Translation

EESTI PANK
GOVERNOR'S DECREE

14 March 2002, No 5

Procedure for exchange transactions between Eesti Pank and credit institutions operating in Estonia

Pursuant to § 5 of the Currency Law of the Republic of Estonia (RT 1992, 21, 299)

Eesti Pank ordains:

  1. To confirm the enclosed "Procedure for exchange transactions between Eesti Pank and credit institutions operating in Estonia".
  2. To declare invalid Decree No 14 of the Governor of Eesti Pank of 29 December 2000 "Procedure for exchange transactions between Eesti Pank and credit institutions operating in Estonia" (RTL 2001, 3, 27).
Rein Minka
Acting Governor

CONFIRMED BY
Eesti Pank Governor's Decree
No 5 of 14 March 2002

PROCEDURE FOR EXCHANGE TRANSACTIONS BETWEEN EESTI PANK AND CREDIT INSTITUTIONS OPERATING IN ESTONIA

  1. Eesti Pank shall conduct exchange transactions with credit institutions having a valid licence issued by Eesti Pank.
  2. Eesti Pank is obliged on each and every banking day between 9.00 and 17.00 hours to conduct with credit institutions operating in Estonia without any constraints exchange transactions between the Estonian kroon and the following currencies:
      (1) euro;
      (2) US dollar;
      (3) Japanese yen;
      (4) British pound sterling;
      (5) Swiss franc;
      (6) Canadadian dollar;
      (7) Australian dollar;
      (8) Swedish krona;
      (9) Danish krone;
      (10)Norwegian krone.
  3. Eesti Pank may conduct exchange transactions with credit institutions operating in Estonia between the Estonian kroon and currencies officially qouted by Eesti Pank. Eesti Pank may also conduct exchange transactions with credit institutions operating in Estonia between two currencies quoted by Eesti Pank.
  4. All exchange transactions between the euro and the Estonian kroon shall be made based on the exchange rate quoted by Eesti Pank. Transactions with all other currencies shall be based on the market rates of the currencies and the Estonian kroon-euro ratio.
  5. As a rule, the value date of exchange transactions between Eesti Pank and credit institutions operating in Estonia is the second day following the day the transaction is made, i.e. spot value day. As an exception, Eesti Pank has the right to carry out foreign currency purchase transactions for the same and for the next banking day. A banking day is a day when it is possible to carry out transactions with both currencies involved in the transaction.
  6. If Eesti Pank has strong reason to believe that a credit institution operating in Estonia fails to meet the obligations it has taken or if Eesti Pank has not received a written confirmation on the transaction by 5 p.m. on the banking day preceding the value day, Eesti Pank has the right to delay its bank transfer until the moment it has received money from the credit institution.