector can be found in the appropriate section.
Table 6
Clearing services rendered to banks in the Clearing Division of Eesti Pank in 1993
| |
Monthly turnover (in kroons) |
Average daily turnover (in kroons) |
| in |
out |
in |
out |
| January |
2,683,888,333.80 |
2,497,570,495.01 |
134,194,416.69 |
124,878,524.75 |
| February |
2,814,127,220.64 |
2,819,219,687.08 |
148,111,958.98 |
148,379,983.53 |
| March |
3,281,073,926.84 |
3,309,909,055.66 |
149,139,723.95 |
150,450,411.62 |
| April |
3,458,506,585.78 |
3,481,030,520.06 |
157,204,844.81 |
158,228,660.00 |
| May |
3,437,806,362.84 |
3,482,604,380.28 |
163,705,064.90 |
165,838,303.82 |
| June |
3,887,123,560.57 |
3,804,791,578.56 |
194,356,178.03 |
190,239,578.93 |
| July |
4,689,606,846.18 |
4,440,558,077.67 |
213,163,947.55 |
201,843,548.99 |
| August |
4,393,013,313.25 |
4,414,022,116.24 |
199,682,423.33 |
200,637,368.92 |
| September |
4,609,509,820.95 |
4,595,048,327.26 |
209,523,173.68 |
208,865,833.06 |
| October |
4,393,386,230.39 |
4,437,515,586.81 |
209,208,868.11 |
211,310,266.04 |
| November |
5,643,029,209.24 |
5,622,041,069.78 |
256,501,327.69 |
255,547,321.35 |
| December |
7,177,128,673.84 |
7,084,599,319.50 |
312,049,072.78 |
308,026,057.37 |
| Monthly average |
4,205,683,340.36 |
4,165,742,517.83 |
|
|
| Total |
50,468,200,084.32 |
49,988,910,213.91 |
197,141,406.58 |
195,269,180.52 |
On 6 December 1993 Eesti Pank started to arrange international settlements through the S.W.I.F.T. system. As the end of the year 675 S.W.I.F.T. messages were forwarded.
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