Eesti Pank / Bank of Estonia

Tühik


How has change inflation in this year 1999-2009?
 

Answer:
Information on inflation rate can be found here:
http://www.eestipank.info/dynamic/itp2/itp_report_2a.jsp?reference=503&className=EPSTAT2&lang=en


What is the intrest rate?
 

Answer:
An interest rate is the price a borrower pays for the use of money they borrow from a lender (for instance from the bank).


Please would you revert to showing International Reserve figures in both Kroon and USDollars. Many thanks.
 

Answer:
Statistical indicators according to Special Data Dissemination Standards (SDDS)
(http://www.eestipank.info/pub/en/dokumendid/statistika/andmeesitusstandard/index.html) are at the present available only in Estonian kroons. If you wish to calculate the value in US dollars by yourself you will find the exchange rate figures under following link:
http://www.eestipank.info/dynamic/itp2/itp_report_2a.jsp?reference=501&className=EPSTAT2&lang=en
or
http://www.eestipank.info/dynamic/erp/erp_en.jsp


I would like to ask why you do not use open market operations?
 

Answer:
Estonian monetary system is based on fixed exchange rate regime against the euro with currency board arrangement. Due to currency board arrangement the Bank of Estonia can not (and does not) implement independent monetary policy- the money supply in Estonia is endogenously determined by money demand, central bank does not implement open market operation and does not influence money supply by selling bonds or by setting interest rates. Under the currency board arrangement the monetary stability is achieved by anchoring role of exchange rate and by providing credible and transparent monetary system for real economy. More information on Estonian monetary policy can be find at: http://www.eestipank.info/pub/en/majandus/rahasysteem/yldalused/


When did you change required reserve ratio?
 

Answer:
The reserve requirement rate was changed with Eesti Pank Governor's Decree No 11 on 8 December 2006 (entered into force on 1 January 2007).