Euro adoption principles

    Estonian kroons will be converted to euro at the official exchange rate of 15.6466.

    Kroon deposits will automatically be converted to euro on the €-day without a service fee.

    The changeover will not affect euro deposits in banks.

    After the €-day, kroon cash and euro cash will remain in dual circulation for two weeks as equal legal tender.

    Banks will exchange kroons into euro in all bank offices at the official exchange rate of Eesti Pank and without a service fee for a month prior to and six months following the €-day.

    The exchange of kroon cash will continue through a limited branch network for another six months, i.e. until the end of 2011. Eesti Pank will continue to exchange unlimited sums in kroons into euro for an unspecified term and without a service fee.

    Kroon cash will be withdrawn from and euro cash will be put into circulation smoothly via bank offices, retailers and service centres.

    As of the €-day, card payments will be made in euro and kroon cash in ATMs will be replaced with euro cash within 48 hours.

    To help get accustomed to the new prices, retailers are required to display handwritten or printed prices at points of sale in both kroons and euro since 1 July 2010 until 30 June 2011 (see the regulation of the Ministry of Economic Affairs and Communications).

    The campaign for collecting coins will begin on 1 October 2010. Since that day, people will be able to take their kroon coins to bank offices without a service fee.

    The Consumer Protection Board will monitor price developments before and after the changeover to the euro.

    As a rule, taxes and benefits will be rounded in the more favourable direction for taxpayers and beneficiaries.