- published: 30 Sep 2011
- views: 76
The Bank of Estonia (Estonian: Eesti Pank), is the central bank of Estonia, which is a member of the European Union organisation and the European System of Central Banks. Until 2010, the bank issued the former Estonian currency, the kroon.
Prior to the introduction of the euro, TALIBOR or the Tallinn Interbank Offered Rate was a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Estonian wholesale money market (or interbank market in Estonian kroons. TALIBOR was published daily by the Bank of Estonia, together with TALIBID (Tallinn Interbank Bid Rate).
TALIBOR was calculated based on the quotes for different maturities provided by reference banks at about 11.00 am each business day by disregarding highest and lowest quotation and calculating arithmetic mean of the quotations.
The bank was established on 24 February 1919 by the provisional government of Estonia following the independence of Estonia. Two years later, Eesti Pank became a national bank and responsible for issuing the Estonian mark.
Estonia i/ɨsˈtoʊniə/ (Estonian: Eesti), officially the Republic of Estonia (Estonian: Eesti Vabariik), is a state in the Baltic region of Northern Europe. It is bordered to the north by the Gulf of Finland, to the west by the Baltic Sea, to the south by Latvia (343 km), and to the east by Lake Peipus and the Russian Federation (338.6 km). Across the Baltic Sea lies Sweden in the west and Finland in the north. The territory of Estonia covers 45,227 km2 (17,462 sq mi), and is influenced by a temperate seasonal climate. The Estonians are a Finnic people, and the official language, Estonian, is closely related to Finnish.
Estonia is a democratic parliamentary republic divided into 15 counties. The capital and largest city is Tallinn. With a population of 1.29 million, it is one of the least-populous members of the European Union, Eurozone and NATO. Estonia has the highest GDP per person among former Soviet republics. Estonia is listed as a "High-Income Economy" by the World Bank and as an "advanced economy" by the International Monetary Fund; the country is an OECD member. The United Nations lists Estonia as a developed country with a Human Development Index of "Very High". The country is also ranked highly for press freedom, economic freedom, democracy and political freedom and education.