The Logistics of the Currency Reform
|Date:||The Estonian kroon became the sole legal tender at 4:00 a.m. on|
June 20, 1992. Individuals could convert rubles into kroon at
special cash exchange offices at the official conversion rate
during the period June 20-22, 1992 during the hours 9 a.m –
|Official Conversion Rate:||10 rubles = 1 Estonian kroon.|
|Conversion of Cash Rubles:||All resident individuals (including children) and non-residents|
with residence permits could convert ruble notes equivalent to a
maximum of rubles 1,500 at specific bureaus based on place of
residence (which was equivalent to about US$13 at the prevailing
exchange rate). Cash exceeding rubles 1,500 could be exchanged
at the (punitive) exchange rate of 50 rubles = 1 Estonian kroon.
Enterprises had until June 20, 1992 to deposit cash rubles into
their bank accounts which were then converted as noted below.
|Conversion of Account Rubles at|
|All ruble current accounts, time deposits, and savings accounts|
were re-denominated into Estonian kroon at the official
conversion rate. However, balances in savings accounts in excess
of rubles 50,000 deposited since May 1, 1992 and transactions
from other rubles states in excess of ruble 1 million and made
after May 1,1992 were blocked until their origin was verified and
a decision on conversion was made on a case-by-case basis.
Commercial banks were closed during the period June 20-25,
1992 to allow for the re-denomination of ruble accounts. The
Bank of Estonia guaranteed access to cash by commercial banks
up to the amount of their correspondent accounts with itself.
|Total Cash Rubles Collected||Rubles 2.3 billion (or about 3 percent of GDP).|