Increased ATM Transactions and Banknote Issuance Highlight Estonia’s Q2 Cash Report 

Recent data reveals a dynamic Q2 for Estonia's cash economy, marked by a surge in ATM transactions, a rise in the circulation of banknotes, and persistent exchanges of the phased-out Kroon currency.


Estonia’s Cash-related Highlights from Q2 2023 

  • In Estonia, 668 ATMs are operational, with 255 capable of accepting cash deposits. Further enhancing cash accessibility, approximately 800 retail stores throughout the country offer cash withdrawal services through agreements in place. 
  • A marked increase of 13% was observed in ATM cash withdrawals, totalling €997 million across 6.4 million transactions in the second quarter. Cash deposits also grew, seeing a 10% rise from the last quarter to reach €535.7 million. 
  • A total of 9.2 million banknotes, amounting to €306 million, were circulated by the central bank. A significant year-on-year increase of 26% was noted in the quantity of issued banknotes, half of which were in the denomination of 50 euros. 
  • The Bank of Estonia received 6.5 million banknotes, equating to €241 million, of which 1.7 million were deemed unfit and subsequently destroyed, with the remainder re-entering circulation. Coin returns amounted to €1.5 million, down by 42% compared to Q1, with one and two-cent coins accounting for 300,000 of these. 
  • In the quarter, there were 175 instances of cash exchanges involving Kroons, with a total value of €29,700. An estimated €43.8 million in Kroons, a currency decommissioned since 2011, remains in circulation, and can be exchanged for euros at the Bank of Estonia during working hours, if in good condition. This also applies to damaged euros.  
  • Lastly, 62 cases of counterfeit euro bills, predominantly of 10 and 50-euro denominations, were reported by the Estonian Forensic Science Institute. 

Source: news.err.ee, Bank of Estonia 

Jakub Warzecha

Creative copywriter, archaeologist. Interested in history, technology and military matters. Specializes in marketing communications and application architecture design.

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