The Estonian Kroon, denoted by EEK, is the official currency of Estonia. The EEK was introduced in 1991, and since 1993, has been pegged to the euro at a rate of 15.64664 Krooni to 1 euro. It has been stable since. Before that it was pegged to the Deutsche Mark. In 1999, a new design of Krooni banknotes were established that contained improved security features
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What does it look like?
In 1992, a new constitution was established incorporating aspects of Estonia's previous constitutions such as its democratic nature, but adding mechanisms to keep the balance of power of the state. This constitution established a Parliament in Estonia called the Riigikogu (state assembly), which consists of 101 members who are elected by proportional representation for four-year periods. The president is elected by the Riigikogu for five-year terms, limited to two terms total. He serves as the head of the state and supreme commander of the armed forces. Although he maintains a number of executive powers, for the most part he holds representative functions. The majority of executive power is held by the prime minister, who is nominated by the president and Council of Ministers.
Chief of State- President: Arnold Ruutel, since October 8, 2001
Head of government- Prime Minister: Juhan Parts, since April 10, 2003
Central Bank of Estonia: Eesti Pank
President of Central Bank: Vahur Kraft
Key Economic Factors
Foreign Trade: Estonia, being a very small country, is required to import products and services in order to satisfy local demand. Major imports include: machinery and appliances, transport equipment, metals, and agricultural and food products. With that said, exports play a huge role in the economy as well, accounting for about 80% of GDP. Estonia's major exports include: machinery and equipment, wood and wood products, textiles, agricultural and food products. Estonia trades about two-thirds of its total amount with EU member countries, with major traders being Finland, Sweden, and Germany.
Agriculture: The agriculture sector in Estonia has gone through major changes, from being one of most importance, employing the most, to now only employing about 5% of the workforce. In the early 90s there were economic and property reforms which got rid of collective farms and gave rise to smaller farms and associations. Throughout the 90s, during all the transitions, Estonia's agriculture sector underwent many difficulties. Money was needed for new equipment and technology in order to compete with others, however, was very scarce. Also, Russia's internal crisis made it impossible to receive imports hurting Estonia because it was the primary sales outlet for Estonian agricultural produce. Years later, some farms who are able to use up-to-date methods have flourished although the agriculture situation is still not nearly what it once was.
|1 EEK =||1||0.096||0.093||0.065||7.386||0.053||0.072|
|1 AUD =||10.436||1||0.97||0.674||77.078||0.549||0.75|
|1 CAD =||10.763||1.031||1||0.695||79.493||0.566||0.773|
|1 EUR =||15.486||1.484||1.439||1||114.376||0.815||1.113|
|1 JPY =||0.135||0.013||0.013||0.009||1||0.007||0.01|
|1 GBP =||19.012||1.822||1.766||1.228||140.413||1||1.366|
|1 USD =||13.92||1.334||1.293||0.899||102.808||0.732||1|