Conversion requirements and rounding rules

Updated: 24.07.2010

• Converting kroons into euros is easy. Kroon amounts shall be divided by the official exchange rate and the result will be rounded to the accuracy of one euro cent based on three decimal places.

• The recalculated prices usually have more than two decimal places so the final amounts must be rounded up or down. Only final amounts can be rounded up or down to the nearest cent, interim rounding is not allowed.

• Rounding shall be based on the third decimal place. If the third decimal is 5 or above, the converted value will be rounded up (to the next euro cent). If the third decimal is 4 or below, the converted value will be rounded down.

• The requirement to round the calculations to the accuracy of one euro sent does not apply to conversion of tariffs, which serve as the basis for calculating the sales price of a service. However, the principle that the adoption of the euro should not have an impact on the contractual obligations of the consumers or raise the price of the services has to be observed.

• While converting kroons into the currency used outside the euro area, e.g., U.S. dollars or GB pound sterling, the amount will be first recalculated into an amount in euros, which can be rounded to the third decimal place. The euro amount will be recalculated into the required currency only after that.

Conversion example

Amount

Amount

Amount

in

in euros after

in euros

Estonian kroons

conversion

rounded

50 EEK

3.19558 €

3.20 €

179.50 EEK

11.47214 €

11.47 €

1110.90 EEK

70.99945 €

71.00 €

Official exchange rate: 1 euro = 15.6466 kroons