Central Banking

IMF working paper on the Estonian currency board

RESEARCH - This IMF working paper reviews the introduction of the Estonian kroon under a currency board arrangement. On 20 June, 1990, Estonia became the first of from the former Soviet Union to abandon the rouble and introduce its on currency. The paper looks at the factors behind this decision and discusses the implementation of currency reform. It then assesses the economic impact of the reform and also compares Estonia's experience with that of its Baltic neighbours. It concludes that

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