How will the euro arrive in Estonia?

11.
How can I convert prices in kroons into euros? What is the rounding rule? What level of accuracy is required for rounding prices?
12.
How is the adoption of the euro beneficial for me as an ordinary citizen?
13.
How can kroons be exchanged into euros? What happens to the money in my bank account?


Answers

How can I convert prices in kroons into euros? What is the rounding rule? What level of accuracy is required for rounding prices?
Answer:
Calculation into euros will be done by dividing a given value in Estonian kroons by a rate that has been set by the decision of the Council of the European Union. The official conversion rate is 1 euro=15.6466 Estonian kroons. The result will be rounded off to the third place after the decimal point. If the third digit equals or exceeds 5, the converted value will be rounded up.

Example:
If you would like to convert, for example, 264.50 kroons, into euros you must divide 264.50 EEK / 15.6466 = 16.90463104 euros.
The amount must be then rounded to the nearest euro cent, taking into account only the third decimal place of 16.90463104. If the third decimal place is 4 or less, the converted value will be rounded down, so in this example, rounding to the nearest cent would yield 16.90 euros.
How is the adoption of the euro beneficial for me as an ordinary citizen?
Answer:
The changeover will make travelling more convenient, currency exchange costs will fall and prices will be easier to compare, and there will also be less obvious advantages, such as greater economic stability and the resulting stable and low long-term interest rates. A stable monetary environment will in turn foster economic recovery and the continuation of economic growth.
How can kroons be exchanged into euros? What happens to the money in my bank account?
Answer:
Upon agreement with Eesti Pank, commercial banks will exchange kroons into euro at the central exchange rate and without a service fee for a month prior to and six months following the By agreement with Eesti Pank, the commercial banks will exchange kroons into euros at the central exchange rate and without a service fee for a month prior to and six months following €-day, and will then continue to provide the same service within a limited branch network for another six months. After the exchange period has ended in commercial banks, Eesti Pank will continue to exchange kroons into euros at the central exchange rate and without any service fee for an unlimited period of time.
A two-week period of dual circulation started from €-day, during which both kroons cash and euros cash were accepted as equal means of payment. Both euros and kroons were accepted in shops, although change was usually given in euros. After the end of the dual circulation period, the euro became the only legal tender in Estonia.
There was no transitional period for account money and the euro was introduced fully on €-day. Account money was converted into euros simultaneously and in full.