Posted in Finance, Accounting and Economics Terms, Total Reads: 363
EEK stands for Estonian Kroon was the official currency of north eastern European country of Estonia for two time periods in history: 1928-1940 and 1992-2011.The word kroon is derived from Laton word ‘ corona’ (meaning crown) . Eek was associated with other Nordic currencies like Swedish krona, Danish and Norwegian krone.
The Estonian Kroon became the legal currency of Estonia in January 1928, and replaced the Estonian mark (100 mark = 1 kroon). But in 1940 , it was replaced by the Soviet ruble , after the Soviets invaded Estonia. And the ruble remained the currency of the country till 1992. That year, Eek was pegged to the Deutsche mark and came put to be the national currency of Estonia. In 2011, Eek no longer remained the currency of Estonia and Euro became the national currency of the country.
The Eek is issued by the Bank of Estonia, the central bank of Estonia. The coins are in the denominations 5, 10,20 and 50 senti (1 kroon = 100 senti), 1 and 5 krooni. The notes are printed in 1, 2, 5,10,25,50,100 and 500 denominations. The exchange rates of kroon were as follows: