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Survey: 1/3 Estonians Drop Old Currency

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Some 28 percent of Estonian citizens already have only or mostly euro banknotes in their wallet, according to a survey published by the European Commission on Monday.

Estonia officially joined the euro area on Jan. 1, bringing the number of people who share the single currency to 330 million.

Figures by the end of the second day showed the changeover to the euro currency is running smoothly, with around 26 percent of payments in shops made in the new currency only, which is a very high rate compared to previous changeovers, and 92 percent of the change already given in euro.

A large majority of people used kroons, the Estonian national currency, when making a purchase in cash during the weekend, in order to get rid of their old currency in shops rather than having to go to a bank to exchange them, according to the commission.

For the first two weeks of the changeover, Estonian kroons and euros will be in dual cash circulation, after which the euro will become the sole legal tender.

To help consumers to get used to the new scale of monetary values, prices will continue to be displayed in both currencies until June 30 this year.

The Estonian kroon was introduced in 1928, replacing the mark. It was replaced by the soviet ruble in 1940. In 1992, when the country regained its independence, Estonian authorities reintroduced the kroon as national currency.

(Xinhua News Agency January 4, 2011)

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