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