The data represent indicative middle market (mean of spot buying and selling) rates as observed by the Bank's Foreign Exchange Desk in the London interbank market around 4pm. A monthly working day average is published. They are not 'official' rates and are no more authoritative than rates provided by any commercial bank operating in the London market. Spot rates are applicable to deals executed for settlement two working days later.
The Estonian Kroon has been fixed to the Euro, (1 euro = 15.6466) since Jan 1999.
On 31 December 1998, in accordance with Article 1091 (4) of the Treaty establishing the European Community, the irrevocable conversion rates for the euro were adopted by the EU Council. This was upon a proposal from the Commission of the European Communities and after consultation with the European Central Bank. The euro conversion rates took effect at 00:00 (local time) on 1 January 1999 (1 January 2001 for Greek Drachma). Please refer to the table below for these rates.
In compliance with the legal framework for use of the euro, the irrevocable conversion rate for the euro for each participating currency is the only rate to be used for conversion either way between the euro and the national currency unit, and for conversions between national currency units.
||Units of national|
currency to the Euro
Prior to 1999, a synthetic euro exchange rate has been calculated by geometrically weighting the bilateral exchange rates of the (then) eleven euro area countries using "internal weights" based on the country shares of extra euro-area trade.
The following internal weights have been used in this calculation: