Bank of Estonia leads the way in slashing budget

estonian-kroon

The Bank of Estonia will slash its costs by 10% this year compared to 2009, it said last Wednesday. The announcement of a streamlined EEK 260.2 m ($24 m) budget came as the Baltic state prepares to adopt the euro in the early part of this year.

The 2010 budget contains cuts in all areas, including staff costs. The central bank expected a fresh round of wage cuts, which follow those made last spring, to save about EEK 1 m.

In December, the central bank said the country's fiscal deficit required

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