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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 -

Global Banking News - 29 May 2009(c)2005 - Electronic News Publishing -

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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Publication:Global Banking News (GBN)
Date:May 29, 2009
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