Printer Friendly

Estonian central bank and finance ministry reject proposal for currency devaluation.

Global Banking News-29 May 2009-Estonian central bank and finance ministry reject proposal for currency devaluation(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 29 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

The central bank and the finance ministry of Estonia have rejected a proposal for currency devaluation in the country.

The proposal was rejected on the grounds that a currency devaluation would not be useful for the country. The move ended speculation that had helped to weaken the Swedish crown on Thursday.

A spokesperson for the central bank said, 'The fixed exchange rate of the (Estonian) kroon vis-a-vis the euro will stay until we join the euro zone. Devaluation makes no economic sense; there is no need for that and it has never been an option for Estonia.'

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2009 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:May 29, 2009
Words:157
Previous Article:Barclays hikes overdraft rates.
Next Article:Fortress looking for stake in Florida bank.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters