The first statutes of the Bank of Estonia
were adopted on the first anniversary of the Republic of Estonia, 24 February 1919.
On 3 May that year 10 million marks, appointed by the government as the bank's stock
capital, was entered into the bank's accounts. That date is regarded as the beginning
of the Bank of Estonia's operations.
The Bank of Estonia was the country's central bank. Its duties included maintenance of
the value of the Estonian kroon, stability and safety of the banking system, development
of the payments and accounting system and flawless cash circulation.
In 1940, after Estonia was annexed by the Soviet Union, the Bank of Estonia was reduced
into an office of the Soviet Union's State Bank.
Bank of Estonia