Estonia joining the eurozone and the Organization for Economic Cooperation and Development have boosted foreign investors interest in Estonia.
The European single currency euro has been in use for only a couple of weeks in Estonia, but the preparatory work for this transition lasted almost for a year, demanding large sums of money.
Since last October nearly 243 tons of coins, worth 40 million kroons, have been submitted at the Estonian banks, yet Estonia’s residents still own many coins with the total value exceeding 100 million kroons.
Given that Estonia’s financial position is more than stable, it should take an interest-free loan for the infrastructure development, education provision, and unemployment reduction, the Dutch economist Edin Mujagic says.
Despite the information on counterfeit euros circulates the Estonian mass media more and more often, the Bank of Estonia believes there is nothing special in it.
The Baltics’ largest power utility Eesti Energia has signed a contract with the French consortium Alstom on new combustible shale plant construction. It is planned to build the new power plant with two 300 MW capacity units next to the existing one at Narva, in Estonia.
Last year circumstances forced 2.5 times more Estonians sell their homes, compared to 2009, however the number of people having lost their housing might be even bigger, according to the Estonian Land Register data.
The euro transition is accompanied by the biggest PR campaign in the history of Estonia, believes SEB bank analyst Hardo Pajula.
Estonia did not join the eurozone to be its poorest member, but to show other countries a new attitude towards the financial policy, points out the Estonian Minister of Finance Jürgen Ligi.
The Estonian government has rushed with the accession to the eurozone, causing Estonians to give up too many things because of it, the politician Edgar Savisaar admits.
Despite it will be possible to exchange kroons for euros at Estonia’s banks until June 2011, but at the Bank of Estonia for unlimited period, all major branch banks in Tartu have very long customer queues.
This year in November, the amount of overdue loans in Estonia has dropped to 6.8% of the total loan volume, indicate the statement by the Estonian Central Bank.
Approximately 50 000 – 100 000 Estonia’s residents regularly commute to Finland, although the official data suggest the number of guest workers from Estonia comprises 21 000.
Estonian Air gift vouchers worth 1000 Estonian kroon, which were sold on the Internet site cherry.ee at 40% discount – for 600 kroon, received such enourmous attention from customers that the company was forced to stop the campaign.
The Irish low-cost airline Ryanair has launched its first flight from Tallinn International Airport on Monday, December 13.